SoCash has been awarded a grant by the Monetary Authority of Singapore (MAS) for this innovative idea of turning every store into cash points, allowing customers to make cash withdrawals without going to ATMs. The best part of SoCash, however, is that unlike ATMs, the platform enables money transactions without imposing any charges.
Explaining the concept behind SoCash, CEO Hari Sivan says, “Cash logistics is a supply chain problem. We are used to withdrawing money from ATMs and branches, but we never think that there is always cash ‘floating’ around us. The shops near us have cash, our neighbours have cash. If we can match demand and supply of cash in a community, we don’t need ATMs. Therefore, through SoCash, we have built a secure digital platform for exchange of cash, backed by transfer of funds between bank accounts, complying with regulatory frameworks of banking compliance, risks management and money laundering control.”
SoCash works with banks and integrates into their mobile banking or mobile wallet applications. These mobile applications and platforms settle each transaction as electronic fund transfer between the bank accounts involved in the transaction, which means that cash circulates within the community without having to go through the ATM supply chain and in turn is very useful to the customer as it allows quick and easier access to cash without being charged for basic banking services.