Tell us something about your company. Its vision and mission.
Moola Holdings Pte Ltd Ltd is a fintech firm that offers ATM-based currency exchange and payment services. Our flagship, Moola Machines, is currently located in four prime locations in Singapore.
Our vision is to create a convenient, instant, and safe way of cross border currency exchange and transfer that eliminates high transaction costs charged by other financial institutions.
Our mission is to achieve high customer satisfaction through providing innovative financial products driven by technology, an extensive network, and excellent service.
What were the challenges you faced at the time of inception?
Our ATMs were planned and developed by us. Even after several cycles of rigorous research, we have some technical issues with our computer. However, we believe in quickly releasing our first computer, or minimum viable product, into the market and fine-tuning it based on consumer feedback along the way. At the same time, we acquired operational experience on the field.
Logistics and procedures are the most complex aspects of the launch. We need to keep track of our currency supply and set up a system to replenish the machines on a regular basis. However, since we have more than a decade of money-changing experience, we are able to quickly stabilise the situation.
Changing people’s minds about transacting with machines is a difficult challenge. However, we believe we are on the right track thanks to the government’s drive for innovation and cashless payments. We also believe that our MoolaFX platform and Moola Machines genuinely fulfil the needs of our customers in terms of providing competitive prices, true convenience, and protection.
The response from consumers is very encouraging. We have many positive feedbacks from our customers. We have already a pool of repeat customers who are so familiar with our machines that it took them less than 30 seconds to complete a transaction.
What are the services you provide and the technologies used for that?
We’ve successfully automated a conventional money-changing sector. We’re looking for third-party location partners that want to provide currency exchange as a complimentary service to their customers, such as hotels, airports, casinos, and so on. We are also able to integrate with other online platforms that may want to perform cash dispense and acceptance through our network of machines.
How do you stand different from those who are already into this business?
Our computers are identifiably special. We believe in providing an excellent user experience. During pre-COVID, there are several lines at our computers. Our machines can buy and sell currencies in both directions, which is a function that some of our competitors lack.
Our strategy also includes locating our machines in high-traffic areas that are more available and convenient for our customers.
What is your strategy to reach customers?
We want to put more machines in Singapore and around the world. We want our customers to be able to exchange money and withdraw cash from a reliable source everywhere they go. We’ll also build an online platform for customers to monitor prices and transact when the time comes.
How do you manage to work in different sectors? How do you stay up-to-date with the recent trends in the industry?
In our plan to expand into different sectors (with payment needs) and overseas, we define specifically our target clients’ personas. Then we would reach out to these target clients in our business development.
Via Enterprise Singapore, our company has participated in and entered various start-up accelerator programmes, including 500Startups from San Francisco. We stay current with developments in our industry and the startup world through networking, input, and mentorship from the startup communities.
Tell us about your automated currency exchange machine.
Our Moola Machine is a two-way currency exchange machine that can both buy and sell foreign currencies. The machine updates live exchange rates every few minutes. It operates 24 hours providing round the clock service. As the Moola Machine is fully automated, it reduces manpower and overhead costs when operating when compared to operating retail outlets in multiple locations. It is easy to set up and requires only a small space with power and an internet connection.
In what type of work environment do you thrive?
Our staff works out of our workshop, and our machines are in front of the customers. Our small team is tight-knit and dedicated to developing our product and business model. We flourish in an atmosphere that encourages innovation, brainstorming, and science.
Tell us about your accomplishments?
We were able to launch our first machine within 1 year of company incorporation. We deployed 4 machines in a short span of 8 months. We have exhibited our machine at the NATAS Travel Fair where we received very good feedback. We are a certified fintech company by the Singapore Fintech Association. We are part of 500 Startups, which is one of the most active global venture capital firms for early-stage startups.
Details of the company:
Year of Founding: 2018
Funding Information: Seed funding – SGD 1.12 million
Founding Members: Jeffrey Chin, Jack Tan
Office Locations: 14 Robinson Road, Far East Finance Building, Singapore 048585
Company Strength: 4