Singapore startup FintruX Network launches financing platform
It creates a global business network powered by blockchain technology for funding needs
Vivien Ang
Singapore
FINTRUX Network - which provides smart solutions for underserved startups and SMEs via blockchain technology - announced the global launch of TruX at tech conference RISE 2019 in Hong Kong.
TruX, the world's first smart business financing platform, aims to empower startups and SMEs to achieve business growth and sustainability.
The platform creates a global business network powered by blockchain technology, benefiting all stakeholders.
TruX empowers businesses to create a trust profile that establishes a dynamic credit reputation based on alternative credit data. This will help facilitate credit terms and commercial loans sustainably.
The technology is available to any business across the globe, supporting over 130 currencies.
"At FintruX, trust is an acronym that stands for transparency, reputation, understanding, security, and time," explained co-founder Conrad Lin during a recent interview on Singapore's Money FM 89.3.
Mr Lin empathises with small business owners as suppliers don't trust them enough to extend credit for their purchases. Similarly, traditional or alternative financing solutions are also not easily available for their cash flow needs.
Incorporated in Singapore, FintruX Network has successfully raised over US$25 million in funding.
Joseph Lee, founder of SME Challenge, a national initiative in Singapore to help SMEs grow and transform their business, said: "FintruX Network has innovatively addressed the main challenges of SMEs with its blockchain technology. Many of these challenges are specific to SMEs and TruX is turning these challenges into business opportunities for SMEs to grow."
One recent example is ZWEEC Analytics, a winner of the Emerging Enterprise Award and Best Innovation Award in 2015. Over the past year, the Singapore company has leveraged the blockchain technology from FintruX Network to structure over S$1 million worth of funding and line of credit.
The tech conference RISE 2019 saw over 16,000 visitors and more than 750 startups over a period of four days from July 8-11.
FintruX Network was one of the five startups from Singapore to be invited to the growth track at the conference this year.
The track is by invitation only and among the criteria needed for startups to be admitted to this "exclusive club" are funds of over US$3 million and a strong business model with positive revenues.
Notable alumni of the growth track include ride-hailing app Uber and online payment company Stripe.
