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This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. Singapore, 12 June 2018 – Singapore-based fintech startup, Chynge , has announced that it is launching an all-new decentralized remittance platform that will allow users to make instant, free and safe money transfers across borders. Leveraging on blockchain technology, Chynge’s platform aims to encourage financial inclusion in parts of the world where access to traditional banking services are limited. The process of transferring money from country to country is hindered by several factors today –  It is too slow because users are required to visit a bank or money transfer operators, which only offer over-the-counter services during business hours and is almost always delayed by long queues; It contains fees which may be hidden or expensive and users may be burdened by costs that can amount to an average of 7%; It is inconvenient as users have to provide additional information and pay extra charges to meet compliance regulations as traditional financial institutions attempt to combat the scourge of illegitimate fund transactions. As a response to these problems, the Chynge Central solution will implement three key solutions:
Digitising payments
The process begins with the sender placing any amount of legal tender onto the Chynge remittance platform. The legal tender is then converted to XCLP tokens which is recorded on the distributed ledger. The fixed number of tokens are then transmitted over to the country of the recipient. The tokens are then converted into the local currency of the recipient, which is then collected. The whole digitisation process of utilising blockchain technology to facilitate payments will be done on the back end of the system, giving users with no knowledge of cryptocurrencies and its processes a frictionless experience. Notably, the foreign currency ratio does not fluctuate as differences in value are mitigated by trading on cryptocurrency exchanges. Ensuring liquidity
Chynge has opened bank accounts in all the target destination markets containing local currency, ensuring sufficient liquidity to facilitate transactions. This system allows for funds to remain within the countries and eliminates extra cost and time when transmitting funds from country to country. This method also removes the risk of currency depreciation. Compliance aided by smart technology
Chynge Central utilises a “Smart Compliance” method, which leverages on Artificial Intelligence and Machine Learning to create comprehensive profiles of users and their transactions. The system monitors for several aspects such as money laundering, terrorism financing, and other financial crimes, and generates a risk rating for each user, and the system is able to refresh itself with updated information to make even more accurate decisions over time. Driving the remittance service is Chynge’s distributed ledger system that is backed by the Stellar blockchain protocol, and its own token, XCLP. The XCLP is the first payment token in the world that has no FX risk with AML for anti-money laundering. Chynge founder and CEO Joe Tusin, said, “Digital technology has allowed us to accelerate the growth towards financial inclusion for everyone in the world. A cumbersome remittance service with extra costs affects people in developing countries most severely. What we aim to do with this service is to make the transmission of funds secure, instant, and fee-less. We believe that this will democratise and socialise money, taking power away from the institutions and giving it back to the people. Money saved can be ploughed back to their families and communities to raise their standard of living.”
As part of its fast-moving expansion from Singapore to the rest of the world, Chynge has already established itself in the business hubs of Hong Kong, Brunei Darussalam, the United Kingdom and the United Arab Emirates. Discussions with regulators in the European Union (EU) and Asia-Pacific, have also begun as Chynge continues exploring exciting new territories with sound financial reputations. Chynge will be launching its public token sale on 28 June 2018, with its platform slated to be ready by the fourth quarter of this year. For more information, please contact:
Benjamin Tan

Chynge Unveils Revolutionary Blockchain-Based Remittance Service to Encourage Financial Inclusion

Blockchain Remittance Platform Announced By FinTech Startup Chynge
Singapore-based FinTech startup Chynge will be launching a blockchain remittance platform that will allow users to make instant and free money transfers across borders. Chynge provides money changing and international money remittance services. It currently offers Chynge Money, a social discovery platform that allows users to change money directly with each other or with licensed money changers, and Chynge Pay, which automates the end-to-end business process of international money remittance. The new remittance platform, called Chynge Central, will be powered by Chynge’s distributed ledger system, which is backed by the Stellar blockchain protocol, and its own XCLP token. The platform will allow user to convert any amount of legal tender they want to send overseas to XCLP tokens. The tokens are then converted into the local currency of the recipient, which is then collected. The company said it has opened bank accounts in all the target destination markets containing local currency, ensuring sufficient liquidity to facilitate transactions. This system allows for funds to remain within the countries and eliminates extra cost and time when transmitting funds from country to country. This method also removes the risk of currency depreciation. The platform utilizes a “Smart Compliance” method which uses artificial intelligence (AI) and machine learning to develop detailed user profiles and the corresponding history of their transactions. “The system monitors for several aspects such as money laundering, terrorism financing, and other financial crimes, and generates a risk rating for each user, and the system is able to refresh itself with updated information to make even more accurate decisions over time,” the company said. Chynge will be launching its public initial coin offering (ICO) on June 28, with its platform slated to be ready by the fourth quarter of this year. “Digital technology has allowed us to accelerate the growth towards financial inclusion for everyone in the world,” said Chynge founder and CEO Joe Tusin. “A cumbersome remittance service with extra costs affects people in developing countries most severely. What we aim to do with this service is to make the transmission of funds secure, instant, and fee-less. We believe that this will democratise and socialise money, taking power away from the institutions and giving it back to the people. Money saved can be ploughed back to their families and communities raise their standard of living.”
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Blockchain Remittance Platform Announced By FinTech Startup Chynge

37 minutes ago  |  349 views  |  0Source: Chynge
Singapore-based fintech startup, Chynge has announced that it is launching an all-new decentralized remittance platform that will allow users to make instant, free and safe money transfers across borders. Leveraging on blockchain technology, Chynge’s platform aims to encourage financial inclusion in parts of the world where access to traditional banking services are limited. The process of transferring money from country to country is hindered by several factors today – It is too slow because users are required to visit a bank or money transfer operators, which only offer over-the-counter services during business hours
and is almost always delayed by long queues; It contains fees which may be hidden or expensive and users may be burdened by costs that can amount to an average of 7%; It is inconvenient as users have to provide additional information and pay extra
charges to meet compliance regulations as traditional financial institutions attempt to combat the scourge of illegitimate fund transactions. As a response to these problems, the Chynge Central solution will implement three key solutions:
Digitising payments
The process begins with the sender placing any amount of legal tender onto the Chynge remittance platform. The legal tender is then converted to XCLP tokens which is recorded on the distributed ledger. The fixed number of tokens are then
transmitted over to the country of the recipient. The tokens are then converted into the local currency of the recipient, which is then collected. The whole digitisation process of utilising blockchain technology to facilitate payments will be done on the back end of the system, giving users with no knowledge of cryptocurrencies and its processes a frictionless experience. Notably, the foreign currency ratio does not fluctuate as differences in value are mitigated by trading on cryptocurrency exchanges. Ensuring liquidity
Chynge has opened bank accounts in all the target destination markets containing local currency, ensuring sufficient liquidity to facilitate transactions. This system allows for funds to remain within the countries and eliminates extra cost and time when transmitting funds from country to country. This method also removes the risk of currency depreciation. Compliance aided by smart technology
Chynge Central utilises a “Smart Compliance” method, which leverages on Artificial Intelligence and Machine Learning to create comprehensive profiles of users and their transactions. The system monitors for several aspects such as money laundering, terrorism financing, and other financial crimes, and generates a risk rating for each user, and the system is able to refresh itself with updated information to make even more accurate decisions over time. Driving the remittance service is Chynge’s distributed ledger system that is backed by the Stellar blockchain protocol, and its own token, XCLP. The XCLP is the first payment token in the world that has no FX risk with AML for anti-money laundering. Chynge founder and CEO Joe Tusin, said, “Digital technology has allowed us to accelerate the growth towards financial inclusion for everyone in the world. A cumbersome remittance service with extra costs affects people in developing countries most severely. What we aim to do with this service is to make the transmission of funds secure, instant, and fee-less. We believe that this will democratise and socialise money, taking power away from the institutions and giving it back to the people. Money saved can be ploughed back to their families and communities raise their standard of living.”
As part of its fast-moving expansion from Singapore to the rest of the world, Chynge has already established itself in the business hubs of Hong Kong, Brunei Darussalam, the United Kingdom and the United Arab Emirates. Discussions with regulators in the European Union (EU) and Asia-Pacific, have also begun as Chynge continues exploring exciting new territories with sound financial reputations. Chynge will be launching its public token sale on 28 June 2018, with its platform slated to be ready by the fourth quarter of this year.

Chynge unveils blockchain-based remittance service

Stefan Kyora
12.06.2018 17:10
Can foreign startups establish contacts with potential business partners and gain an overview of the Swiss start-up scene in just two days? The digitalswitzerland Market Entry Bootcamp, which is organised together with Impact Hub Zurich, pursued exactly these goals. We asked the startup teams about the results. Franz W. Lye is at home in Singapore. On the evening of the second intensive day of the Market Entry Bootcamp , he sits in the Kraftwerk Zürich and still sprays a lot of energy. "On the first day the jetlag made itself somewhat noticeable, but today I feel very well,” says Lye. His startup called Chynge wants to make international bank transfers faster, safer and above all cheaper with the help of Blockchain. Chynge addresses three target groups: Immigrant workers, wealthy private individuals - so-called high net worth individuals - and multinational trade companies. "All three groups are present in Switzerland, which makes the country a very interesting market for us," explains Lye. The same applies to MDOTM . The Milan-based startup develops investment strategies for institutional investors based on artificial intelligence. MDOTM already has a first client in Switzerland. "For a B2B company like us, it's crucial to build up your network, make yourself a name and meet potential customers directly," explains MDOTM COO Federico Invernizzi. Chynge and MDOTM are two of the fifty startups selected for the first Market Entry Bootcamp. More than twenty Swiss corporates took the opportunity to get to know the international start-ups and their business models and to examine future cooperations. The one-to-one meetings that gave corporate start-ups and innovation managers the opportunity to establish direct contacts, were among the highlights of the Market Entry Bootcamp. "The format of the Market Entry Bootcamps is unique in Switzerland. In short but intensive two days, Swiss companies and accelerators are able to establish contacts with international and innovative start-ups, create new collaborations and thus create added value for the Swiss innovation ecosystem," says Nicolas Bürer, Managing Director digitalswitzerland . Meetings with tangible results
Franz W. Lye, who has many years of industry experience, and Federico Invernizzi, who was able to present a product that had already proven itself on the market, seized the opportunity: "We had seven meetings, four of them with banks," says Lye. And Invernizzi explains: "We were able to arrange four follow-up meetings with large financial service providers. "I am very pleased how much we have achieved in two days," explains Katka Letzing, Program Manager for Innovation Projects at the Impact Hub Zurich . In addition to the one-to-one meetings, the Bootcamp offered an overview of the Swiss start-up scene on the first day, whose strengths and special features were previously unknown to the entrepreneurs from abroad. "For example, the fact that many large companies in Switzerland are open to proof of concept projects with start-ups and that there are several programs that help to initiatte PoCs, was completely new for the participants," says Letzing. Exactly these accelerators introduced themselves to the participants of the Bootcamp on the first day. "The startups now know to which program they should apply, if they want to take the next step," explains Katka Letzing. Several founders are interested in doing business in Switzerland in the long-term. These include Dmitriy Prostov, CEO of Panda Money . Panda Money, headquartered in Moscow, developed a financial literacy app for children. He found open ears with his conversation partners in Zurich, especially because his app not only imparts basic knowledge, but also helps children to handle money responsibly. "I can certainly imagine registering an official branch in Switzerland," says Prostov. See attachment for the article in German.

A deep-dive into Startup Switzerland in two days

Startup 365
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A right blend of ingredients are required for startups to succeed – a great product, the right leader and team, and a strong network of mentors are just a few of them. By nurturing and supporting the next generation of fintech startups, PayPal Incubator aims to play a part in doing just that. The program offers an innovative environment where entrepreneurs can grow by having access to talent and connections. “The program aims to work with the Singapore government to nurture and mentor local fintech startups. Through this initiative, startups will have access to the prime co-working space at PayPal’s Singapore office, structured learning conducted by experts in the fintech industry on Finance and Technology topics, mentorship by PayPal executives and subject matter experts, as well as access to funding through PayPal’s network and VC connections.” said Jerry Tso, Director, Software Development and Head of Singapore Development Center. Since its inception in 2016, PayPal Incubator has seen three startups (Axinan, InvoiceInterchange, and TenX) graduate from its first cohort. Come 14 March, PayPal will be conducting a Demo Day, where another three of its graduating startups will showcase their products and share their journey with the program. On top of that, look forward to a panel discussion with these businesses on how they worked with investors, corporates and other partners to supercharge their companies. Click on the button below to register your interest by 8 March to secure your seats. As this is an invite-only event, successful applicants will be notified via email by 9 March. Event details can be found below. Learn more about these three graduating startups (in alphabetical order):
1) Chynge
Chynge provides a decentralized software solution to manage money transfers between countries to make payments more efficient. Chynge holds the vision to make cross-border payments that are immediate, free, and safe powered by their smart compliance and blockchain. This financial inclusive solution puts money back into the customers’ pockets and into communities to make for a better world. After customers key in their information into Chynge’s app, they can then visit a remittance office for a one-time face-to-face verification with a teller. Upon verification of the account, customers send remittance instructions through the app, instead of having to make their way down to the office. On how PayPal Incubator has helped his startup, CEO and Founder, Joe Tusin said, “The PayPal Innovation Lab is an amazing program. We are thick in the fabric of PayPal operations, in the heart of the PayPal office, with unbridled access to resources from the Senior Vice President, down to the deepest reaches of his team.”
2) jumper.ai
jumper.ai prides itself as the fastest way to buy, sell and collect payments on different social media channels within one interface, making ecommerce transactions a breeze. Whether sales are done via Facebook, Instagram, Twitter or YouTube, jumper.ai is able to integrate on all these channels and turn those posts into a direct point of sale. With the use of artificial intelligence, jumper.ai sends an instant reply the moment users comment on the social media post, bringing businesses to where their customers are at. Yash Kotak, CEO and Co-founder of jumper.ai, expressed: “As jumper.ai integrates within social media, it was critical for us to partner with PayPal to enable our merchants to collect payments and offer buyer protection. Being a part of PayPal Incubator not only accelerated the integrations, but also enabled us to develop a completely new experience for payments on social media – especially on Messenger. To top it all, we received hands-on support and guidance from key stakeholders at PayPal on a spectrum encompassing sales, marketing and growth.”
3) PolicyPal
PolicyPal is a digital direct insurance broker that enables individuals to buy, manage and optimise their insurance policies. It is also Singapore’s first graduate from Monetary of Singapore (MAS) fintech regulatory sandbox. By using Optical Character Recognition (OCR), the software scans and analyses insurance policies to present a comprehensive overview of coverage information to users within 30 seconds. This is achieved by cross-referencing an immense database of insurance premiums, coverage and jargons from 27 insurance companies in Singapore. Through the policies uploaded, users will get an overview of their existing insurance portfolio, current coverage and personalised recommendations on the optimal coverage they should attain. PolicyPal is also building up PolicyPal.Network, a platform that is built on a two-fold vision of addressing key issues that overlap the fields of both insurance and cryptocurrencies in the world today. The aim is to lower the barriers associated with traditional insurance coverage for millions of unbanked people. Also, PolicyPal Network will be introducing CryptoProtect to both commercial companies and individual investors against a loss of funds resulting from operational deficiencies such as hacks. “Being part of PayPal Incubator played a huge role in growing PolicyPal. One of the greatest benefit is the ability to tap into a strong network of business partners. It has jump-started our company and brought us to where we are today. The value that our mentors have brought to us has been instrumental in our success,” Val Yap, CEO & Director of PolicyPal shared. To register your interest for the Demo Day, simply sign up here by 8 March. Successful applicants will be notified via email by 9 March. Startups that are interested to apply for PayPal Incubator can do so here . Event Details
Time: 5:30pm to 9:00pm

#Asia 3 startups graduating from PayPal Incubator

Lenovo Education

Lenovo

Singapore Airlines

Technology that addresses regulatory challenges and facilitates the delivery of compliance requirements. Regulatory technology helps companies and regulators address challenges ranging from compliance (e.g. AML/KYC) automation and improved risk management.

Regtech

Companies developing artificial intelligence solutions, including cross-industry applications, industry-specific products, and AI infrastructure solutions.

Artificial Intelligence

Incubator/Accelerator - III

Chynge is a financial technology company that focuses on cross-border payments and remittances. The company offers a decentralized software service for managing money transfers that are instant, free, and safe, using technologies such as artificial intelligence, machine learning, big data, cloud computing, and facial recognition. Chynge primarily serves the financial services industry. It was founded in 2015 and is based in Singapore.

Name	Chris Tan
Work History	Lenovo Education, Lenovo, IBM, and Singapore Airlines
Title	Chief Technology Officer
Status	Former

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