Hallo All, in this Blog I will review about SgPay project, and for more details let's just go to the following discussion:
The thing that pushed SGPay into '3rd generation' e-wallet and e-payment is caused by 3 factors:
- The government's push towards electronic payments and the 'non-cash' community will provide the public infrastructure and much-needed support to the SGPay platform
- The absence of a current payment platform that matches or approaches the success of AliPay in China and PayTM in India
- MAS's regulatory approach to cryptocurrencies in Singapore that will assist in general acceptance and adoption of implementation on the SGPay platform
SGPay aims to put SGPay in the hands of everyone and it can play well from the consumer to the merchant's corner. Because all traders are consumers by the way but not all consumers are merchants, we believe it's important to drive customer integration beyond just merchant integration.
The solutions offered by SGPay and its tokens are:
SGPay is an e-wallet that allows users to buy and sell cryptocurrencies. It has an inbuilt incentive system that provides lower transaction costs to users who hold more SGPay tokens. SGPay will allow its users to make transactions using its token, and to pay for value-added services on the platform.
The addition of SGPay to the payment ecosystem also gives users greater choice and diversity for payments in Singapore and Asia. There is a lower possibility of one e-wallet that gains monopoly power and imposes unfavorable requirements for the user.
SGPay will advocate the use of cryptocurrency for regional payments. This creates a more familiar environment for users who already feel comfortable with e-payment applications. Now crypto is promoted and supported on popular payment apps, its use will increase by itself.
SGPAY TOKEN
SGPay Token is an ERC20 compatible token on the Ethereum blockchain. It is promoted and used on SGPay, related business platforms and partner merchant outlets. Token holders enjoy various incentives such as lower transaction costs when buying or selling crypto on the SGPay platform.
Why blockchain Ethereum? SGPay chose to build SGP in Ethereal blockchain because it brought benefits such as decentralization, security, transparency and lower transaction costs. It is also the preferred blockchain network of many large companies like Microsoft and UBS that are part of the Enterprise Ethereum Alliance.
Why choose Singapore? Singapore made a good launch pad for the development and implementation of the SGPay function. Many payment providers have ignored Singapore as a potential market because of its relatively small market size. However, they failed to recognize Singapore's ability to quickly adopt innovative technology due to its highly educated workforce and 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 recently advocated a national push for electronic payments that will increase investment and acquisition opportunities in the sector.
After establishing our presence in Singapore, we will move to the nearest foreign markets such as Malaysia and Indonesia. Indonesia is the 4th most populous country in the world and the Southeast Asian region is poised to see tremendous growth. E-commerce and e-payment are also growing at an increasing rate in the region, a great opportunity for FinTech companies. To further encourage the adoption of SGPay, we will also create additional business platforms to support the use of our tokens. These include SGRewards that will bind with our SGPay platform to offer monetized reward points and SGFund that will help support the expansion of small and medium business financially (SMEs).
Goal of SGpay Token? SGPay's goal is to make SGPay a leading e-wallet and e-payment mobile application for everyone living in Singapore and the region. Customers will be able to pay for their purchases, buy movie tickets, book flights and more with SGPay. They will also be able to choose their preferred mode of payment, either in fiat currency or cryptocurrency at selected merchants.
- Token Name: SGPay Token [SGP]
- Number of Supply: Up to 13.8 million
- Total Supply: Up to 10 million
- Pre-Contribution Period: 1 February - 14 February 2018
- Supply Pre-Contribution: 2 million tokens @ US $ 0.40 each
- Main-Contribution Period: 1 March - 31 March 2018
- Main Contribution Offer: 8 million tokens @ US $ 0.50 each
- Soft Cap: US $ 0.8 million
- Implied Market Cap: Up to US $ 4.8 million
- Minimum Contribution: 1 ETH
- Maximum Contribution: 100 ETH
- Currency received: Ether (ETH)
- KYC / Whitelisting: Yes
To find relevant details about the current SGPAY project please follow some sources for the following references:
Authors: Loksyun
My Profile Bitcointalk : https://bitcointalk.org/index.php?action=profile;u=1886140;sa=summary
My ETH: 0xd0d8c8e966efC43d681a33f2536fD44AfDf8c827
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