SGPay-Unlock The Power Of E-Payment And Services Integrated With The App

SGPay-Unlock The Power Of E-Payment And Services Integrated With The App

SGPay is a 3rd generation platform that weaves all the features of an e-wallet and e-payment avenue into one quilt of mobile application endowed with the unmistakable support of fiat and cryptocurrencies. Above all, this mobile application is emboldened by the rise of the revolutionary blockchain technology. SGPay tokens are built on secure Ethereum blockchain platform and adheres to ERC-20 standards. Many large corporations such as Microsoft, UBS et al, have already espoused Ethereum blockchain as this revolutionary technology is known to yield a multitude of benefits such as decentralization, transparency, lower transaction costs etc.

Singapore has emerged as the undisputed and insuperable smart nation. However, in areas such as electronic payments, the nation requires a leg up. For all intents and purposes, Singapore has transformed itself into a hotbed of cryptocurrencies. More than genuflecting, the government is keen on providing the much needed infrastructure. Moreover, the regulatory policies of the Monetary Authority of Singapore (MAS) are conducive for promoting a cashless nation. And yes, the current payment platforms in Singapore are doing a shoddy job and by no means capable of essaying the roles of AliPay and PayTM successfully. The founder of SGPay Deng Guangyuan has found in Singapore a lucrative launchpad, all thanks to the afore-stated voids.

Benefits of SGPay

The early adopters of cryptocurrencies will be greatly benefitted. The incentive system inherent in this e-wallet provides allurements to users who hold more SGPay tokens. For instance, transaction costs are close to negligible to advocates of SGPay tokens. This wallet also fosters diversity for payments in Singapore and Asia. Absence of diversity will render the revolutionary technology a wastrel. To create a conducive environment for users regionally, this wallet advocates for the use of cryptocurrencies. A large chunk of the regions that are unexposed to cryptocurrencies can thus be exposed and subsequently weave an ecosystem of cashless users.

• Problem

The E-Payments industry holds great promise for firms who are able to secure a solid
foothold in the market. Cue the valuation case for MC Payments – which was recently
acquired for US$59 million (S$80 million)

The sector holds great promise as the next milestone for the industry would be a 3rd
generation wallet platform that hosts payments, cryptocurrency transactions as well as
integrated services.

Even a market player that is 2nd or 3rd in the industry would still generate interest from
prospective buyers and collaborators. This is due to the current underdeveloped
payments industry here.

We aim to build a strong unique selling proposition (USP) through our integrated
services and through partnerships with both technological innovators and traditional
firms. We are also exploring potential partnerships with at least one of the local banks.

From our perspective, we believe traditional money still has a place beside
cryptocurrencies and a partnership would provide much more value to consumers in
general.

The integration of traditional sectors of insurance, general retail, transport, travel and
recreational industries on our platform will generate much more support and potential
revenue compared to outdated payment models. This brings us next to the relative
valuations of blockchain projects in Singapore.

• Solution

The introduction of SGPay and its tokens helps to solve these problems and promote
the growth of cryptocurrencies in Singapore and Asia. The ultimate beneficiaries of this
improvement are the early adopters of cryptocurrency.

Firstly, SGPay is an e-wallet that allows users to buy and sell cryptocurrencies. It has an
inbuilt incentive system that awards lower transaction fees to users who hold more
SGPay tokens. SGPay will allow its users to also make transactions using its tokens, and
to pay for value-added services on the platform.

Secondly, the addition of SGPay into the payments ecosystem also provides users
greater choice and diversity for payments in Singapore and Asia. There is a lesser
likelihood of any one e-wallet gaining monopoly power and imposing unfavorable
terms on users.

Thirdly, SGPay will advocate the use of cryptocurrency for payments regionally. This
creates a more familiar environment for users who are already comfortable with using
e-payment apps. Now that cryptocurrencies are promoted and supported on a popular
payments application, the use of them will increase correspondingly.

SGPay will be marketed as a ‘normal’ payments platform so that users of our platform
who are not familiar with cryptocurrencies will be encouraged to dip their toes in it.
This strategy will enable us to capture a large portion of the market that would not
normally purchase cryptocurrencies.

Full Feature Set 

• Accessible from mobile devices on both Android and Apple iOS

• Decentralized tokens on the blockchain
• `Cold-Storage’ style wallet protects up to 99% of crypto-assets stored with us
• Support for transactions involving cryptocurrencies such as the SGPay Network Token, Bitcoin, Ether
• Support for deposit/withdrawal of Singapore Dollar funds
• APIs built to support merchant and user funds exchange
• Full access for users over their private keys (platform will not store keys)
• Support for debit and credit cards during the e-payment phase
• Deep integration with industry leaders from the Insurance, Travel and other fields
• Monetized reward system built into the platform
• Support for locally developed cryptocurrencies such as Kyber Network Crystals, Zilliqa Tokens and more

LAUNCH SUMMARY

• Token Name: SGPay Token [SGP]
• Total Supply: Up to 13.8 million
• Total Public Supply: Up to 10 million
• Pre-Contribution Period: 1st Feb to 14th Feb 2018
• Pre-Contribution Supply: 2 million tokens @ US$0.40 each
• Main-Contribution Period: 1st Mar to 31st Mar 2018
• Main-Contribution Supply: 8 million tokens @ US$0.50 each
• Soft Cap: US$0.8 million
• Implied Market Cap: Up to US$4.8 million
• Minimum Contribution: 1 ETH
• Maximum Contribution: 100 ETH
• Accepted Currencies: Ether (ETH)
• KYC/Whitelisting: Yes

TOKEN PROPERTIES

• Unitial Limited Public Supply of up to 10,000,000
• Fixed Supply Forever (No inflation)
• Utility token on our platform(s). As adoption increases the value of tokens will increase due to limited supply. The SGP Token is classed under utility tokens as they are used for value-added services such as those offered by our partners on the platform, as well as an incentive to get lower transactional fees.

TOKEN AND TGE SAFEGUARDS

• Low initial market cap of up to US$4,800,000 (based on TGE price of US$0.50 on 8,000,000 tokens and Pre-Contribution price of US$0.40 and full allocation). This will give us a bargain’ basement position on coinmarketcap.com with an explosive potential to grow once adoption of our application takes off and new partnerships are signed. The low valuation will help to reduce downside risk for early project contributors and supporters.

• In relation to fintech – the team decided to develop the wallet first to exploit a gap in the market. Currently, there are no wallet applications with wide ranging applications incorporating disruptive partners and cryptocurrencies. We aim to exploit this gap by going into our platform development in stages to bring a competent innovative solution to the problem. Each stage will bring with it a new user base & growth through aggressive marketing & promotions. The more popular our platform gets, the more our tokens will get used and the higher the demand.

• SGPay is aiming to list on a few exchanges to increase liquidity and decrease the potential buy-sell spread of the SGPay Tokens. This will allow our users to easily liquidate or purchase more of our tokens and allow more liquidity for our micro-transaction system that is built into our platform. We are also partnering with liquidity providers to provide

• We will be putting a limit on the amount of funds a single person can contribute to the TGE. The limit would be set at 100 Ether, which is approximately US$100,000 on this date. This will prevent ‘whales’ from controlling our floating token circulation and to allow more participants in our token generation event.

• Zero Inflation. The team has pledged not to release anymore new tokens forever.

• Pegged start of contribution and end of TGE pricing. The team has decided that in order to be fair to contributors during the distribution event, we will not strictly peg the amount of tokens you get at the time you choose to contribute your Ethereum. If by the end of the contribution event, your Ethereum value is more than what it was when you first contributed, we will choose the higher amount. Do take note this does not include values for Ethereum between both of the dates (your contribution date and end of contribution period). The confirmed distribution amounts would be done by the end of the distribution period.

LINK IMPORTANT INFORMATION ABOUT SGPAY :

Whitepaper : https://www.sgpay.org/sgpay-whitepaper-final.pdf
BitcoinTalk Thread : https://bitcointalk.org/index.php?topic=2804879.0
Website : https://www.sgpay.org/
Twitter : http://www.twitter.com/sgpaytoken
Telegram : http://t.me/sgpay/
Facebook : https://www.facebook.com/sgpaytoken/

Author : Ghaniindependen
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