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HardwareZone celebrates Singapore\u2019s 61st birthday with a series of articles showcasing local tech brands that have helped build our nation and put us on the world stage. Some of these brands have become household names, while others lesser known but no less innovative. You might even be surprised to learn of some popular technologies that got its start right here in Singapore.<\/p>\n
(This article is <\/i>one of 7 parts in our National Day Tech Special series<\/i>.)<\/i><\/p>\n<\/p>\nTable of Contents<\/p>\n
<\/default:svg><\/button><\/p>\n\n1. Atome<\/li>\n 2. Shopee<\/li>\n 3. Nium<\/li>\n 4. YouTrip<\/li>\n 5. V-Key<\/li>\n<\/ol>\n<\/section>\nWith our political stability, strategic geographical location and strong economic stance, Singapore has been the financial hub of the region and the world. Thus, it comes as no surprise that local tech companies specialising in finance and e-commerce would flourish from the Lion City. However, it might come as a surprise for you that these brands highlighted below actually started life in our tiny island.<\/p>\n
1. Atome<\/h2>\n\nLocal buy-now-pay-later startup Atome.<\/p>\n
Photo: SPH Media Limited<\/p>\n<\/figcaption><\/figure>\n
You might have seen Atome when checking out your purchases, whether it is online or offline. But you probably don\u2019t know that Atome is founded in Singapore by academic-turned-entrepreneur David Chen to ride on the increasing popularity of Buy Now, Pay Later (BNPL) model worldwide.<\/p>\n
Meaning \u201cAvailable to Me\u201d, Atome has become a leading BNPL provider in Asia since its establishment in 2019. By offering instalment payment options, Atome has helped consumers afford big-ticket purchases while boosting sales for merchants at the same time. Its user-friendly app has made it a standout in the competitive fintech landscape.<\/p>\n
From Singapore, it has since expanded into other markets across the region such as Malaysia, Indonesia, Vietnam and China. Atome has also partnered with several banks to provide BNPL services and other digital lending products in the region. It also launched its own BNPL card in Philippines with Mastercard in 2022.<\/p>\n
Atome is part of Atome Financial, which is in turn part of Advance Intelligence Group that also owns ADVANCE.AI (see story on AI).<\/p>\n
Key Events:<\/b><\/p>\n\n2021<\/b>: 10-year partnership with Standard Chartered Bank to provide BNPL services in Indonesia, Malaysia, Vietnam and Singapore.<\/li>\n2022<\/b>: Launches Atome Card in Philippines with Mastercard.<\/li>\n2023<\/b>: Expands its US$100 million debt facility with HSBC Singapore to include Philippines.<\/li>\n2024<\/b>: Atome achieves full-year profitability.<\/li>\n<\/ul>\n2. Shopee<\/h2>\n\nFrom left, Chua Kel Jin, director, Shopee Singapore, Ian Ho, Vice President, Shopee Singapore, Cindy Khoo, managing director, Enterprise Singapore, and Geoffrey Yeo, Assistant managing director, Capabilities, Urban Systems and Solutions, Enterprise Singapore, officially launch the Shopee International Platform (SIP) on Feb 7, 2025.<\/p>\n
Photo: The Straits Times<\/p>\n<\/figcaption><\/figure>\n
This is the e-commerce platform that many Singaporeans are probably most familiar with. Launched in 2015, Shopee, part of the Sea Group, has become Singapore\u2019s number one e-commerce platform and one of largest in Southeast Asia.<\/p>\n
It was launched with a mobile-first strategy to tap into Southeast Asia\u2019s high mobile penetration rate. Shopee app\u2019s features, such as live-streamed shopping and in-app games, have redefined online retail in the region. In addition, Shopee is known for its seamless and user-friendly interface that allows consumer to easily find what they want. Another big draw of Shopee is its buyer protection scheme, whereby payments to sellers are withhold until a satisfactory order has arrived.<\/p>\n
From Singapore, Shopee has expanded into Southeast Asia including Malaysia, Thailand, Indonesia, Vietnam and Philippines. It has also entered the Taiwan market as well as Latin America with presence in Brazil, Colombia and Chile. Its various promotions \u2013 using Korean idol group BLACKPINK and football superstar Cristiano Ronaldo – helped Shopee gain massive following.<\/p>\n
However, it was not all plain sailing for Shopee. After aggressively expanding into many countries, including India, France, Mexico and Poland in 2021, Shopee suffered massive losses and had to cut costs with multiple rounds of staff layout. It also withdrawn from India and most of Latin American and European markets by early 2023.<\/p>\n
But the cost-cutting measures and market withdrawals helped Shopee achieved record growth and profit in the next two years. Its earnings for 2024 financial year was US$155.8 million, compared to losses of US$213.8 million in 2023.<\/p>\n
Key Events:<\/b><\/p>\n\n2018<\/b>: BLACKPINK becomes Shopee\u2019s brand ambassador for 12.12 sale.<\/li>\n2019<\/b>: Football superstar Cristiano Ronaldo stars in \u201cBaby Shark\u201d viral ad.<\/li>\n2021<\/b>: Global expansion into many countries including India, France, Mexico and Poland.<\/li>\n2023<\/b>: Becomes the largest online marketplace in Southeast Asia. Also ranked as the leading online shopping platform in Taiwan.<\/li>\n2024<\/b>: Becomes profitable.<\/li>\n<\/ul>\n3. Nium<\/h2>\n\nFormer Deputy Prime Minister Heng Swee Keat, with Nium co-founder and chief executive Prajit Nanu, touring the company\u2019s new headquarters at its official opening on July 3, 2023.<\/p>\n
Photo: The Straits Times<\/p>\n<\/figcaption><\/figure>\n
Unlike most of the brands here, you probably will not be familiar with Nium. It began life as InstaREM (for Instant Remittance) in 2014 with a bold vision of making money transfer across borders for individuals easier and faster.<\/p>\n
However, it nearly faced extinction a year later but recovered, thanks to a US$5 million Series A funding led by local venture capitalist Vertex Ventures. With individual remittances forming its foundation, it broadened its scope to include business-to-business (B2B) transactions in 2016. By 2017, the company begun to operate a cross-border payments platform targeted at business users, including banks and businesses.<\/p>\n
By building a robust platform that could handle everything from real-time multi-currency transactions to compliance and fraud detection, Nium carved out a niche as a trusted enabler for global businesses. It was rebranded as Nium in 2019 to focus on providing embedded B2B solutions via its single API platform, while InstaREM continues to operate as a wholly-owned consumer services.<\/p>\n
Nium expanded its footprint across continents, forming strategic partnerships with banks, enterprises and fintech companies. It also made numerous acquisitions that allow the company forays into different markets and industries, such as travel and sports.<\/p>\n
The company\u2019s ability to adapt to the unique needs of different markets made it a preferred choice for businesses navigating the complexities of international payments. In 2021, Nium raised more than US$200 million in Series D funding to achieve unicorn status, with a valuation of US$2 billion as of February 2022.<\/p>\n
Key Events:<\/b><\/p>\n\n2014<\/b>: Founded as InstaREM offering cross-border remittances for consumers.<\/li>\n2015<\/b>: Receives Series A funding of US$5 million.<\/li>\n2016<\/b>: Launches B2B platform.<\/li>\n2019<\/b>: Rebrands as Nium.<\/li>\n2021<\/b>: Achieves unicorn status.<\/li>\n<\/ul>\n4. YouTrip<\/h2>\n\nKelvin Lam, Chief Operating Officer of YouTrip.<\/p>\n
Photo: The Straits Times<\/p>\n<\/figcaption><\/figure>\n
YouTrip, founded in 2016 by former banker Caecilia Chu and Arthur Mak, is Singapore\u2019s first multi-currency digital wallet. By eliminating hidden fees and offering competitive exchange rates, it quickly gained traction among tech-savvy users who were tired of being overcharged for spending abroad when the product is launched in 2018.<\/p>\n
Its user-friendly app allowed users to manage over 150 currencies while offering real-time exchange rate monitoring as well as overseas ATM withdrawals. Within months, YouTrip became the go-to solution for Singaporean travellers, redefining how they managed their money overseas.<\/p>\n
When the pandemic hits, YouTrip pivoted to focus on e-commerce spending by forming partnerships with major online retailers and offering cashback promotions to stay in business. It also expanded its financial offerings, introducing features like bill payments, subscription tracking, and budgeting tools. It also launched YouBiz, a corporate card for small and medium enterprises (SMEs), in 2022.<\/p>\n
When international travel resumed, YouTrip\u2019s revenue also ballooned. It became profitable in 2023 and processed over US$10 billion worth of transactions annually. This year, YouTrip entered the Malaysia market with a ringgit digital wallet and has plans to enter other Southeast East markets as well.<\/p>\n
Key Events:<\/b><\/p>\n\n2018<\/b>: YouTrip, Singapore\u2019s first multi-currency digital wallet launched.<\/li>\n2019<\/b>: YouTrip expands into Thailand. Raises $25.5 million funding.<\/li>\n2020<\/b>: Pivots to e-commerce spending during the Covid-19 pandemic.<\/li>\n2022<\/b>: Launches YouBiz, a corporate card from SMEs.<\/li>\n2023<\/b>: Becomes profitable with more than US$10 billion in payments annually.<\/li>\n2025<\/b>: Enters the Malaysia with ringgit wallet.<\/li>\n<\/ul>\n