SGPay -- A Wallet For Everyone

A Wallet For Everyone - SGPay

SGPay taps into the US$12 billion e-payments industry in South-East Asia. Manage your virtual currencies like Bitcoin, make e-payments via your credit cards and shop online- all in a single platform.

EXECUTIVE SUMMARY

Our SGPay Token is built on the Ethereum blockchain in accordance with the ERC-20 standard. The SGPay Token (or SGP in short) is built as a utility token to be used on our primary platform SGPay. It will be adopted by our technology partners and affiliated merchants.

We chose to build SGP on the Ethereum blockchain because it brings advantages such as decentralization, security, transparency and lower transaction costs. It is also the preferred blockchain network of many large corporations such as Microsoft and UBS who are part of the Enterprise Ethereum Alliance.

Our primary platform SGPay is a 3rd generation e-wallet and e-payment mobile application that allows users to buy and sell cryptocurrencies, or make purchases using both cryptocurrencies and fiat currencies. Our objective is to make SGPay the leading e-wallet and e-payments mobile application for everyone living in Singapore and the region. Customers will be able to pay for their groceries, purchase movie tickets, book flights and more with SGPay. They will also be able to select their preferred mode of payment, either in fiat currency or cryptocurrency at selected merchants.

Singapore makes a good launch pad for the development and execution of the functionalities of SGPay. Many payment providers have ignored Singapore as a potential market due to its relatively small market size. However, they fail to recognize Singapore's capacity to quickly adopt innovative technology due to its highly educated workforce as well as tech savvy population. Singapore is also a leading financial center in Asia with one of the highest GDP per capita in the world. The Singapore government has recently advocated a national push towards e-payments which will increase the chances of investments and acquisitions in this sector.

After establishing our presence in Singapore, we will transition to nearby overseas markets such as Malaysia and Indonesia. Indonesia is the 4th most populous country in the world and the South East Asia region is poised to see tremendous growth. E-commerce and e-payments are also growing at an increasing rate in the region, posing a great opportunity for FinTech firms.

To encourage further adoption of SGPay, we will also be creating additional business platforms to support the use of our token. These include SGReward that will tie in with our SGPay platform to offer monetized reward points as well as SGFund that will help to financially support the expansion of small and medium enterprises (SMEs).

PUSH TOWARDS E-PAYMENTS IN SINGAPORE

Singapore has the “right ingredients” to be a Smart Nation, but it lags behind other cities in certain areas such as electronic payments, said Prime Minister Lee Hsien Loong.

The above statement highlights the country’s unified push towards e-payments which opens up more opportunities for new payment platforms to flourish.

Payment systems which integrate new technologies and trends such as cryptocurrencies have a much larger chance of offering a unique proposition versus the current market incumbents.

QR Code Payments are also being shown the limelight. A newly formed payments council, set up to look into ways to advance e-payments in Singapore, has created a task force specifically to develop a common QR code for Singapore (SGQR) that could be used for e-payments Island wide The task force aims to introduce a standardised QR Code that can be used by any payments application such that confusion can be avoided among consumers.

The Monetary Authority of Singapore (MAS) has advocated fiercely for a true ‘cashless society’ though the above measures.

READY MARKET – A PERFECT LAUNCHPAD

The chart above highlights the trend of mobile payments in Singapore – which already holds a substantial lead over other regional markets. Though small in size, Singapore’s population has shown a much higher readiness to embrace new trends in both mobile and electronic payments compared to neighbouring countries such as Malaysia, Philippines, Thailand and Vietnam. This is due to the mature technology field here as well as the fact that every Singaporean owns 3.3 handheld devices including mobile phones

The market has a ready audience but has not found a true integrated payments platform that leverages on trends that have found a more mature foothold worldwide. These include payments by QR Code highlighted above, in addition to integrated services straight on the platform. This trend is highlighted by the dual success of AliPay in China and PayTM in India.

These platforms have become giants in their own right which offers much more than just basic payments functionality. AliPay for example, offers insurance, payment of utilities bills, purchase of movie tickets, and its own shopping mall all in the same application. It is through this viewpoint that can be said that the current payments infrastructure and ambition of current local players are severely lacking.

CRYPTOCURRENCIES IN SINGAPORE

Singapore has rapidly emerged as a preferred hub for cryptocurrencies. Its fintech-friendly status, government grants and accommodative stand towards Initial Coin Offerings (ICO) has made it a favourite for fintech firms coming into Singapore. MAS is also taking an accommodative approach under which current compliance and securities laws apply while considering specialised regulations for future implementation.

The cryptocurrency community in Singapore is also quite active and this leads to an emerging market for providers of services related to blockchain technologies. However, the market is not mature yet and many providers are also concentrating on overseas markets (similar to that for e-payments).

There exists an opportunity to normalize, dominate and create a unique selling proposition (USP) for our project to succeed based on the current environment.

A CONFLUENCE OF FACTORS

Our drive to build a ‘3rd generation’ wallet is highlighted by the 3 factors above:

The government’s push towards e-payments and a ‘cashless’ society will provide much needed common infrastructure and support to our platform
The lack of a current payments platform that matches or comes close to the success of AliPay in China and PayTM in India
The regulatory friendly approach of MAS towards cryptocurrencies in Singapore which will help general acceptance and the adoption drive on our platform

CURRENT COMPETITORS

NETSPay – The incumbent leader in the payments field is slowly embracing the culture of cashless integrated payments. Their strength is in their wide point of sales (POS) legacy system that currently number over 37,000 merchant outlets. Their application also allows users to get special offers from merchants. See above for a chart on how big mobile payments are in Singapore.

DBS PayLah – A bank payments application by the Development Bank of Singapore (DBS) that allows users to perform fund transfers via mobile phone number. They application also allows users to perform and request funds transfers, pay bills and donate money. However, similar to NETSPay it lacks a wider integration of services that will make it much more useful to consumers.

CoinHako – The most popular local cryptocurrency wallet that allows users to transfer fiat funds in for the purchase of Bitcoin and Ethereum. However, the wallet suffers from high prices relative to the rest of the market, multiple downtimes as well as a lack of a mobile application.

We aim to put SGPay in everyone’s hands and this plays well from a consumer to merchant angle. As all merchants are consumers in a way but not all consumers are merchants, we believe it is important to foster customer integration much more than merchant integration.

Moreover, merchant integration can be fostered more easily once we have a large user base. The current focus of payment solution providers of providing Point-Of-Sale (POS) systems to merchants is creating a very saturated market that provides consumers a confusing array of competing solutions at the payment point.

We believe that the future of merchant integration lies in the same application that consumers will be using their wallet platform on. Such integration would also mean QR Codes will have an important role to play.

Blockchain Capital Pte. Ltd. and its partners will pursue a primarily mobile strategy in order to develop assets that can cater well to the needs of the market.

SGPAY TOKENS

TOKEN OVERVIEW

The SGPay Token is an ERC20 compatible token on the Ethereum blockchain. It is promoted and used on SGPay, associated business platforms and partner merchant outlets. Token holders enjoy various incentives such as lower transaction fees when buying or selling cryptocurrencies on the SGPay platform.

LAUNCH SUMMARY

Token Name: SGPay Token [SGP]
Total Supply: Up to 13.8 million
Total Public Supply: Up to 10 million
Pre-Contribution Period: 1st Feb to 14th Feb 2018
Pre-Contribution Supply: 2 million tokens @ US$0.40 each
Main-Contribution Period: 1st Mar to 31st Mar 2018
Main-Contribution Supply: 8 million tokens @ US$0.50 each
Soft Cap: US$0.8 million
Implied Market Cap: Up to US$4.8 million
Minimum Contribution: 1 ETH
Maximum Contribution: 100 ETH
Accepted Currencies: Ether (ETH)
KYC/Whitelisting: Yes

For institutional and/or large contributors – please contact us directly at hello@sgpay.org

TOKEN PROPERTIES

Initial Limited Public Supply of up to 10,000,000
Fixed Supply Forever (No inflation)
Utility token on our platform(s). As adoption increases the value of tokens will increase due to limited supply. The SGP Token is classed under utility tokens as they are used for value-added services such as those offered by our partners on the platform, as well as an incentive to get lower transactional fees.

TOKEN AND TGE SAFEGUARDS

Low initial market cap of up to US$4,800,000 (based on TGE price of US$0.50 on 8,000,000 tokens and Pre-Contribution price of US$0.40 and full allocation). This will give us a ‘bargain’ basement position on coinmarketcap.com with an explosive potential to grow once adoption of our application takes off and new partnerships are signed. The low valuation will help to reduce downside risk for early project contributors and supporters.

In relation to fintech – the team decided to develop the wallet first to exploit a gap in the market. Currently, there are no wallet applications with wide ranging applications incorporating disruptive partners and cryptocurrencies. We aim to exploit this gap by going into our platform development in stages to bring a competent innovative solution to the problem. Each stage will bring with it a new user base & growth through aggressive marketing & promotions. The more popular our platform gets, the more our tokens will get used and the higher the demand.
SGPay is aiming to list on a few exchanges to increase liquidity and decrease the potential buy-sell spread of the SGPay Tokens. This will allow our users to easily liquidate or purchase more of our tokens and allow more liquidity for our micro-transaction system that is built into our platform. We are also partnering with liquidity providers to provide
We will be putting a limit on the amount of funds a single person can contribute to the TGE. The limit would be set at 100 Ether, which is approximately US$100,000 on this date. This will prevent ‘whales’ from controlling our floating token circulation and to allow more participants in our token generation event.
Zero Inflation. The team has pledged not to release anymore new tokens forever.
Pegged start of contribution and end of TGE pricing. The team has decided that in order to be fair to contributors during the distribution event, we will not strictly peg the amount of tokens you get at the time you choose to contribute your Ethereum. If by the end of the contribution event, your Ethereum value is more than what it was when you first contributed, we will choose the higher amount. Do take note this does not include values for Ethereum between both of the dates (your contribution date and end of contribution period). The confirmed distribution amounts would be done by the end of the distribution period.

Budget

To date, a six figure sum has been spent on developmental & operational costs. Proceeds from the token event will be used to expand our operational capabilities over the next 5 years.

BASED ON FULL ALLOCATION