MAS FinTech Awards (Singapore Founder) Winner: CashShield

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The MAS (Monetary Authority of Singapore) FinTech Awards held on November 17, 2016, was an event to honor and recognize outstanding and innovative FinTech companies. Organized by the MAS and The Association of Banks in Singapore (ABS), the ceremony was graced by Singapore’s Deputy Prime Minister and Chairman of MAS, Tharman Shanmugratnam.

CoAssets  had the opportunity to have a chat with the winner of the Singapore Founder Category, CashShield.

 

What is the main reason CashShield was founded?

Founder and CEO Justin Lie started off dabbling in e-commerce, setting up various e-commerce sites. It was when his sites were attacked by fraudsters that Justin devised his own system of rules on whether to accept or reject a transaction automatically, which would later develop into the more sophisticated CashShield system today.

CashShield’s unique automated decisioning algorithm is very different from traditional methods of fraud prevention, and could better the way merchants managed fraud around the world. Based on this vision, CashShield underwent years of R&D and was finally launched as a market solution globally in 2014.

 

What sets CashShield apart from other fraud detection solutions?

The online payments industry faces the age old dilemma of balancing lax rules that maximise revenues and UX, and tight parameters that lowers fraud rates but kills conversion and a seamless user flow. Based on such traditional methods of fraud prevention, genuine customers are often turned away and revenue often takes a hit. CashShield’s cutting edge solution breaks this dilemma, unlocks merchant’s revenue restrictions while limiting fraud to a minimum. We help boost revenues and minimise the cost of fraud and managing fraud.

CashShield is also the only fraud solution in the world that is fully automated, with a self-developed decisioning algorithm that generates accept or reject decisions that are optimized for sales in real time. This eliminates the need for manual reviews, allowing businesses to save on cost or redirect resources to more efficient areas, while full automation allows easy scalability. We stand by our decisions by offering an unprecedented 100% Chargeback Protection for both physical and digital goods.

 

After winning the Top Prize for MAS FinTech Awards, can you share with us on how you feel and how will CashShield go about utilising the prize fund?

We are truly honoured to be recognized for the work we are doing, and we strive to continue to provide the best protection with great usability and convenience for the industry. Much of FinTech is about disruption and streamlining traditional methods, and we are proud to be able to play a part, helping our clients and most importantly industries globally to break the fraud cycle.
For the prize fund, it will mainly be used to continue building our capabilities and research, as we work to apply our core technology beyond fraud prevention. Our next project is to prevent account takeovers by hackers, another area that fraudsters have been targeting recently. Also, we wish to increase our presence globally, and will be dedicating efforts to overseas expansions in our key target regions: China, Europe, US and Indonesia.


In Your Opinion: What will be the next big thing in technology for 2017?

We have seen a recent fervor behind all things machine learning and big data, driven by both the government and private sectors this year, which has helped open minds to the urgency of future-proofing organisations via effective machine-decisioning and automation in the country. Beyond FinTech, we are seeing more and more applications of automation for increased efficiency in various sectors, such as the service industry and even in tourism.
As we move into 2017, we expect that more companies will strive to machine-optimise both internal and external processes for efficiency and profit.

 

Where will CashShield be in 5 years?


In 5 years, we hope that CashShield will be consolidating its bases in our target regions and not only serve as one of the global thought leaders in cybersecurity, but also be a part of global efforts to clamp down on fraud worldwide. In addition, we want to have helped our merchants to scale beyond what they can imagine, as we scale with them.

 

Share with us what is your new year’s resolution.

Each year has been an exciting and unpredictable year for us since our inception, and we expect the next year to be the same. We want to continue working hard on developing CashShield, not only in its new applications but also in terms of its business expansion, and also hopefully lose some weight on the way!

 

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CashShield won first place at the MAS FinTech Awards (Singapore Founder) category on November 17th, 2016.

 

For more information on CashShield, visit www.cashshield.com

 

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