<article>In Singapore, FlexM has closed seed funding from MatchMove and number of private investors while MAS has invested in  SoCash in the form of a grant.</article>

In Singapore, FlexM has closed seed funding from MatchMove and number of private investors while MAS has invested in  SoCash in the form of a grant.
<h3 style="text-align: justify;">FlexM closes $886k seed round</h3>
<a style="color: #000080;" href="http://flexm.sg/" target="_blank">FlexM</a> has closed a seed funding round of $886,000. The investment is led by Singaporean mobile payments provider <a style="color: #000080;" href="http://matchmove.cards/" target="_blank">MatchMove</a> and a number of private investors.
FlexM has a partnership deal with MatchMove &#8211; with whom it developed its e-wallet and virtual MasterCard service in collaboration with MatchMove &#8211; and offers the e-wallet that can be used for payroll, money remittance, and e-shopping. FlexM’s service includes a virtual prepaid MasterCard and up to four physical copies.
Claiming to offer more affordable remittance rates compared to established services like Western Union, they can be used by businesses to create virtual wallets for hired workers; employers can pay salaries and generate proofs of payment without incurring high administrative costs.
In addition, employers benefit from access to an online platform offering features like payroll history and analytics.
FlexM claims that signing u for the service is simple and requires an ID card, proof of local address, an email address, and a mobile number. Users can verify their identity face-to-face and pick up their physical MasterCards at physical outlets in Singapore’s Lucky Plaza or City Plaza malls.
<h3 style="text-align: justify;">MAS funds SoCash</h3>
Singaporean fintech startup <a style="color: #000080;" href="http://dealstreetasia.com/tag/socash" target="_blank">SoCash</a> said it has got funding from <a style="color: #000080;" href="http://dealstreetasia.com/tag/mas" target="_blank">Monetary Authority of Singapore (MAS)</a>, in the form of a grant that is part of the Financial Sector Technology &amp; Innovation Scheme for proof of concepts.
SoCash allows businesses to become cashpoints, functioning like ATMs and allowing users to withdraw cash from merchants&#8217; in a manner similar to automated teller machines (ATMs).
It uses a banks mobile app to transfer an amount to a merchants&#8217; bank account, which can be subsequently retrieved from the outlet. With the aim of launching its service in Singapore by the end of 2016 and aiming to build a network of 5000 cashpoints in the city-state by December 2017, it has closed a seed investment of $297,000 from angel investors as at July 2016.
<a style="color: #000080;" href="http://www.mas.gov.sg/news-and-publications/speeches-and-monetary-policy-statements/speeches/2015/a-smart-financial-centre.aspx" target="_blank">Announced</a> in June 2015, under this initiative MAS stated it would commit $159 million over the next five years to drive the creation of a fintech ecosystem by financing the opening of innovation labs and other associated infrastructure by financial institutions (FIs). The scheme is also meant to support the creation of “industry-wide technology infrastructure” for new products and services.
MAS chief fintech officer Sopnendu Mohanty says, “We are confident that startups and financial institutions will benefit from the [FSTI] grant, and come up with innovative solutions that will benefit consumers and the industry. Recipients will also share their findings with the industry and help accelerate the development and dissemination of nascent innovative technologies.”
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Isitup closes seed funding from Gobi Partners, FlexM has closed seed funding from MatchMove and MAS has invested in SoCash. 

SG Digest: FlexM closes seed; MAS funds SoCash

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SG Digest: FlexM closes seed; MAS funds SoCash

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