Singapore-based startup venture InvoiceInterchange has reached the Fintech Finals 2016 (FF16), to take place in Hong Kong in January 2016, outracing 11 competing startups.
InvoiceInterchange, a peer-to-peer (P2P) invoice trading marketplace, provides working capital solutions for small and medium enterprises (SMEs) by transforming invoices into trade receivables that serve as an asset class for investors.
At the semi-final event in Singapore last week, each startup was given five minutes to pitch their company to a live audience and three industry expert judges, with participation from early-stage to late-stage startups. These semi-final startup competitions are part of a larger initiative by Next Bank and Visa to establish innovation hubs and entrepreneurship across Southeast Asia.
Scored on their business model application and robustness, customer experience, and interface as well as potential market disruption and impact to the industry, InvoiceInterchange emerged as a the winner for the Singapore chapter and bagged a prize of $1000.
Brian Teng, co-founder of InvoiceInterchange, said, “It has given us a good opportunity to pitch ourselves against the best teams across Asia at the FF16 event and we look forward to building new relationships and partnership opportunities with startups and investors in Hong Kong.”
Six semi-final competitions are taking place throughout Asia, with winners from each city receiving a cash prize and the opportunity to be one of the final 24 startups to compete in the Fintech Finals. Singapore was the first city to hold the semi-finals. Other locations include Seoul, Mumbai, Bangalore, Kuala Lumpur and Sydney.