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MARKETS & INVESTING | Staff Reporter, Singapore
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Finty rewards customers for online financial purchases

This platform aims to make financial product buying enjoyable and simple.

It uses a predictive model that determines the reward value when applying for credit cards from major banks.

Finty is a new platform in Singapore that rewards customers for online financial purchases that goes beyond short-term and ad hoc promotions. It specialises on financial products, offering fixed, consistent rewards for customer applications.

Finty is currently operated by Kwok Zhong Li, Managing Director; Lucius Young , Marketing Director; Jeremy Lim, Technological Advisor.

According to Li, consumers perceive financial products as daunting and complicated so they developed the business to make it rewarding, enjoyable and simple for customers to shop for financial products.

Through research and development, the model was created, consisting a cumulation of data points making up three pillars that determine the rewards customers received upon each financial product application.

“To achieve this, our revenue sharing business model allows consumers to be better served in this area, while presenting a three-way financial win for them, our bank partners and Finty,” said Li.

Finty currently offers rewards up front and consolidates various credit cards from organisations including OCBC, HSBC, American Express, Standard Chartered, CIMB and Citibank, where customers can currently receive up to $50 in cash rewards for each card, in addition to regular bank promotions. This is also applicable for existing bank customers who are applying for additional credit cards.

Furthermore, contents and interface will be further developed to provide customers with a comprehensive portal of progressive offerings and financial hacks to catalyse their financial decision-making process. This also includes the development of a Finty app to further adapt to the needs of mobile-heavy millennial users.

Moving forward, it plans to expand into the personal loan space within the first half of 2017, followed by other services including insurance, home loans and deposits.
 

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