Singular- Mobile-Centric DeFi App

[IMPACT] Please describe your proposed solution.

Singular is a mobile application for DeFi and interest-bearing accounts with fiat gateway. Singular combines the best elements of DeFi and self-learning algorithms to offer the masses access to DeFi based decentralized banking services including lending, borrowing and staking.

Singular combines the best elements of DeFi and self-learning algorithms to offer the masses, access to sophisticated, institutional-like trading strategies by using automated trading strategies developed by the world’s best DeFi experts.

[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.

The current state of DeFi Apps are notoriously complex to use and it is not a skill everyone can master. One of the main challenges facing DeFi today is the accessibility and scalability with subpar UX.

When you download the Singular App, you can access to sophisticated risk management that lead to direct investments via self-learning artificial intelligence (AI ) investment algorithms. 

Investors can get access to first-class DeFi investing tools without paying any gas fees. In addition to high-yield staking, and access to professionally managed decentralized assets. Our goal is to create universal financial access to the underbanked globally.

[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

• DAO governance. The SD (Singular Dollar is an ERC-20 utility token that powers the Singular’s ecosystem and grants voting rights, access to premium membership as well as additional rewards.

Regulatory hurdles- The Singular team is already working with several regulators in East Asia to gain regulatory licenses for DeFi and Crypto products

[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

• Singular App V2 release on IOS & Android- June 22' Completed
• Web 3 wallet integration MPC and CMP complaint- Sept 22'
• Algorithmic Advisory module for "light advice" - Nov 22'
• Hybrid AI-Model for Singular App v3 Release - Jan 23'

[FEASIBILITY] Please provide a detailed budget breakdown.

• Product R&D -$87,500
• Marketing & Product Awareness Campaigns- $72,500
• AML & KYC based DeFi Module - $20,000
• Premium Research Module - $17,500
• Regulatory Advisory and Legal Structure - $27,500
• Non Custodial MPC and CMP compliant wallet- $25,000

[FEASIBILITY] Please provide details of the people who will work on the project.

Terrence Hooi , Co founder & CEO 

Serial entrepreneur with experience in building institutional-grade Crypto Exchanges capable of 2Mn. Order/sec & Decentralized Finance for institutions. Terrence has significant experience building Decentralized Finance platforms with nearly 10 years in Hedge Fund investing and additional 5 years experience in FX product, derivatives and investment platforms. His latest Mobile-Centric DeFi platform Singular has a mission of building a global, open financial system that drives innovation and freedom and has won the following awards including Bold Awards 20’ Europe, Top 10 Fintech Startup, APAC, StartupWorldcup Regional SEA Top Winner 22’ and Alibaba Cloud Innovation Awards 22’.

https://www.linkedin.com/in/terrencehooi7/

Hasan Güner , CTO 

Cofounder & CTO of Singular. Hasan is a fintech veteran with 15 years of financial products experience, who loves to ideate and design better and faster fintech products that put data and customers in the core. His experience spans a wide variety of subdomains under finance such as investments, banking and corporate finance. Now with Singular, his ultimate goal is to create a globally scalable business to change the way DeFi work for masses work today.

https://www.linkedin.com/in/hsnguner/

Guan Zhen Tan, COO

Guan Zhen is a Partner at Point Hope Group, an alternative investments fund manager based in Singapore. He heads the firm’s Annexe Fund VCC, a quantitative multi-strategy hedge fund. He is co-developing HonestYields, a DeFi investment platform, that provides aggregation and analysis of DeFi vaults for institutional investors. Guan began his career at Goldman Sachs on the Global Emerging Markets equities sales desk servicing global institutional clients investing in Asia. He has a BA from Columbia University in Political Science and Business Management.

Sin Yee Koh, Chief Investment Strategist

Sin Yee graduated from Stanford University, California with a Bachelor’s degree in Economics and she has seven years of experiences working for both sell and buy sides in hedge fund research. Throughout her career, she covers renewable energy, financials, transport, healthcare and property sectors. Her work includes recommending investment opportunities, conducting economic and sector analysis, building financial models as well as writing DeFi research reports for Singular. 

[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

Yes, we are looking to build a Price-Stable Cryptocurrency with an algorithmic central bank (Already pretty stable by MakerDAO), a StableCoin version-controlled by Algorithms to balance token supply in real-time (Previous attempt by Terra/Basis/Intangible Labs but shut down due to regulatory concerns) to help the unbankable have a stable, secure and decentralized token.

Furthermore, Singular is looking to integrate Cardano within the Singular App towards building a Dapp with multi-asset ledger and verifiable smart contracts all within a beautiful mobile app.

[FEASIBILITY] Are you or any member of your team working on any other proposals in this Fund9?

[FEASIBILITY] Are you or your team working on any other proposals from previous Funds?

[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?

• No of users active engagement , WAU and DAU
• Total Value Locked within the Singular protocol
• Total Value Locked for Singular Dollar for DAO governance and voting rights.
• No of engagements to Singular's sophisticated risk management that lead to direct investments via self-learning artificial intelligence (AI ) 

[AUDITABILITY] What does success for this project look like?

• Integrating the Cardano within the Singular App toward Dapp with multi-asset ledger and verifiable smart contracts all within a beautiful mobile app.
• Singular DeFi staking with zero network fees goes live within 6 months growing 25-30% MoM and have a solid and scalable sales pipeline. 
• We've already done POCs for corporate partners such as Bank Julius Baer, R3, Visa, and HSBC Bank. There's good synergy between banks (offering traditional financial products well but too expensive and front-end products too complex) and Singular to offer a self-learning algorithms with advanced analytics for better client acquisition and retention. 

By 2025, democratizing DeFi to at least 1 Million people in South East Asia, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic financial services including Microfinance.

[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

N/A

Sustainable Development Goals (SDG) Rating

SDG goals:

End poverty in all its forms everywhere

Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

SDG subgoals:

By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance

Key Performance Indicator (KPI):

Proportion of population living in households with access to basic services

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