Finance sector now has its own 'Facebook'

July 28, 2008
NETWORKING WEBSITE
Finance sector now has its own 'Facebook'

THE success of social networking websites like Facebook has inspired
a local firm to target the finance sector with similar technology.
Finxch, short for finance exchange, was set up by finance process
outsourcing firm Melioris as a community site for financial
professionals to interact and network.

The site employs Web 2.0 technology to support the sharing of
information, forums, blogs, events, videos, polls, conferences and
the latest news on the finance, accounting, audit, insurance and
banking industries.

Web 2.0 refers to the use of Internet technology to enhance
creativity, information-sharing and collaboration among users.

These concepts have led to the development and evolution of Web-based
communities and hosted ser- vices, such as social networking sites
and blogs.

Melioris chief executive Mak Chee Wah said recently that the site,
which was launched last month, would benefit from Singapore's status
as a regional finance hub.

'There are many finance professionals such as chief financial
officers and senior accountants from all over the world working here,
and Finxch allows them to link up and share information of specific
interest to professionals in their sectors.'

He said the website would allow like-minded professionals to form sub-
groups catering to specific industries, such as logistics and
telecommunications, or for alumni of educational institutions.

'We are speaking to the National University of Singapore, Singapore
Management University and Nanyang Technological University, among
others.'

The site, which cost about $500,000 to develop, has more than 200
members. Mr Mak aims to raise this to 5,000 by year-end, and 500,000
by 2010. He also hopes it will be profitable by next year.

'We are now looking for investors in order to expand globally and
become the de facto site for financial professionals around the
world.'