Kashmi – Sri Lankan developed mobile payment platform to transform Singapore market
View(s):Singapore’s digital payment landscape is on the verge of a revolution with the launch of Kashmi (pronounced Cash-Me) – a mobile peer-to-peer
Seen here are Mufaddal Lukmanjee (left) and Rajinda Jayasinghe of Kashmi present at Smart Asia Awards night 2015, Suntec Convention Center, Singapore.
payment platform developed by a team of Sri Lankans. The application enables users to transfer money on the spot and free of charge via smart phones and has already sparked interest from regional investors with DP World, amulti-billion dollar Middle Eastern organisation already onboard as a shareholder, the locals developers said in a media release.
Kashmi’s road to the Singaporean market was paved after being shortlisted to a top 10 position out of around 500 global competing entries at Europe’s number one ranked accelerator program Startupbootcamp FinTech (SBC) during which time Kashmi went on to win the SBC’s ‘People’s Choice Award’.
SBC’s entry into Singapore marks the first event of its kind in the South East Asian technology, services and commerce hub and has received backing from the Singaporean Government and some of the country’s largest tech and telco companies and investors. Having been shortlisted, Kashmi was unveiled at SBC’s inaugural Singapore accelerator programme Startupbootcamp Fintech Asia 2015. Collectively the 10 start-ups, including Kashmi, have already raised over S$2.5 million and further investments are anticipated when Kashmi is showcased in July at Singapore’s annual Investor Day where start-ups and venture capitalists from around the world will vie for investment opportunities.
In the meantime, Kashmi will undergo a business incubator program, which will provide assistance in terms of legal advice, office space, networking and marketing, and mentorship in order to further refine their service offering. Notably, the program will offer participants mentorship from representatives of several prominent tech and commerce giants such as Apple, Amazon and Master Card, DBS Bank and so on, the release said.
The brainchild of a talented team of Sri Lankan founders Rakhil Fernando, Rajinda Jayasinghe, Mufaddal Lukmanjee and Sanjiv Alles, Kashmi aims to become the Paypal of micro-transactions in Asia with integrated social-media features that will transform simple tasks like splitting a bill at a restaurant or paying your landlord, into a simple, fun and secure process.
Mufaddal Lukmanjee and Sanjiv Alles are not new to the tech field having launched companies such as Saberion, Appwolf and Atom Technologies. Coupled with Rajinda Jayasinghe’s academic background at Princeton University, John Hopkins University, and National University of Singapore as well as Aerospace Engineer turned Investment Banker Rakhil Fernando’s experience as VP at Coutts & Co Bank Singapore and Credit Suisse, the team is on the brink of international success.