First I’d like to start out by apologising to the people who have been waiting for Smartly launch since July.
Over the past few months I have talked personally to many of you on the topic of why we haven’t launched. Since this question is being asked more often I have decided to talk openly about it.
Today Smartly is in the stage where we have the product ready-for-launch (actually since July, as promised). A key area to Fintech is the regulatory climate. When handling people’s money, safety, security and compliance play an important role.
To bring our amazing product to market, Smartly has partnered with an institution in Singapore that has a CMS license. However, we have underestimated the time it takes to explain the bits and pieces of your platform to the financial regulator. As we speak we are in final discussions with the MAS (Monetary Authority in Singapore) to clarify various aspects of Smartly.
I wrote my first letter to Monetary Authority of Singapore over a year ago before even moving to Singapore, I hope that anyone who doubts whether we take regulations seriously, this answers their questions.
I do understand and respect the importance of regulations but at the same time I hope that the regulators see the value that Smartly or other Fintech startups in Singapore are creating to move the industry more towards transparency.
I would like to thank everyone who has taken their time to write us and share their thoughts/feedback with us. It means a lot to us! Special thank you for two bloggers GHGM and Turtle Investor.
On behalf of the entire team,
Keir CEO at Smartly