SGPay - A Wallet For Everyone

 INTRODUCTION

SGPay Token is built on the Ethereum blockchain in accordance with the ERC-20 standard. The SGPay Token (or SGP in short) is built as a utility token to be used on our primary platform SGPay. It will be adopted by our technology partners and affiliated merchants. 

We chose to build SGP on the Ethereum blockchain because it brings advantages such as decentralization, security, transparency and lower transaction costs. It is also the preferred blockchain network of many large corporations such as Microsoft and UBS who are part of the Enterprise Ethereum Alliance. 

Our primary platform SGPay is a 3rd generation e-wallet and e-payment mobile application that allows users to buy and sell cryptocurrencies, or make purchases using both cryptocurrencies and fiat currencies. Our objective is to make SGPay the leading e-wallet and e-payments mobile application for everyone living in Singapore and the region. Customers will be able to pay for their groceries, purchase movie tickets, book flights and more with SGPay. They will also be able to select their preferred mode of payment, either in fiat currency or cryptocurrency at selected merchants. 

Singapore makes a good launch pad for the development and execution of the functionalities of SGPay. Many payment providers have ignored Singapore as a potential market due to its relatively small market size. However, they fail to recognize Singapore's capacity to quickly adopt innovative technology due to its highly educated workforce as well as tech savvy population. Singapore is also a leading financial center in Asia with one of the highest GDP per capita in the world. The Singapore government has recently advocated a national push towards e-payments which will increase the chances of investments and acquisitions in this sector. 

After establishing our presence in Singapore, we will transition to nearby overseas markets such as Malaysia and Indonesia. Indonesia is the 4th most populous country in the world and the South East Asia region is poised to see tremendous growth. E-commerce and e-payments are also growing at an increasing rate in the region, posing a great opportunity for FinTech firms. 

To encourage further adoption of SGPay, we will also be creating additional business platforms to support the use of our token. These include SGReward that will tie in with our SGPay platform to offer monetized reward points as well as SGFund that will help to financially support the expansion of small and medium enterprises (SMEs).

Full Feature Set

• Accessible from mobile devices on both Android and Apple iOS
• Decentralized tokens on the blockchain
• ‘Cold-Storage’ style wallet protects up to 99% of crypto-assets stored with us
• Support for transactions involving cryptocurrencies such as the SGPay Network Token, Bitcoin, Ether
• Support for deposit/withdrawal of Singapore Dollar funds
• APIs built to support merchant and user funds exchange
• Full access for users over their private keys (platform will not store keys)
• Support for debit and credit cards during the e-payment phase
• Deep integration with industry leaders from the Insurance, Travel and other fields
• Monetized reward system built into the platform
• Support for locally developed cryptocurrencies such as Kyber Network Crystals, Zilliqa Tokens and more

The full feature set of SGPay will be developed in stages. For a more detailed look of when each feature will be implemented throughout our development phase please check out our roadmap in the later part of our whitepaper.

 Ready Market

 

The chart above highlights the trend of mobile payments in Singapore – which already holds a substantial lead over other regional markets. Though small in size, Singapore’s population has shown a much higher readiness to embrace new trends in both mobile and electronic payments compared to neighbouring countries such as Malaysia, Philippines, Thailand and Vietnam. This is due to the mature technology field here as well as the fact that every Singaporean owns 3.3 handheld devices including mobile phones

The market has a ready audience but has not found a true integrated payments platform that leverages on trends that have found a more mature foothold worldwide. These include payments by QR Code highlighted above, in addition to integrated services straight on the platform. This trend is highlighted by the dual success of AliPay in China and PayTM in India.

These platforms have become giants in their own right which offers much more than just basic payments functionality. AliPay for example, offers insurance, payment of utilities bills, purchase of movie tickets, and its own shopping mall all in the same application. It is through this viewpoint that can be said that the current payments infrastructure and ambition of current local players are severely lacking.

SGPay Token Generation Events

Token Name: SGPay Token [SGP]

Total Supply: Up to 13.8 million

Total General Supply: Up to 10 million

Pre-Contribution Period: 1 st February to 14 th February 2018

Pre-Contribution Offer: 2 million tokens @ US $ 0.40 each

Main Contribution Period: 1 st Mar to 31 st Mar 2018

Main Contribution Offer: 8 million tokens @ US $ 0.50 each

Soft Cap: US $ 0.8 million or 735 Ether

Implied Market Cap: Up to US $ 4.8 million

Minimum Contribution: 1 ETH

Maximum Contribution: 100 ETH

Accepted Currency: Ether (ETH)

KYC / white list: yes

For More Information, visit us:
SGPay Website:  https://www.sgpay.org/
SGPay Whitepaper: https://www.sgpay.org/sgpay-whitepaper-final.pdf

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