Online payment company PayPal has debuted its inaugural fintech incubation program in Singapore, selecting three fintech firms.
PayPal will offer the fintech start-ups a customised, nine-month program, providing coaching and mentorship by PayPal executives and other experts, as well as desirable networking opportunities. The start-ups are also set to benefit from a conducive co-working space promoting collaboration and innovation in a similar style to Startupbootcamp.
The three chosen start-ups are blockchain technology-based ONEPAY, peer-to-peer (P2P) lending platform Invoiceinterchange and e-commerce start-up Prosecure.
ONEPAY allows users to make payments to more than nine million merchants across the globe through NFC-enabled credit card terminals without incurring foreign exchange fees. P2P start-up Invoiceinterchange allows small- and medium-sized enterprises to raise money and can improve cash flow for businesses. Prosecure taps into the popular e-shopping market and aims to allow online shoppers to return their purchases for free.
The start-ups were chosen by PayPal on a broad criteria including management team, differentiation of product and services and scalability and profitability of targeted markets.