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Malaysian startup Finology has been crowned the winner of the Seedstars World 2020/2021 Competition after beating out other impressive startups from around the world.
A fintech company specializing in seamless lending and insurance, Finology became the competition’s Asian representative early on in the competition, and were made to compete against four other startups representing other regions from around the world.
The other startups hailed from Africa, Central and Eastern Europe (CEE), the Middle East and North Africa (MENA), and Latin America (LATM) – all of which are regions highly prioritized by the competition’s Switzerland-based organizers Seedstars – an investment group that focuses on creating impact in the world’s emerging markets.
“It feels good to have been recognized for the work we do,” said Finology co-founder Jared Lim. “Our team has been working tirelessly the last few years to pioneer seamless access to financial products.”
“As pioneers in our region, our work is not very visible to people outside the industry and can feel thankless at times.”
Finology co-founder Jared Lim. IMAGE: The Borneo Post
“We are humbled to have shared the stage with some of the most promising companies in the world,” he added. “This validates our belief that we are providing a valuable service to society, and are on the right path towards building a great company.”
Finology to bring financial convenience to emerging Asia.
The competition was designed as an annual event to discover and grow promising startups that could best demonstrate their abilities to put forward viable products, scale, and gain traction in their target markets – all the ingredients necessary for a successful and profitable 21st Century startup.
As winners of the competition, Finology will walk away with US$500,000 in funding, and will use the winnings to further develop their offerings in emerging Asian markets.
“We’re all about using technology to deliver financial services to people in ways that are more meaningful to their lives,” Lim said. “We look forward to rolling out more product offerings in emerging Asia that have been designed around a seamless delivery experience.”
Since being founded in 2017, Finology has developed solutions to allow its users to access financial products and services such as banking, property loans, insurance, and others, and to date, the company has deployed its offerings in four different countries, with its APIs now used by major clients such as GHL, iProperty, RHB, and Tropicana.
However, Finology thinks that there is still plenty of untapped potential in Asia’s fintech space, and believes that they can make a difference within financially-underserved communities.
Loanstreet, a personal finance portal developed by Finology. IMAGE: Finology
A press release by Finology cited the Center for Financial Inclusion’s statistics which revealed the top 10 countries containing the largest financially-excluded populations. These included China, India, Pakistan, Indonesia, Bangladesh, the Philippines, and Vietnam.
But with the pandemic forcing many communities to embrace technological change, Finology believes that this uptick in technological adoption will allow them to easily position themselves as a financial services solution for even more Asian consumers.
“The ongoing pandemic has accelerated consumer digital adoption,” the company said. “The incumbent financial services industry is facing a host of challenges adapting their existing technology and processes to capitalize on these new trends.”
“For this reason, Finology strives to assist businesses to tackle this matter via its instant underwriting technology and digital distribution channels.”
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Cover image sourced from Business Today.
ที่มา : Mashable