Singapore-Based Fintech Company Revolutionizes Personal Finance with Open Finance and Advanced Data Analytics

3 mins read

3 July 2023

Singapore-based fintech Dobin revolutionizes personal finance with its groundbreaking open finance platform.

Dobin, a pioneering fintech company based in Singapore, has launched a groundbreaking platform that leverages open finance and advanced data analytics to provide users with a comprehensive view of their finances, unique anonymized customer insights, and personalized recommendations for improved financial outcomes. With this innovative approach, Dobin becomes the first company in Southeast Asia to offer such a comprehensive suite of financial services.

The complexities of managing personal finances often stem from fragmented information across various accounts and institutions. Dobin aims to simplify this process by enabling users to consolidate their financial data into a single, secure mobile experience. By utilizing advanced data analytics, Dobin empowers users to extract tangible value from their financial data and effectively achieve their financial goals.

Dobin’s CEO and Co-founder, Khaled Benguerba, highlighted the significance of the platform’s capabilities, stating, “Managing our personal finances can be overwhelming as our financial information is fragmented. Dobin’s objective is to help users remove the barriers to achieving their financial goals in a simple and secure mobile experience. Dobin uses advanced data analytics to help users manage their finances and get tangible value from their financial data. Now, anyone can get on top of their finances and receive personalized offers – without sacrificing the privacy of their data.”

To provide users with a consolidated view of their income and expenses, Dobin securely connects their bank accounts and credit cards from leading financial institutions in Singapore. This feature enables users to track their earnings and spending, revealing overlooked spending habits and facilitating expense reduction through relevant merchant discounts.

The importance of a holistic financial perspective is particularly relevant in Singapore, where a significant portion of the population lacks financial literacy. A study conducted in 2022 by SmartWealth, surveying over 1,000 Singaporean adults, revealed that a staggering 55% of respondents lacked financial literacy, while 52% were uncertain about their monthly expenditures. Dobin addresses these issues by providing users with constant financial awareness and empowering them to make informed decisions.

Additionally, Dobin leverages its data analytics and AI capabilities to create unique and anonymized “financial profiles” for users. These profiles offer insights into users’ loan repayment capacity, spending potential with specific merchants, and preferred credit cards. Such “financial profiles” prove valuable to users when interacting with merchants and financial institutions, allowing them to showcase their value and receive personalized offers.

Dobin firmly places users in control of their financial data, granting them the ability to share anonymized “financial profiles” with merchants and financial institutions selectively. By providing this permission, users gain access to personalized discounts, credit card recommendations, and attractive loan offers. Dobin emphasizes that users maintain complete control over the sharing of their data, ensuring privacy and security. Currently, users can enjoy merchant discounts based on their spending patterns in categories such as shopping, groceries, and travel, with recommendations on credit cards and loans scheduled to be added in the second half of 2023.

Dobin prioritizes data security and privacy within its infrastructure, allowing user data to be viewed and stored only on their mobile devices unless users choose to share it with Dobin or its partners for enhancing data analytics or receiving personalized offers. The company operates in full compliance with Singapore’s rigorous regulatory requirements, including the Personal Data Protection Act (PDPA).

Moving forward, Dobin plans to enhance its data analytics capabilities, improve app features and usability, and forge strategic partnerships with merchants and financial institutions to offer high-value propositions to its users. The company also aims to raise additional funding and expand its services across Southeast Asia, enabling banked customers to better manage their finances and underbanked individuals to access essential financial products.

Dobin’s success can be attributed to its talented team of finance, data, and technology experts. Co-founded by Khaled Benguerba, a seasoned veteran of the financial industry, Dobin benefits from his experience in establishing and scaling the advisory and data analytics arm of Visa across Asia Pacific. Additionally, Co-founder Erwan Macé brings extensive entrepreneurial and technology leadership experience, having previously led Bitsmedia, a company renowned for its Muslim lifestyle app with over 150 million downloads worldwide. Co-founder Gyanendra Singh complements the team with his deep expertise in credit risk and data analytics, garnered through his leadership roles at OneCard and Visa’s advisory and data analytics business.

With its innovative approach to personal finance, Dobin is poised to revolutionize the financial landscape in Southeast Asia. By leveraging open finance and advanced data analytics, Dobin empowers users to make informed decisions, unlock personalized offers, and achieve their financial goals securely and efficiently.

Latest from Blog