soCash

[ABuNeNe]

my recent withdrawals also does not have any cashbacks as well

will probably stop using soCash once the current cashback are used up

 

[Ideasmiths]

my recent withdrawals also does not have any cashbacks as well

will probably stop using soCash once the current cashback are used up

I so far tested, before lunch high chance can get. The cashback runs out per day...so 1st come 1st serve.

I now doing $30 per day get $0.30, on 21 days liao, hope don't hit limit

PS you don't use anymore better lor, more $ for moi

 

[ABuNeNe]

I so far tested, before lunch high chance can get. The cashback runs out per day...so 1st come 1st serve.

I now doing $30 per day get $0.30, on 21 days liao, hope don't hit limit

PS you don't use anymore better lor, more $ for moi

good for you! just dun wanna waste my time everyday purposely do a withdraw from socash and only get a max of $30 for a month which is less than the broker commission on my one bitcoin trade

 

[duhduhduh]

Wow yall damn hard working.

Not paiseh to use socash? So far the merchants i go to always frown when using socash

 

[fr33d0m]

Wow yall damn hard working.

Not paiseh to use socash? So far the merchants i go to always frown when using socash

Find the green ATM. it does not frown upon you.

 

[sansanjikikut]

Which is the green atm

 

[maumu]

Which is the green atm

sheng siong lah...

 

[fr33d0m]

Did not get my 30 cents at 9:30 am, first socash withdrawal on the green ATM.

bonus ended finally?

 

[revhappy]

Did not get my 30 cents at 9:30 am, first socash withdrawal on the green ATM.

bonus ended finally?

Oops you are right. I got 30c yesterday, but I just did transaction today and no 30c so early in the day.

 

[stevesteve]

Oops you are right. I got 30c yesterday, but I just did transaction today and no 30c so early in the day.

Did not get my 30 cents at 9:30 am, first socash withdrawal on the green ATM.

bonus ended finally?

I also did not get the bonus reward this morning using POSB scan &pay. End of Socash reward?

 

[maumu]

I withdrew $30 yesterday and still got 30c..

maybe there's a 24-hour 'cool-down' period?

anyway, this soCash thingy sure is as unpredictable as ever.

 

[pantss]

Did not get any reward just now. So early, don’t think rewards ran out. However I noticed it was my eleventh withdrawal. Not sure if there’s a cap of 10x rebate

 

[Ideasmiths]

PSA: Bonus cashback reduced to $0.20 per day, 1st withdrawal, min $30 to qaulify, max $1000 cash withdrawal per month (so max cashback $6 for 30 calendar days even as $1000/$30 = 33.).

https://www.socash.io/rewards/freecash-no-atm
Sianz,

Past 2 days no cashback, I thought gg liao, then today got $0.20 and see the new reward system as on 16/11/2021

 

[fr33d0m]

PSA: Bonus cashback reduced to $0.20 per day, 1st withdrawal, min $30 to qaulify, max $1000 cash withdrawal per month (so max cashback $6 for 30 calendar days even as $1000/$30 = 33.).

https://www.socash.io/rewards/freecash-no-atm
Sianz,

Past 2 days no cashback, I thought gg liao, then today got $0.20 and see the new reward system as on 16/11/2021

only shops, right?

No green ATMs

 

[revhappy]

PSA: Bonus cashback reduced to $0.20 per day, 1st withdrawal, min $30 to qaulify, max $1000 cash withdrawal per month (so max cashback $6 for 30 calendar days even as $1000/$30 = 33.).

https://www.socash.io/rewards/freecash-no-atm
Sianz,

Past 2 days no cashback, I thought gg liao, then today got $0.20 and see the new reward system as on 16/11/2021

Thanks, I also received 20c this morning. I think they have achieved their goal of making us withdraw from shops instead of ATMs. The shop is just few steps away from my block while ATM is like few 100 mtrs away. So I am more likely to withdraw from shop anyways.

 

[heng_ah]

SoCash leans into B2B e-payments with dethroning of cash as king

Fintech startup will be up against incumbent e-payments enablers; hopes to stand out with bundling strategy
WED, JAN 19, 2022 - 5:50 AM
SHARANYA PILLAI
5 -min read
Listen to this article
BT_20220119_SPSOCASH_4882747.jpg
SoCash chief Hari Sivan sees the upcoming launch of South-east Asian digibanks as a potential catalyst. He reckons that SoCash's merchants can act as physical touchpoints for digibanks - for activities such as cash deposits and sign-ups.PHOTO: SOCASH
Singapore

PIVOTS, pivots and pivots - that is how SoCash chief Hari Sivan describes how the past two years have been. The startup made headlines a few years back with its model of turning even mamak shops into cash withdrawal points, a cheaper alternative to ATMs for banks. But this vision has run into challenges.

"I'll be honest - it's been extremely tough for us," Sivan told The Business Times. "When we started SoCash, the premise was distribution needs to change - the ATMs, branches. From 2017 to 2019, we built the platform and the network. And then suddenly, in early 2020, the whole world went into lockdown."

ATM withdrawals fell by 20 per cent in Singapore that year and DBS saw a 28 per cent plunge in cash use. Meanwhile, cashless payments accelerated, with PayNow transactions doubling to S$22 billion in 2020. The thesis that cash is king didn't seem certain anymore.

Founded in 2015, SoCash runs an app that allows consumers to transfer money to a merchant, so that they can withdraw or deposit cash from the outlet. It is focused on Singapore, Malaysia and Indonesia. The startup has over 30,000 merchants on the cash distribution network, with some 2,000 in Singapore.

Under its business model, whenever a bank is onboarded, the startup charges a licence fee and integration fee, which can be one-off or recurring; clients usually opt for the latter. SoCash also earns from transaction fees. It shares a cut of the fee with merchants for every transaction.

According to regulatory filings, SoCash recorded a S$3.9 million net loss against S$477,824 in revenue in FY2020 ended September, down 35.8 per cent from the previous year.

Of the revenue, about S$211,500 was integration fee income, and over S$130,000 each in commission fee income and licence fee income. The startup also posted about S$366,360 in other income, mainly in government grants.

By late-2020, Sivan was convinced SoCash had to change tactics. "The first thing we did was to change our focus from traditional banks, whom we were selling our platform to, and then change our business model to focus on the merchants," he said.

While SoCash is still retaining its cash distribution business, it has added what Sivan dubs a "merchant-acquiring business" - providing brick-and-mortar outlets with a merchant app to accept various forms of e-payments.

SoCash's solution supports payments made via e-wallets GrabPay and ShopeePay, as well as apps that are linked to PayNow and QRIS, the standardised QR code for e-payments in Indonesia.

Sivan declined to disclose how many merchants are using the e-payments solution currently.

"The idea really, is to create a no-hardware network. It is super important in countries like Malaysia and Indonesia, where the cost of a (payments) device may not be affordable for merchants. You convert your smartphone, just like many of the other merchant services, to accept payments, process payments and deliver banking services," he said.

This business is not new and could be tough for a fresh entrant. Established competitors include Fomo Pay, which enables a wide range of digital payments, and UOB mCollect, which allows businesses to collect payments made through PayNow.

Asked how SoCash will stand out, Sivan said that it is bundling the cash distribution product with the e-payments service - such that a merchant's earnings from SoCash could subsidise what they pay the startup for e-payments.

SoCash is also offering credit products to its merchant network sourced from lenders - both banks and non-banks - at a preferential pricing. This is a common strategy among fintechs targeting SMEs in recent years.

While the past few years have been tough, Sivan sees the upcoming launch of South-east Asian digibanks as a potential catalyst. He reckons that SoCash's merchants can act as physical touchpoints for digibanks - for activities such as cash deposits and sign-ups.

SoCash is now in discussions with 2 of the 3 upcoming consumer-focused digibanks, Sivan said, declining to reveal further details.

There are 2 digital full banks set to launch in Singapore - GXS Bank by Grab and Singtel and another to be operated by Sea. In addition, Standard Chartered and NTUC Enterprise are launching a digital-only bank.

Separately, SoCash is exploring cross-border payments. The startup is in a sandbox by the Reserve Bank of India. Its proposal is aimed at tourists, facilitating cross-border retail merchant payments and cash withdrawal at select outlets in India and Singapore.

SoCash is also in the midst of securing a payments licence in Japan, although hiring there has been tough.

While these plans are in the works, Sivan acknowledges that there has been significant cost-cutting. Headcount has gone down from about 54 last year to 46 now due to attrition. Except for specialist roles, those who left had their work reallocated instead of being replaced.

Asked about M&A opportunities, Sivan said that SoCash has had some conversations around this, but there is nothing concrete at this point.

It previously raised US$6.4 million in Series A funding in 2018 from Vertex Ventures, SPH Ventures, the venture arm of Singapore Press Holdings, and K3 Ventures, which is linked to the Kuok family.

A year later, it raised US$6 million in Series B funds from Japanese cash processing machine maker Glory, Vertex Ventures and Standard Chartered's investment arm SC Ventures. The startup has not raised funding since then.

"We are always looking for fundraising, but we wanted to do that once our pivots are over. We would be looking at a fundraise probably in April, once all our engines are firing," said Sivan.

Source https://www.businesstimes.com.sg/ga...2b-e-payments-with-dethroning-of-cash-as-king

 

[sohguanh]

SoCash leans into B2B e-payments with dethroning of cash as king

Fintech startup will be up against incumbent e-payments enablers; hopes to stand out with bundling strategy
WED, JAN 19, 2022 - 5:50 AM
SHARANYA PILLAI
5 -min read
Listen to this article
BT_20220119_SPSOCASH_4882747.jpg
SoCash chief Hari Sivan sees the upcoming launch of South-east Asian digibanks as a potential catalyst. He reckons that SoCash's merchants can act as physical touchpoints for digibanks - for activities such as cash deposits and sign-ups.PHOTO: SOCASH
Singapore

PIVOTS, pivots and pivots - that is how SoCash chief Hari Sivan describes how the past two years have been. The startup made headlines a few years back with its model of turning even mamak shops into cash withdrawal points, a cheaper alternative to ATMs for banks. But this vision has run into challenges.

"I'll be honest - it's been extremely tough for us," Sivan told The Business Times. "When we started SoCash, the premise was distribution needs to change - the ATMs, branches. From 2017 to 2019, we built the platform and the network. And then suddenly, in early 2020, the whole world went into lockdown."

ATM withdrawals fell by 20 per cent in Singapore that year and DBS saw a 28 per cent plunge in cash use. Meanwhile, cashless payments accelerated, with PayNow transactions doubling to S$22 billion in 2020. The thesis that cash is king didn't seem certain anymore.

Founded in 2015, SoCash runs an app that allows consumers to transfer money to a merchant, so that they can withdraw or deposit cash from the outlet. It is focused on Singapore, Malaysia and Indonesia. The startup has over 30,000 merchants on the cash distribution network, with some 2,000 in Singapore.

Under its business model, whenever a bank is onboarded, the startup charges a licence fee and integration fee, which can be one-off or recurring; clients usually opt for the latter. SoCash also earns from transaction fees. It shares a cut of the fee with merchants for every transaction.

According to regulatory filings, SoCash recorded a S$3.9 million net loss against S$477,824 in revenue in FY2020 ended September, down 35.8 per cent from the previous year.

Of the revenue, about S$211,500 was integration fee income, and over S$130,000 each in commission fee income and licence fee income. The startup also posted about S$366,360 in other income, mainly in government grants.

By late-2020, Sivan was convinced SoCash had to change tactics. "The first thing we did was to change our focus from traditional banks, whom we were selling our platform to, and then change our business model to focus on the merchants," he said.

While SoCash is still retaining its cash distribution business, it has added what Sivan dubs a "merchant-acquiring business" - providing brick-and-mortar outlets with a merchant app to accept various forms of e-payments.

SoCash's solution supports payments made via e-wallets GrabPay and ShopeePay, as well as apps that are linked to PayNow and QRIS, the standardised QR code for e-payments in Indonesia.

Sivan declined to disclose how many merchants are using the e-payments solution currently.

"The idea really, is to create a no-hardware network. It is super important in countries like Malaysia and Indonesia, where the cost of a (payments) device may not be affordable for merchants. You convert your smartphone, just like many of the other merchant services, to accept payments, process payments and deliver banking services," he said.

This business is not new and could be tough for a fresh entrant. Established competitors include Fomo Pay, which enables a wide range of digital payments, and UOB mCollect, which allows businesses to collect payments made through PayNow.

Asked how SoCash will stand out, Sivan said that it is bundling the cash distribution product with the e-payments service - such that a merchant's earnings from SoCash could subsidise what they pay the startup for e-payments.

SoCash is also offering credit products to its merchant network sourced from lenders - both banks and non-banks - at a preferential pricing. This is a common strategy among fintechs targeting SMEs in recent years.

While the past few years have been tough, Sivan sees the upcoming launch of South-east Asian digibanks as a potential catalyst. He reckons that SoCash's merchants can act as physical touchpoints for digibanks - for activities such as cash deposits and sign-ups.

SoCash is now in discussions with 2 of the 3 upcoming consumer-focused digibanks, Sivan said, declining to reveal further details.

There are 2 digital full banks set to launch in Singapore - GXS Bank by Grab and Singtel and another to be operated by Sea. In addition, Standard Chartered and NTUC Enterprise are launching a digital-only bank.

Separately, SoCash is exploring cross-border payments. The startup is in a sandbox by the Reserve Bank of India. Its proposal is aimed at tourists, facilitating cross-border retail merchant payments and cash withdrawal at select outlets in India and Singapore.

SoCash is also in the midst of securing a payments licence in Japan, although hiring there has been tough.

While these plans are in the works, Sivan acknowledges that there has been significant cost-cutting. Headcount has gone down from about 54 last year to 46 now due to attrition. Except for specialist roles, those who left had their work reallocated instead of being replaced.

Asked about M&A opportunities, Sivan said that SoCash has had some conversations around this, but there is nothing concrete at this point.

It previously raised US$6.4 million in Series A funding in 2018 from Vertex Ventures, SPH Ventures, the venture arm of Singapore Press Holdings, and K3 Ventures, which is linked to the Kuok family.

A year later, it raised US$6 million in Series B funds from Japanese cash processing machine maker Glory, Vertex Ventures and Standard Chartered's investment arm SC Ventures. The startup has not raised funding since then.

"We are always looking for fundraising, but we wanted to do that once our pivots are over. We would be looking at a fundraise probably in April, once all our engines are firing," said Sivan.

Source https://www.businesstimes.com.sg/ga...2b-e-payments-with-dethroning-of-cash-as-king

Re-invent to stay relevant is a must for companies especially startup. I still remember way back in 2000 when FSM burst onto the Spore investment scene with Unit Trust aka mutual fund online business. There are at least one more competitor dollarDex around the same time. Fast forward to 2022, FSM is listed in SGX and branch off into other investment business besides just Unit Trust and at the same time going into other countries too. It's competitor is bought over and now still doing the same business but the battle outcome have essentially be decided.

Hope to hear SoCash story of making it through in another 5 years time? Or it just fizzle out to be replaced by another new startup or maybe get bought over and merge with others etc. Let's see how it goes.

 

[stevesteve]

Notification from Socash that the cashback promo is ending on 31 Jan 2022. All cashback should be redeemed by 7 Feb.

 

[SBC]

Notification from Socash that the cashback promo is ending on 31 Jan 2022. All cashback should be redeemed by 7 Feb.

Will delete app permanently if this happens

 

[Pathfinders]

I also checked with socash, cfm no cash reward until further notice.