SoCash leans into B2B e-payments with dethroning of cash as king
Fintech startup will be up against incumbent e-payments enablers; hopes to stand out with bundling strategy
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PIVOTS, pivots and pivots - that is how SoCash chief Hari Sivan describes how the past two years have been. The startup made headlines a few years back with its model of turning even mamak shops into cash withdrawal points, a cheaper alternative to ATMs for banks. But this vision has run into challenges.
"I'll be honest - it's been extremely tough for us," Sivan told The Business Times. "When we started SoCash, the premise was distribution needs to change - the ATMs, branches. From 2017 to 2019, we built the platform and the network. And then suddenly, in early 2020, the whole world went into lockdown."
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