A fintech company in Singapore called OOjiBO has come up with the Singapore equivalent of 3.6 million dollars which will be utilized in order to enter two growing markets which are located in Southeast Asia. The funds are parts of pre-series round which was started by a company called Centurion Private Equity. The monies are earmarked to help the unbanked.

The director of Centurion, Wong Kok Hoe, will manage the investment. He became a part of the Board of Directors in order to take part in the new initiative. In addition, OOjiBO will start remittance cross-border, in nations that it hasn’t served in the past. At the moment, OOjiBO operates only in Myanmar.

This firm went into business during fall of 2014. The company is the brainchild of Yeng Fook Hoo, who has worked within the banking niche for over four decades. Before starting OOjiBO, he launched and oversaw South East Asia’s biggest payment system and credit card terminal. It was called GHL System. He left that venture over fifteen years in order to retire. However, clearly, the banking business is still in his blood.

After retiring for a few years, he re-emerged and started OOjiBO, along with two other businessmen who also have extensive experience within the finance niche.

What is the New OOjiBO Initiative, Anyway?

The new system is a mobile phone-based system which functions as a “full stack” banking system for retail. The system will provide a full array of services, including retail payments, e-commerce payments, p2p transfers, cash in/cash out service, interest bearing accounts, mobile phone top-ups and utilities payments.

This system is “phone agnostic” and it may be utilized on feature phones and smart phones. In regions that don’t have proper data connections, the system will transfer to the format known as STK. This transfer option will give the system the capacity to offer financial inclusion to those who are normally cut off from online services, due to being in rural places or regions which experience a lot of interruptions in electricity usage.

This New System is Cost-effective

This platforms will run on a front-end system, via its agency network. This sets it apart from a lot of other digital platforms or e-wallets. It’s made to work only on a mobile network. This means that it doesn’t require additional infrastructure or the capacity to integrate completely with a current bank system.

Since it does have this innovative system, it’s less expensive to run. It brings the expense of this service down considerably and this means that it may be offered to end-users for less. All that will be needed by the end-user is an existing device. No other infrastructure will be necessary in order to install or build it. This information comes straight from OOjiBO.

This system supports cutting-edge branchless banking.

Will You Try the System?

This new system should get plenty of press in the future. If you’re interested in it, be sure to Google it occasionally or visit the official OOjiBO website for updates.

About the Author

Morris Edwards is a content writer at companyregistrationinsingapore.com.sg, he writes different topics like FinTech Startups in Singapore and Top 10 must know facts about Mobile App Security and all topics related to Business, Tech and Company Registration in Singapore.