4XLABS NAMED TOP 40 FINALIST IN MAS FINTECH AWARDS
31 OCTOBER 2016
4xLabs, a fast-growing Singapore fintech start-up announced today that it has been shortlisted for the Monetary Authority of Singapore (MAS) Fintech Awards. The Fintech Awards recognise innovative fintech solutions that have been implemented by fintech start-ups, financial institutions, and technology companies. 4xLabs was nominated for Biz4x, its operating system for money changers, that was launched late in 2015 last year.
“We are really pleased to have been named a top 40 finalist alongside industry-leading financial giants and household names like Saxo Markets, UOB, Citi and OCBC,” said Chris Vanden Berghe, Chief Technology Officer of 4xLabs. “This is a recognition not only of the business viability and innovation of our Biz4x solution – it serves as a testimony to the successful efforts of MAS to develop Singapore as a global fintech hub and an open competitive space for start-ups to thrive.”
4xLabs develops technological solutions to address the needs of the often overlooked cash exchange industry from money changers to travellers. Biz4x is one of the products in their portfolio, which also includes Get4x, a online directory created for travellers to search cash exchange rates in different cities across Asia Pacific. The Biz4x operating system connects directly to the Get4x platform allowing money changers to display the Buy/Sell rates at their retail outlets and thus acquire more customers. Aside from customer acquisition, Biz4x also allows money changers to access real-time FX rates, a compliance risk management database of 2.9 million results for Know Your Customer background checks, customer relationship management and point-of-sale features for business management all in one integrated platform. To date, Biz4x has signed up 30% of the money changer market in Singapore within a year of launch.
“Being nominated as a Top 40 company is evident of the success of Biz4x in not only revolutionizing the traditional family-run brick-and-mortar businesses through technology, but enhancing their capabilities and priming them for further growth,” said Angela Cheong, Chief Marketing Officer of 4xLabs. “We look forward to working with the money changer community to unlock more business opportunities for them across Asia Pacific.”
Finalists for the Fintech Awards are evaluated based on the impact, practicality, interoperability, uniqueness and creativity of their solution by a panel of judges representing a cross-section of experts from the private and public sector (such as venture capital, accelerators, consultancies, industry associations, and government). The Fintech Awards are part of the inaugural Singapore FinTech Festival that will be held from 14 – 18 November 2016.The final 10 Fintech Award winners will be announced in an official awards ceremony that will be held on 17 November 2016 at Universal Studios Singapore.
Biz4x is immediately available for all money changers who can sign up for a free trial subscription at biz4x.com.
4xLabs is a forward thinking technology company that is bringing efficiency and transparency to the foreign exchange market. We build web tools and mobile apps for travelers and provide APIs and software platforms for money changers. 4xLabs is a fast growing start-up that is headquartered in Singapore, with additional offices in Hong Kong, India (Bangalore and Mumbai), Thailand (Bangkok), and Vietnam (Ho Chi Minh). For more information, visit 4xlabs.co.
For money changers, our one-stop suite of services, Biz4x, improves topline, by helping them acquire new business, optimize their price setting, and scale their business; as well as bottomline, by improving efficiency, managing cost of stock, and facilitating compliance risk management. Through Biz4x, money changers can list their business and cash exchange rates on a directory called Get4x to access new customers. For more information, visit biz4x.com.
Get4x is a location-based currency exchange discovery app that provides a comparison of the best exchange rates from licensed money changers in Bali, Bangkok, Kuala Lumpur, Hong Kong, Mumbai, Pattaya, Phuket and Singapore. For more information, visit get4x.com.