BGG Case Study: Seven7 Perfection Pte. Ltd.
"SFA's collaborative platform with APIX allowed startups like us to quickly get access to participating Financial Institutes and Banks. Through the help of the grant, we can continue to innovate and stay up to date with the latest technology trends even at this challenging COVID19 period."
About Seven7 Perfection
Seven 7 Perfection has been established as a payment company that specializes in digital payment and IoP in Singapore providing the know-how to businesses to enable digital transformation. They are partners of Global Payments Asia-Pacific Limited, Singapore Branch who is responsible for merchants sign up and payment terminal deployment in Singapore. The company collaborates with institutions of higher learning to develop solutions, using big data analytics to bring relevant data and intelligence to business. Their innovative products/solutions include wireless android payment terminal, AI self-serve kiosk, cloud POS, eCommerce with Shopaylytics and Internet of Payment (IoP) solutions.
Forming and running a startup is never easy, and at early bootstrapped pre-revenue stages, funding resources are extremely limited. Further, it also takes great effort and diligence to identify the right ecosystem partners to even continue to fund the relevant technology development.
How the SFA BGG program helped
SFA’s BGG program has given FinTech startups like Seven7 Perfection the avenue to continue their technology development. According to co-founder Michael Toh, the funding enabled the startup to kick-start their PayNow implementation, which opened up their KuikPay product line to PayNow’s 4.5M users. Michael added that KuikPay’s solution aims to increase productivity for participating merchants by reducing the need to handle payments in cash. BGG enabled Seven7 to continue to innovate and stay relevant in real-time with the latest innovation. The SFA grant enabled the company to roll out their proof of concept (POC) and product updates on APIX quickly, helping them reduce time to market. BGG allowed KuikPay to identify and tap on the proliferating contactless payment segment trend and allow more choices for people maintaining social distance through the use of contactless payments.