2,000+
startups participated to date
2,000+
startups participated to date
125
finalists
34
overall winners awarded
$2 billion
collectively raised by startups
At the national level, Singapore has set its sights on becoming a Smart Nation – one that embraces innovation and harnesses info technology and data to increase productivity and improve the welfare of Singaporeans. Consumers in Singapore demonstrate increased acceptance of electronic payments and are moving towards adopting more innovative solutions that improve their everyday lives. Through promotion of digital payment solutions and partnering with financial institutions, merchants and the FinTech community, Visa would like to support the Singapore Government in achieving this goal.
Challenge: How might start-ups transform payment and commerce experiences for consumers?
E-payments is one of the five strategic national projects with the aim to move Singapore towards a cashless society & increase penetration of electronic payments from 73% to 83% of PCE by 2020. Today, about 60% of consumer transactions and 40% of business transactions are still completed using Cash and Cheques. The end goal is not to force a cashless society but to enable everyone to enjoy the convenience and efficiency of e-payments in a simple, swift, safe and seamless manner. Visa would like to help realize this vision of a better payments landscape for both individuals and businesses, where e-payments are possible for everyone.
Source: KPMG Singapore Payments Roadmap 2016
Challenge 2: How might start-ups accelerate e-payment acceptance and deliver new value for merchants and businesses?
How might start-ups help consumers use digital payments when they travel?
Singapore has always been a hub for both inbound and outbound travel with over 60 Million total passenger movements in 2017. Singaporeans continue to be active travelers – travelling more frequently than their fellow travelers from APAC and beyond. Intra-region travel dominates – with 97% of travelers visiting a destination in Asia in the past 2 years. Even though Singaporeans are extremely familiar with digital payments, 95 per cent of them will still visit a money changer to exchange foreign cash before they travel. Visa is looking to partner with solutions that can improve the traveler experience through creative digital payment solutions.
Source: Changi Airport Group, Visa Global Travel Intentions Study
Challenge 3: How might start-ups help consumers use digital payments when they travel?
For any questions, comments or feedback please email [email protected]
Winner
USD25,000
USD5,000
Application Period
13 Nov 2018 – 3 Feb 2019
Finalists announced
8 March 2019
Finals*
20 March 2019
*Date subject to changes
For Terms & Conditions please click here
Vihang Patel, Co-founder - Finaxar
Winner
Val Yap, CEO and Founder, PolicyPal
Audience Favourite Winner
Bruno Abrioux, Japan Business Development - Pikcio AG (Japan)
2018 Japan Winner
Tung Le, CEO - EyeQ (Vietnam)
2018 Vietnam Winner
Lertad Supadhiloke, CEO - Sellsuki (Thailand)
2018 Thailand Winner
Marie Williams, Head of Strategic Partnerships – RainCheck (Australia)
2017 Australia and New Zealand Commercial Challenge Winner
APIs and documentation for Visa’s most popular digital payment technologies.