With the new offering, users in Singapore can seamlessly transfer funds from their overseas bank accounts to Singapore Dollars (SGD) with no hidden fees or exchange rate mark-ups
Moomoo Financial Singapore Pte. Ltd. (Moomoo Singapore) and Wise, the global technology company building the best way to move money around the world, today announced a partnership to offer users a cost-effective, faster and convenient way to deposit money into their trading accounts via the moomoo application.
With this new integration, powered by Wise Platform’s APIs, moomoo users can now save more money on transfer fees when initiating a deposit through Wise. Users are also able to see the real mid-market exchange rate as reflected on the Bloomberg Index, Google and Yahoo Finance websites. Wise Platform is Wise’s infrastructure offer, which lets banks and businesses embed the Wise API into their existing infrastructure to power low-cost and fast cross-border payments for their customers.
Moomoo Singapore is an all-in-one investment platform that allows users to invest in stocks (US markets, SGX, HKEx, SH-HK Stock Connect and SZ-HK Stock Connect), mutual funds, bonds, exchange traded funds and U.S. options through the moomoo app. By integrating with Wise Platform, Moomoo Singapore users can now choose to deposit through Wise, which enables them to convert their local currency to Singapore Dollars at the real mid-market exchange rate, free from hidden fees and mark-ups.
Within the platform, users can select ‘Transfer via Wise’ and have the option to fund their deposits through Wise Balance or Bank Transfer through Wise. Users can also see the single, upfront fee and the real mid-market exchange rate before making the transaction. In addition to the transparent fees, users will also be able to benefit from this quick and easy service where more than half of transfers globally sent through Wise are completed almost immediately*.
Gavin Chia, Managing Director, Moomoo Singapore, says: “We’re committed to providing an easy-to-use, seamless platform for users to manage their portfolios across multiple markets. Our partnership with Wise will enable both existing and new Singapore moomoo users access to fast transfers and lower transaction fees, allowing them to take advantage of timely trades and better manage their wealth. We look forward to working closely with Wise to offer a smarter, faster and more reliable experience for our users.”
Dan McCarthy, Head of Partnerships, Asia Pacific, Wise Platform, says: “Wise and Moomoo Singapore have a shared goal to provide a fairer, more transparent investing experience for everyone. We are thrilled to partner with Moomoo Singapore to provide users with greater visibility and control over their personal finances, where they can now see exactly how much they are paying to fund transfers from their linked Wise accounts, without worrying about hidden fees in inflated exchange rates or dealing with slow transfers.”
Globally, Wise Platform is live with more than 60 banks and businesses across the world, allowing them to leverage Wise’s technology and embed the best way to send, receive and manage money internationally.
About Moomoo Financial Singapore Pte. Ltd.
Moomoo Financial Singapore Pte. Ltd. (Moomoo Singapore) is a wholly owned subsidiary of Futu Holdings Limited (NASDAQ: FUTU), which is an advanced financial technology company transforming the investing experience by offering a digitalized brokerage and wealth management platform – moomoo. Moomoo enhances the user experience with market data, news, and powerful analytical tools. Moomoo also embeds social media tools to provide connectivity to all users, investors, companies, analysts, media and key opinion leaders.
In Singapore, Moomoo Financial Singapore Pte. Ltd. (www.moomoo.com/sg) offers investment products for trading via the moomoo platform, and it is a capital markets services licence holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000). In June 2022, Moomoo Singapore became the first digital brokerage to receive all five memberships from the SGX Group for the securities and derivatives markets.
About Wise Platform
Wise is a global technology company, building the best way to move money around the world. Over the last decade, Wise has built an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. Thanks to Wise Platform, large companies and banks can leverage Wise’s technology and embed the best way to send, receive, and manage money internationally into their existing infrastructure. With over 60 partners worldwide, Wise Platform saves banks and businesses time and money by allowing them to seamlessly bring fast, cheap, transparent and convenient cross-border payments to their customers.
Climate tech Startup Bio-Logical raises $1m Seed round: Kenya’s Agricultural Sector to Get a Boost from Bio-Logicals Landmark Biochar Carbon Removal Facility
Climate tech company Bio-Logical has raised a $1m seed round to scale up its operations in Kenya, facilitating its mission to build climate resilient communities of smallholder farmers around the world.
Smallholder farmers are facing a dire outlook with faltering harvests, increasingly extreme weather and skyrocketing fertiliser prices becoming increasingly common due to climate change. Bio-Logical addresses this challenge through a circular economy, transforming waste into biochar, a super material that sequesters carbon for millenia and regenerates degraded soil. Their biochar is then incorporated into an organic fertiliser which is distributed to smallholder farmers in the region, regenerating land, increasing crop drought resistance and boosting yields by over 50%.
“Bio-Logical was founded on the belief that Smallholder farmers should not suffer at the hands of a climate crisis they have played no part in. At present, soil degradation and changing weather patterns due to climate change is directly threatening the livelihoods of 500 million smallholder farmers around the world.” Rory Buckworth, Co-Founder
Utilising its innovative technology, Bio-Logical’s first site will be the largest biochar production facility in Africa. It will transform over 30,000 tonnes of agricultural waste a year into biochar, sequestering 25,000 tonnes of CO2. This process will generate carbon credits, the revenue from which will be used to subsidise its resilience building fertiliser for smallholder farmers, boosting yields and reducing fertiliser costs.
“We believe carbon credits should do more than simply remove carbon from the atmosphere and instead should be used to build the resilience of climate vulnerable communities” Philip Hunter, Co-Founder
The funding round is led by the Steyn Group alongside Angel Investors Rob Konterman, Luke Calcott-Stevens and Jochem Wieringa. The round will go towards the development of Bio-Logical’s first Kenya site which will pave the way for its expansion throughout the region that will see the company scale to support 1 million smallholders and sequester 1 million tonnes of CO2 annually by 2030.
According to setscale, More than 50% of US Small Businesses are Unaware of Federal Government Contracts, Losing $84 Billion a Year in Valuable Deals
Setscale, a purchase order financing company, reports on small business financing, highlighting the lack of access to US government contracts
Setscale, the purchase order financing company, released today its first-ever report on US small business financing. The report surveyed US small business owners to better understand some of the financial barriers to small business ownership, including their awareness of federal government contracts for small businesses.
More than half (52%) of all surveyed small business owners revealed that they aren’t aware of the specific contracts the US federal government awards to small businesses each year, missing out on approximately $84 billion* per year.
Government contracts are well-valued and often serve as a gateway to a steady source of income and small business growth. More than 70% (71%) of surveyed US small businesses say that they’re aware of lucrative and reliable government contracts, but more than half (52%) say they don’t know what specific contracts are available to them. And over a quarter of US small businesses (29%) are completely unaware that the federal government awards contracts to small businesses.
This report highlights that the federal government is investing in small businesses in record-high amounts, but business owners are still struggling to fill open government purchase orders. Almost 70% (69%) of US small businesses struggle with cash flow and working capital, preventing them from meeting the demand of a government contract. Many businesses pursue lines of credit from a bank or financial institution to fulfill purchase orders, but these are costly and hard to obtain. Alternative finance like purchase order financing can help these businesses secure and fulfill valuable government contracts.
Moreover, US small business owners say that a lack of cash flow and working capital prevents them from securing government contracts. At 22%, a lack of cash flow or capital is the second most popular reason that prevents US small business owners from securing a government contract. The most popular reason they aren’t securing government contracts is due to a lack of time and resources (25%).
“Our small business financing report sheds light on an issue that more than half of surveyed business owners know all too well – that even though the US federal government is awarding a record number of contracts to our small businesses, they’re still struggling financially to fulfill open purchase orders, potentially losing out on more than $80 billion each fiscal year,” comments Daniel Fine, Founder and CEO of Setscale.
“Government contracts are fierce competition for US small business owners for a reason. They’re reliable, well-valued, and often lead to steady sources of income. However, due to a lack of knowledge of the specific government contract awarding process, business owners are unsure if they can fulfill the government’s open purchase orders without pursuing a line of credit from a bank or financial institution,” elaborates Fine. “With interest rates at an all-time high, it’s an incredibly bad time to be a borrower. PO financing allows a small business to quickly bid on a contract, finance the full transaction, and scale operations to meet the size of the order.”
*In Fiscal Year 2022, the US federal government awarded $162.9B in federal contracting opportunities to small businesses. 52% of surveyed US small business owners reported that they aren’t aware of the specific contracts the US federal government awards to small businesses * $162.9B = $84B in lost opportunities.
Setscale designed and executed research for this report in collaboration with Censuswide. 251 US small business owners in companies with less than 50 employees (aged 18+) were surveyed online in October 2023. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.
Setscale is a fintech startup solving the trade financing dilemma for small businesses. Small businesses frequently get purchase orders, but don’t have the money to fill them. Through its PO financing technology, Setscale finances the cost of those goods, allowing small businesses to focus on product and sales, enabling them to scale. Setscale is an ideal partner for SMBs, coming in where traditional financial institutions won’t, enabling SMB’s to finance their growth. Setscale funds supply. You meet demand.
Monsha'at leads delegation of Saudi startups at Web Summit 2023
As part of its work to showcase the growth of the Kingdom’s SME sector, Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, took part in Web Summit 2023: one of the world’s leading technology conferences.
Held from 13 to 16 November 2023 — in Lisbon, Portugal — the event provided Monsha’at the opportunity to spotlight Saudi Arabia’s most innovative SMEs. The authority led a delegation of Saudi start-ups, calling attention to their success and contributions to the national economy. Moreover, the event provided a platform for industry leaders, including policymakers, heads of state, and tech CEOs and founders, to address global challenges.
Sami Al Hussaini, Governor of Monsha’at, said: “2023 has been a landmark year for Monsha’at and the Saudi SME sector, with the number of start-ups in the Kingdom growing to over 1.2 million. While we have made a great deal of progress, we can achieve more. Launching innovative partnerships with businesses and entities around the world is essential. Events such as Web Summit 2023 enable us to do that, immersing some of our leading start-ups in an energized environment conducive to collaboration, innovation and growth.”
Saudi Arabia’s start-up ecosystem is currently undergoing a period of rapid growth. Amid the continued expansion of its non-oil sector, the Kingdom achieved one of the highest economic growth rates in the world last year and has been recognized as one of the best-performing countries in terms of leveraging reforms to improve its business environment. In Q2 2023, the Kingdom led the region in VC funding and capital raised, accounting for 42% of MENA funding at a value of $446 million.
Among the Saudi start-ups participating in Web Summit 2023 were: Zid, Lendo, Nuqtah, Syarah, Asasat Advanced Systems, Wosul, Kabi, Master Works, resal, WhiteHelmet, Mustadem, and Tachyon.
Monsha’at’s participation at WebSummit follows its recent participation in other world-class conferences, including SWITCH Singapore, and ComeUp Korea, where it has helped connect some of the Kingdom’s leading start-ups with the international business and investment communities.
Monsha’at was established in 2016 with the aim of regulating, supporting, developing, and sponsoring the SME sector in the Kingdom in accordance with global best practices, in order to increase the productivity of SMEs and their contribution to GDP.
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