FinTech Startup of the Week: CurrenSeek

FinTech Startup of the Week: CurrenSeek

10-Jun-2016 by Hilda Low

CurrenSeek is one busy bee! Flying in and out of Malaysia, interviewing with e27 and Bloomberg, growing their social media presence, and clinching the ASEAN Fintech Challenge 2016 win recently!

Within 7 months, CurrenSeek has managed to gain good traction, and is proudly working with 26 active partners, 27 bank branches, 155 money changers and covers 10 different currencies. Boom!

They are also a very dedicated group – Case in point this memorable photo from Selection Days where co-founder Amir Haghbin skyped and facetimed in back-to-back meetings (read about their experience here). Talk about team spirit!

CurrenSeek skype

This week, we managed to catch up with Joann, co-founder at CurrenSeek, to tell us more about what CurrenSeek is up to!

 

1) In 10 words, how does CurrenSeek work?

Find and compare the best rates around you.

2) What constitutes a great team? Tell us about #TeamCurrenSeek and the guys behind the app.

First and foremost, we all strongly believe in the value of this idea and how CurrenSeek can benefit both travellers and money changers—and we went out and did the necessary ground research and validations to make it happen. Amir Haghbin (co-founder) drives user acquisition strategy and all other development aspects of the business, having championed the idea from the start; Hakim Karim (co-founder) heads up the product and technology side and was an intra/entre-preneur with over 25 experience at financial MNCs including Thomson Reuters, Accenture, Goldman Sachs, etc., as well as startups across Europe, US and Asia; David Oh (co-founder) drives business development and was a former lawyer and consultant with over 20 years experience in Intellectual Property and Intellectual Asset Management, while Joann Soon (co-founder) has accumulated over 10 years of experience in content creation and creative direction across numerous digital and social media channels, founded a FinTech app of her own and co-founded an emerging EduTech startup.

3) What are your most memorable feedbacks from customers about CurrenSeek? 

“This app has global potential.”

“Do money changers really want to come onboard? Doesn’t this compete with their business, since other money changers may be displaying better rates?”

This is one of the most common questions we get, which is all good—because with more exposure, we’re getting increasingly good feedback and participation from money changers themselves, who believe it’s great visibility and value for their business in a mobile-dependent world!

4) CurrenSeek is launching their iOS app soon, tell us more about it!

We’ve been getting a surge of request for this since our Android launch, understandably more so in Singapore since iOS dominates the market here. It’s happening in a couple of weeks from now.

5) After the launch of the iOS app, what’s next?

We’re focused on building the transactional phase of our app and enabling a more seamless end-to-end currency exchange experience, in partnership with a wide pool of money changers and financial institutions. While many have questioned us on this focus: Why concentrate on this when you should be looking at disruptive technologies like crypto-currency, e-wallet and blockchain? We’re acutely aware of the wave of change and disruptive innovations around us, and believe it will only be a matter of time and technology integration. However, creating a strong framework across existing businesses and payments verticals is key to us now so we have a strong model for growth that can be duplicated from Malaysia (our base) to Singapore and beyond. Integrating exciting technology, secondary—and just a matter of ‘when’.

6) What do you think the future of currency exchange will be and how will CurrenSeek be a part of this?

No queuing up and running around to compare and find the best rates, for sure, with the help of CurrenSeek. Currency exchange will be a seamless experience where travellers can select the best rate by comparing offered rates and getting personalized deals based on their location and the amount of currency they’re carrying, then have everything settled online. Through predictive analysis and big data solutions, money changers will have greater insights into their business, customers, plus the demand and supply for various currencies in different localities, so they can manage their inventory better. They can further enjoy significant reduction of OPEX—with having to hire fewer troops on the ground to manage transactions and better reliance on a secure online transactional platform.

7) Give us your top 3 recommended travel destinations in Malaysia and what do travelers need to try?

Kuala Lumpur for the vibrant city/night life, shopping and attractions; Penang for charming cultural and foodie experience; and Pulau Perhentian or East Coast (Sabah/Sarawak) for Pristine beaches, wildlife, sea, sand and sun!

 

Join the CurrenSeek community by following their Facebook, Twitter and Instagram for exciting news and updates like their upcoming iOS app launch!

Catch up on Startupbootcamp FinTech Singapore’s #StartupOfTheWeek series here: