PH fintech startup SCI creates offline digital payments technology

Philippine-based financial technology (fintech) startup Satoshi Citadel Industries (SCI) has come up with a new digital payments technology made for the offline population.

Dubbed Boom Cash, SCI’s new innovation is an SMS-based wallet that allows a person to send and receive money digitally without an Internet connection.

SCI co-founder and CEO John Bailon said Boom Cash is the product of an internal hackathon, the latest project to graduate out of SCI’s labs, and is currently on alpha version.

Also Read: Fintech will lead PH to a new digital payments landscape: John Bailon, Satoshi Citadel

Boom Cash sends and receives in digital currency, bitcoins, and stores one’s money in Philippine Pesos. It allows a user to benefit from the advantages of the Blockchain technology, which provides a shared public ledger made through a tamper-proof data structure.

“Leveraging on blockchain technology, Boom Cash combines the latest in payments technology with the tried and tested communication medium, which is SMS,” Bailon said, noting that in a world where everything is online, SCI aims to target the many who do not fall through the Internet sphere.

Also Read: Philippines’ fintech startup Satoshi Citadel acquires BuyBitcoin.ph

“Using the latest technology and our extensive hands-on experience on the field, this new product is the result of our desire to find solutions for every problem we encounter in our market,” Bailon added.

SCI currently only supports the Philippines for Boom Cash. It allows people to make an account via the Globe, Smart or Sun networks.

Founded in May 2014, SCI is the first universal Bitcoin company in the Philippines which seeks to streamline financial services by creating Bitcoin solutions that reduce the costs of sending and transferring money.

Also Read: PH startup Rebit partners US mobile money app ZipZap

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Bitcoin group seeks legal framework for cryptocurrency in Philippines

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.