Our FinTech startup of the week is the “cool kid” in the block!
CEO Tanin Sammanee has over 10 years of experience with stocks and mutual fund platforms. Both he and CTO Wirat Leenavonganan has over 14 years of software development experience. The duo make up a strong #SETScopeTeam. Let’s catch up with Tanin to find out more!
1) Tell us about SETScope and how do you win the market?
SETScope is a personalized stock analysis tool based in Thailand. Our data mining engine analyzes more than 70 stock fundamental data points to provide only the highest quality stocks you should invest in. 80% of our stock recommendations have outperformed the index and resulted in a high 26% capital gain return. We currently have over 50,000 users in Thailand.
2) What is SETScope’s next step?
With the help from Startupbootcamp, we are increasing our service’s usability and aim to achieve a 60% increment in customer conversion and revenue. We also have a plan to integrate our service with a broker in August, and expand to Singapore and Malaysia markets by October.
3) What are the challenges you foresee and how are you going to tackle them?
We analyze a ton of stock data every day mainly from the exchange’s direct feed. Accelerating the expanding process, especially the difference of the data format for each market is a challenge I foresee, and the team is working on using the data from the international data provider instead.
4) Do you have any advice to stock market rookies out there who wants to start investing?
Newbie investors should understand and analyze quality and timing from the beginning. Many rookie investors only analyze rough timings using the chart tools, making it very easy to lose half an investment in a year.
5) What do you think of the #FinTech community in Thailand?
FinTech is booming now in Thailand, and is one of the biggest trends among Thai startups. The big stakeholders there like the government, banks and accelerators, are actively supporting the industry. 2016 is a big year for FinTech in Thailand.
6) SETScope has incredible traction on social media with 133k likes on Facebook! Why does SETScope focus on social media?
From our research, confidence arising from social consensus plays a big part of investors’ decisions. This is why we analyze social media in a holistic manner, covering Facebook, Twitter, news and web boards, to understand the sentiment of each stock. This data works on future prediction rather than past analysis.
Our other unique feature is the social community on our platform. We have just launched a news feed feature, so that users can buy / sell / follow / read article and see the actions from other users, especially the stock experts. Users can see how many users bought the same stock and at which price, increasing confidence to purchase a stock. Concurrently, these interactions serves as a big data source for us and increases the retention rate.
7) How has your experience in the #sbcFinTech programme been so far?
Intense with many of workshops, feedbacks and connections. Being accelerated by an industry specific programme like #sbcFinTech is what a startup needs, especially the FinTech industry is highly regulated. I have never thought of pitching our product to the top executives of many regional banks, but managed to do so with the help from #sbcFinTech!
8) It’s less than 30 days to Demo Day (hooray!) How are you getting ready for it?
Things here change rapidly! In preparation for Demo Day, The team is looking at a change in product milestone, taking a step back to improve the customer journey, and restructuring our pitch. I am definitely working hard on my pitch to be ready, and you will see an interesting demo from us on 14 July!
9) Your wife is expecting and your team are family men. What is the team’s secret sauce in balancing all family and startup lives?
We are so lucky to have families that understand our work. As my wife is also a FinTech software engineer who can evaluate stock’s deep fundamentals, our rare combination gives us common understanding about what I am doing.
Catch up on Startupbootcamp FinTech Singapore’s #StartupOfTheWeek series here: