Singapore fintech startup raises US$29.5 million funding from Malaysian RCE Capital Berhad - Reuters


Singapore fintech startup raises US$29.5 million funding from Malaysian RCE Capital Berhad

Singapore fintech startup raises US$29.5 million funding from Malaysian RCE Capital Berhad

Thu Jan 24, 2019 - 07:37am UTC

Credit Culture Singapore 2

24/1/2019 – Credit Culture, founded by Edmund Sim together with a group of former banker, raised US$29.5 million in funding from RCE Capital that comes via the purchase of five-year bonds issued by Credit Culture.

The startup is a subsidiary of Dey Private Limited and have been selected by the Singaporean Ministry of Law as one of the six pilot fintech startup, in their attempt to regulate the country’s personal loan industry last December.

“This investment aligns with RCE Capital’s core business of providing personal loans and bringing opportunities to the underbanked,” said Shahman Azman, Chairman of RCE Capital Berhad.

According to Credit Culture, the startup will be the first in Singapore to have secure significant funding before launching their digitized services for personal loans.

The startup utilizes a digital platform embedded with a proprietary credit-scoring system that auto-populates the necessary fields and processes based on credible data in the government’s credit scoring system like MyInfo.

MyInfo is the the central data repository of Singapore citizens’ information.

“The system reduces the need for manual and cumbersome processes. This increases transparency and brings costs down, which allows us to pass it on to consumers,” said Edmund Sim, Credit Culture’s founder and CEO.

The company aims to increase the transparency and efficiency of the inconsistent and time-consuming loan application process.

Applicants are given a personalized loan offer that showcases all rates and fees upfront so they can make an informed decision before accepting the offer.

Credit Culture does not charge early settlement fee nor late interest for overdue payments. This aligns with the company’s aim of encouraging better debt management.

“Instead of penalizing consumers who pay off their loans early, we encourage them to do so, to better manage their debt and save on interest.” added Sim.

The company currently offers loans to those who make less than S$20,000 (about US$14,711) per year and also loan plans with attractive monthly interest rates capped at 1 percent.

In the future, Credit Culture hopes to replicate their business model in Hong Kong, which offers a bigger and more mature market.

This content is not produced by Reuters Editorial News. It is produced by VC NewsNetwork. For content enquiry, please reach us at

Latest News >

Givaudan To Acquire Vietnamese Naturals Company Golden Frog

Givaudan, the Swiss flavors and fragrances company will be acquiring Golden Frog to strengthen its presence in the Asia Pacific region.

07:09am UTC

Bukalapak brings ecommerce services overseas with new platform

Indonesian ecommerce unicorn Bukalapak has launched BukaGlobal, a new feature that lets consumers outside Indonesia shop on the Bukalapak platform.

15:59pm UTC

KMA Group to invest US$63 million in six Centara resorts and hotels in Myanmar

This marks Centara’s entry into one of the world’s fastest-growing tourism markets and enables the company to secure a major Myanmar foothold.

04:14am UTC

Singapore Based Travellers E-Wallet Startup YouTrip Raises US$25.5M In Pre-Series A Funding

This marks the biggest funding round for a fintech company in the SEA region.

07:50am UTC

French video game maker Ubisoft expands startup programme to Singapore

The Ubisoft accelerator is bringing its startup incubator programme to Singapore for the first time.

04:03am UTC