SGPay is a 3rd generation platform that weaves all the features of an e-wallet and e-payment avenue into one quilt of mobile application endowed with the unmistakable support of fiat and cryptocurrencies. Above all, this mobile application is emboldened by the rise of the revolutionary blockchain technology. SGPay tokens are built on secure Ethereum blockchain platform and adheres to ERC-20 standards. Many large corporations such as Microsoft, UBS et al, have already espoused Ethereum blockchain as this revolutionary technology is known to yield a multitude of benefits such as decentralization, transparency, lower transaction costs etc.
Singapore has emerged as the undisputed and insuperable smart nation. However, in areas such as electronic payments, the nation requires a leg up. For all intents and purposes, Singapore has transformed itself into a hotbed of cryptocurrencies. More than genuflecting, the government is keen on providing the much needed infrastructure. Moreover, the regulatory policies of the Monetary Authority of Singapore (MAS) are conducive for promoting a cashless nation. And yes, the current payment platforms in Singapore are doing a shoddy job and by no means capable of essaying the roles of AliPay and PayTM successfully. The founder of SGPay Deng Guangyuan has found in Singapore a lucrative launchpad, all thanks to the afore-stated voids.
Benefits of SGPay The early adopters of cryptocurrencies will be greatly benefitted. The incentive system inherent in this e-wallet provides allurements to users who hold more SGPay tokens. For instance, transaction costs are close to negligible to advocates of SGPay tokens. This wallet also fosters diversity for payments in Singapore and Asia. Absence of diversity will render the revolutionary technology a wastrel. To create a conducive environment for users regionally, this wallet advocates for the use of cryptocurrencies. A large chunk of the regions that are unexposed to cryptocurrencies can thus be exposed and subsequently weave an ecosystem of cashless users.
Enlisted below are some of its features: This mobile application is accessible on both Android and iOS platforms Transactions in multiple international cryptocurrencies such as Bitcoin, Ether etc., and locally developed currencies such as Kyber Network Crystals, Zilliqa tokens, etc., are supported Apart from credit and debit cards, deposit and withdrawal of Singapore Dollar is championed Monetized rewarding system is a blessing Dedicated APIs are designed to support merchant and user funds SGPay tokens are decentralized and the core idea of decentralization is valued.
Risks Overcome by SGPay Blockchain Capital Pte. Ltd., the company behind SGPay should overcome the following risks: • Regulatory Risk: The MAS can throw unpleasant surprises in the form of new regulations on current and new block-chain based projects. • Licensing Risk: In the context of current wallets and service provides, licensing risk looms large and MAS can play a spoilsport. • Banks: Banks are yet to consider cryptocurrencies as an integral component of evolving financial system. And the idea of bringing cryptocurrencies under the umbrella of the existing financial system is repugnant to banks. This is leading to the closure of accounts. To address this concern, the company is trying to engage in a partnership with local banks.
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