Liquidity is the condition by which an asset can be readily exchanged for cash without a big impact on its market price. An asset is highly liquid if it can be sold for its intrinsic value.

Cash is liquid, it can be exchanged at face value. Assets such as real property, artworks, and collectibles are less liquid. Other instruments such as equity and such investments, can have relatively different liquidity levels, depending on the situation.

In a market, liquidity also depends on the level of trading activity. The more an asset is traded, the higher its liquidity. A lower volume of trades means it is relatively illiquid. Liquidity plays a big part in ensuring an asset can be sold or exchanged for a value that is not exceedingly lower than its market price.

While liquidity across many assets remains high in developed markets, many emerging markets suffer from significantly low levels of trading venue liquidity, effectively placing a constraint on economic and market development.

Technology-driven trading can possibly help increase liquidity in these markets, since it increases trading volume and frequency, driving movement of the asset, reducing trading costs, and providing the ability to move easily in and out of the asset.

Also Read: Why fintech companies and regulators need to collaborate on gaining trust and compliance

A liquid market is generally associated with lower risk and can attract more traders to participate in the exchange. While cash is the most liquid asset, other instruments are easily fungible or converted to cash, such as cryptocurrencies and other cash-like instruments.

Some examples of instruments and the factors affecting their liquidity:

• Bonds’ liquidity usually hinges on the risk that the bond issuer won’t actually repay the money. The less liquid the bond, the higher the commission you’ll have to pay to sell it, which has the effect of lowering your price.
• As for commodities, gold has the highest trading activity among all precious metals and is, therefore, the most liquid. Crude oil, on the other hand, is the most traded energy commodity, but its liquidity is negatively affected by the current global situation.
• Cryptocurrencies are increasingly liquid because of the growing number of exchanges and markets. This leads to an increased volume in trading resulting in liquidity, which means traders can trade easily, quickly, and at fair prices.

Trading strategies to ensure liquidity

There are different trading strategies to leverage in growing one’s portfolio but not everything has access to liquidity. A long-term investment such as stocks and bonds can be a good way to grow in the long-term, but traders won’t be able to easily liquidate or convert these immediately to cash if needed.

Meanwhile, other strategies such as algorithmic and high-frequency trading can enhance liquidity for both the trader and the market.

“There are general terms for investments, such as ‘high risk, high returns’, and ‘low risk, low returns’,” says Andre Gerald, Chief Executive Officer of Prance Gold Holdings, a technology platform that uses algorithmic trading to grow cryptocurrency and other asset holdings. “We need to change the mindset in trading and establish a platform where everyone can enjoy the lucrative returns with minimal risks involved.”

Maximising asset growth through technology and high-frequency trading

Algorithmic trading takes advantage of a predetermined statistics-based strategy that can run 24/7 with minimal oversight. “By reducing the frictions and costs of trading, algorithmic trading can potentially enable more efficient risk sharing, facilitate hedging, improve liquidity, and make prices more efficient,” according to a study published in the Journal of Finance.

Also Read: The global financial crisis gave birth to fintech. What will COVID-19 recession bring?

The main philosophies behind most algorithmic trading revolve around using software to spot profitable opportunities and jump on them faster than a human could.

As there are many opportunities that arise quickly, algorithmic trading takes advantage of that. It automatically initiates the trade so traders can grow their assets without the risk of the trade costing more than the earnings.

High-frequency trading is a subset of algorithmic trading that involves transactions done at high speeds, with a huge turnover rate, co-location, and high order-to-order ratios. While this is a viable strategy, there are certain factors affecting its profitability. “Speed is the most critical success factor where all trades need to be successfully completed to ensure profitability within seconds,” Gerald says.

With high-frequency trading, traders can take advantage of any opportunity by using automated trading platforms to analyze the markets and spot emerging trends within a fraction of a second.  It allows traders to get returns in a short period of time to grow their portfolio and at the same time increase market liquidity.

Increasing liquidity through high-frequency trading

Learning the right strategies will help in maximizing both the asset and portfolio. The advantage of being liquid is that a trader is not locked to a particular asset or asset class in the long term, enabling more profitable trades once the opportunities come to light.

Automated and high-frequency trading can drive volume and will thus improve liquidity in both one’s portfolio and the market in general.

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Much has been written about the economic damage that COVID-19 is wrecking.

While there has been a fair bit of general positive-thinking advice written for SMBs and start-ups, there haven’t been that many practical advice condensed into bite-sized tips that are actionable in this difficult period.

I would divide the road ahead for startups into the short-term and mid-to-long-term, each with a different set of priorities.

Tactical short-term on cashflow survival

The immediate priority for startups is two-fold: cash flow and liquidity. Companies have to ensure sufficient cash flow (perhaps for at least the next six to 12 months). Those that have accumulated strong capital reserves over the years have less to worry, but the rest might have cashflow concerns.

Businesses have to start with scrutinising the balance sheet line by line and consider the five steps below.

• Single out unproductive and risky assets. Put idle assets to use or convert to cash

Under-utilised assets may include production and manufacturing plants, equipment, real estate. Rather than to leave them idle, businesses should try to optimise cash-earning potential by leasing or licensing to others that require them now. Businesses may also prepare to sell these, if they are not integral to business operations, to others who might be looking to acquire.

Also Read: Using design sprints to solve COVID-19 business problems

• Chase for account receivables. Sell off exposure to risky assets.

Beyond chasing outstanding receivables, companies might also prepare to sell off exposure to risky assets. Risky assets include stakes in or receivables owed by companies with weak balance sheets and high leverage or companies in sectors ill-poised to weather the downturn.

Companies should be prepared to write down or off assets that seem non-recoverable to do accurate cashflow forecasting for the immediate term.

• Allocate resources. Cut spend and reserve cash for high-impact projects

Overhead expenses (e.g. rent, expenditure, professional fees) should be cut where applicable. Cash should be reserved for projects that have an immediate and material impact on profits.

Businesses should prepare to build up cash reserves for the prolonged economic fallout ahead.

• Go through every single contract and obligation for payables. Check if remedies available if needed.

Re-negotiate favourable payment schedules to vendors, suppliers, and other creditors where possible. If impossible and your contract performance has been affected due to Covid-19, notice if there is a force majeure clause in the contract and consult your lawyers on whether it can be used as a protection in the specific circumstance.

Also Read: The essentials of managing your business financials at 4 stages of its lifecycle

• Monitor liquidity, forecast cash flow and make use of digital tools

Companies should go through every single contract and map out what is owed to them and when they are to be paid. The same applies to map payables. Consider digital tools such as QuickBooks which have invoice chasing capabilities or Qwil which help with liquidity through managing on-demand payments (for contractors and freelancers).

Where applicable, start-ups should avail of government support – the requirements for these schemes have been shared on both offline and digital avenues (personal finance forums and communities). Given that the cost of credit is low now, businesses can also consider taking government-assisted loans.

The general rule of thumb now is to optimise liquidity and cash conversion. Aggressive strategies may even include broader restructuring, such as closing businesses or products that weigh down overall financial performance. Start-ups should also be on the lookout for sell opportunities as there are acquirers out there with cash looking for strategic assets.

Strategic mid-to-long-term on durable survival

As of now, nobody really yet understands the entirety of the economic fallout ahead. To prepare, start-ups should look to build a strong balance sheet, shore up capital reserves, and be strategic about adapting quickly their business model and operations to changing realities.

I suggest the following to keep in mind for post-COVID-19 preparation.

• Digitise to cut costs and to reach new customer segments

As seen from global lockdown, digitisation in some cases can indeed make a difference in survival. Retailers that have digital storefronts are able to resume operations digitally (even if not fully) and be unhampered by closing physical operations would have had higher survival chances.

Also Read: Digitalising cashflow management and what it means for businesses

Even better if they had already been operating digitally, with a stable following of customers – they would not have had to worry about low brand awareness or the costs of switching customers to a digital platform.

I would divide digital tools into two categories:

• Automate operations, cut costs

There are tools for automating various aspects of operations, such as digital accounting solutions (Xero, Quickbooks), some of which even have automated invoice chasing capabilities to ensure that you are paid timely. SchedulePay (by PayDollar) automates payments and payments collection, while Qwil facilitates on-demand payments and liquidity management.

Other solutions help with sales, marketing etc. These tools either provide savings by cutting hours and labour, or preventing payments from slipping through the cracks.

• Reach new customer segments in the digital economy

If you’re operating an offline start-up, other tools help you reach into the digital economy. Tools such as Shopify, WooCommerce help businesses set up digital storefronts. Solutions such as PayPal, Stripe facilitate digital payments.

These all enable businesses to reach a specific audience on digital channels. For other retailers that need not have their own dedicated storefront, they can consider channels such as Etsy or Shopify.

• Agile work processes that are design-thinking oriented

Startups have to be intentional about building agility into their processes, test ideas and innovate quickly. Slow decision-making can spell the difference between survival and death.

While this, of course, is dependent on the nature of the business (industries such as healthcare, biotech, manufacturing require extensive capital and longer R&D durations), startups should strive to be lean and agile where possible.

This goes beyond just the size of teams but into deeper aspects of bureaucratic management, hierarchy, and paralysed decision-making that pervade even startups these days.

Also Read: 10 principles of great strategy inspired by design thinking

As conserving cash and being quick to adapt to changing realities are key to outlasting the crisis, adopting lean and agile workflows achieves both aims.

Having a design thinking-oriented approach is also important to ensure that teams think in terms of iterations and sprints, allowing start-ups to test the effectiveness of new products and strategies quickly without spending too much in time or in cash.

• Manage the global supply chain and geopolitical risks

The global climate now suggests that future global supply chains will be at risk due to nationalistic industrial responses to the pandemic. Start-ups might want to keep in mind when planning for the future that deglobalisation will likely intensify in the future ahead. Strategic goods will be increasingly produced within national borders as countries strive to be independent and to build domestic capabilities.

Businesses might start looking into diversifying their supply sources so they do not end up bearing the brunt of shifting geopolitics. Those that have been trade-dependent so far might want to start looking at domestic sources. Across the board, businesses should pre-empt rising procurement costs and find ways to manage or hedge these.

Summary

The full sum of the economic loss ahead is not a fact yet fully known to us. What startups can do is to adopt a defensive, risk-management strategy while keeping a lookout for and taking advantage of opportunities.

These opportunities may come in the form of new products or businesses aligned with durable themes from this pandemic (remote collaboration, healthcare, essentials, amongst others).

Geopolitical realities on the ground are also shifting every day. While these are beyond our control, businesses that are lean and agile will find it much easier to do the following: adopt defensive strategies, adapt to changing situations, develop the foresight to pre-empt obstacles ahead of time, and take advantage of emerging opportunities.

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We Singaporeans love our food. That goes without saying, but as with other developed nations, we are also getting more conscious about eating right – both in terms of health, and environmental impact.

Demand for vegetarian and vegan options is booming and the consumption of healthier alternatives such as wholegrain bread and brown rice has increased, driven in part by greater awareness of the environmental costs of food production and aggressive public health campaigns against diabetes and hypertension.

Yet, many are still hesitant to make changes to their everyday meals for a simple but important reason: taste. BCS spoke to two homegrown startups, Alchemy Foodtech and NamZ, who are challenging the notion that healthier alternatives necessarily have to taste different from the dishes we know and love.

Tackling the problem of starch, not sugar

Including more whole grains in a diet is associated with many health benefits including lower cholesterol levels and reduced risk of developing Type II diabetes. Carbohydrates in whole grains are digested more slowly than those from refined sources, such as white rice or bread, thus providing a gradual increase in blood sugar levels rather than large fluctuations following a meal.

However, whole grain products don’t have the same taste and texture as their conventional, refined counterparts, says Verleen Goh, co-founder and Chief Food Fighter at Alchemy Foodtech. As a result, some popular local dishes such as chicken rice or curry just don’t work as well with brown rice, making it difficult to adopt on a regular basis – especially for those who regard these dishes with nostalgia.

To address this issue, Alchemy Foodtech has developed an ingredient that promises to slow down the digestion rate of refined carbohydrates to the same extent as whole grains, without altering the taste of the final product. The ingredient, called Alchemy Fibre, is derived from plants such as peas, corn, tapioca, beans, and legumes and can be used as a partial replacement for flour in recipes. This means it can be incorporated into products like bread, noodles, and buns. “We wanted to create a product for consumers who want the taste of white rice or bread, but at the same time have the benefit of slowed down glucose release,” says Goh.

Also Read: (Exclusive) Singapore’s new AI foodtech startup Easy Eat raises pre-Series A funding

The idea of targeting staple foods such as rice, bread, and noodles resulted from preliminary research into food innovations for diabetic patients. “I noticed that most food innovations for diabetics were mainly happening in the confectionery and artificial sweetener space,” says Goh. “However, Type II diabetes patients tend to be a little older and don’t actually eat that many sweets! They do eat a lot of rice though.”

The founders of Alchemy Foodtech then realised that targeting staples could make a much bigger overall difference, for both diabetics and non-diabetics alike. “We may not eat desserts everyday, whereas staples are consumed in large amounts daily, so we realised that targeting staple foods created a larger impact than desserts,” said Ms Goh.

Alchemy Foodtech is working with food manufacturers such as Gardenia bread, Kang Kang noodles, and Lim Kee steamed buns as well as various restaurants, bakeries, and cafes to incorporate Alchemy Fibre into existing products. The company has worked with industry partners to test that products incorporating Alchemy Fibre have the same texture as those currently on the shelf through sensory evaluation, as well as using a texture analyser that measures the hardness or springiness of foods using pressure.

They have also conducted studies with starch digestion assays in the laboratory and on volunteers by measuring carbohydrate availability in the blood after consuming products made with or without Alchemy Fibre. The idea is to then have manufacturers label their products as ‘made with Alchemy Fibre’ to promote brand awareness and communicate their mission to consumers, says Goh. The first of such products are scheduled to launch in June 2020, subject to current conditions.

A smorgasbord of sustainable options

For the more ecologically-conscious consumer, NamZ is another homegrown food technology company that aims to develop healthier and more sustainable alternatives without trade-offs in taste.

Also Read: News Roundup: Agri foodtech startup DiMuto, B2B learning platform ProSpark secure funding

Their first product is a low-fat instant noodle made with proprietary technology that replaces the deep-frying step during production and incorporates a blend of natural oils and spices.

“While some air-dried noodles may have quite a nice texture, everyone is used to the ‘deep fried’ taste that you expect from an instant noodle,’ explains Mark Lim, Strategist at NamZ, ‘so we found this blend of ingredients that, when added at a low dosage, actually gives you that ‘deep fried’ taste.” The result? Noodles that have 70 per cent less fat but taste as addictive as conventional instant noodles.

Cutting out the deep frying step has other benefits, such as allowing the company to incorporate more unconventional crops into their noodles. In particular, future-fit crops like the bambara groundnut and moringa, a plant commonly found in India, have already been included in some of NamZ’s noodles to boost nutritional content.

“Deep-frying is a harsh process – high temperatures, happens very quickly – so when you try to incorporate ingredients like the bambara groundnut or moringa into the dough, you lose a lot of the nutrients in the process,” says Lim. “With our technology, because it’s not that harsh, it actually retains all the macro- and micronutrients.”

Future-fit crops refer to plants that are packed with nutrients, resistant to an increasingly dry climate, and can be farmed economically. They are therefore touted as the key to a sustainable food system of the future by the United Nations and other experts.

For instance, the bambara groundnut has well-balanced proportions of carbohydrate, protein, and fat and can thrive in dry, sandy soil. It is native to semi-arid regions of Africa such as Ghana, from which NamZ currently sources its groundnuts.

Also Read: Bringing innovation to the table: Why foodtech is the next frontier in Southeast Asia

Although NamZ’s noodles are predominantly wheat-based, the company has plans to develop a wide range of food products using the bambara groundnut as a primary ingredient. Blended soups, hummus-like spreads, dairy alternatives, and even soy sauce replacements are currently in the pipeline.

In order to scale up production, NamZ is also in talks with palm oil companies to use spare capacity of degraded land in Southeast Asia – old palm oil plantations that can no longer support cultivation – to grow the groundnuts. “What is useful with the bambara groundnut is that it is a legume, so it can bind nitrogen and rejuvenate the soil,” says Margit Langwallner, a research scientist at NamZ.

Nonetheless, taste remains a key consideration for all their products. ‘You can have the healthiest, most environmentally-friendly quick noodle, but if it doesn’t taste good, no-one is interested.’ says Ms Langwallner. NamZ has been working to create a formulation that mimics the taste and texture of conventional deep-fried instant noodles, and plans to launch their first direct-to-consumer products in Q2 2020.

Investors tuck in but will consumers come to the table?

Food technology has attracted a lot of investor attention in Singapore over the past few years, with the government leading the way by allocating S$144 million (US$101 million) for food-related R&D under the Research, Innovation and Enterprise 2020 (RIE2020) plan. Temasek Holdings, a government-owned investment company, has also reportedly invested US$5 billion in the agrifood sector over the last five years.

This interest stems from a push towards self-sufficiency in food production as well as better nutrition to combat common health problems like Type II diabetes. In 2017, about 430,000 or 14 per cent of Singaporeans aged 18 to 69 years were diagnosed with pre-diabetes, a condition that puts them at high risk of developing Type II diabetes in the next eight years without intervention. Goh estimates that Alchemy Foodtech has received a total of approximately S$1 million (US$700,000) through government-funded grants and prizes alone.

The past two years, in particular, has seen the formation of several Singapore-based agri-food specific investment firms such as Food Ventures, Germi8, and VisVires New Protein (VVNP) and the opening of Singapore’s first food innovation incubator, Innovate 360.

Also Read: How Killiney Kopitiam is evolving their heritage brand with foodtech

Set up by Singapore’s oldest sugar manufacturer Cheng Yew Heng, Innovate 360 not only provides food manufacturing facilities but also business networks and connections to various distribution channels for early-stage food startups.

In addition, startups looking to grow their business here can also apply to local alternative protein or agrifood tech accelerator programs run by New York-based Big Idea Ventures and online venture capital platform AgFunder, respectively.

These accelerator programs seek to help later-stage startups by providing them with facilities, funding, and mentorship needed to scale up their operations.

Of course, food tech startups need not be limited to industry-specific investment funds. The social impact aspect of NamZ’s business clinched the company a DBS Foundation Social Enterprise Grant in 2019. The same grant scheme awarded a total of S$1.3 million to nine social enterprises that year.

Aside from raising funds, Alchemy and NamZ have seen successful business-to-business (B2B) sales, but with their first consumer products launching this year, this represents a critical moment for both companies to find out if their mission and price point appeals to the average Singaporean.

Both Goh and Lim are optimistic that their products will be well received. “Most of the food manufacturers we worked with saw it as a win-win situation for us and them to show consumers there could be a healthier alternative that feels and tastes just like their regular products,” says Goh about Alchemy Fibre.

Lim cites positive customer feedback from NamZ’s existing B2B partners. “Some of our clients, including a high-end hotel and a prata chain, are already serving our noodles to their customers, but they’re not telling [the customers] because they want it to be a surprise at the end, that you can have this healthier noodle that tastes the same,” he said.

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This article was originally posted on the Biotech Connection Singapore website on 11 May 2020.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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The outbreak of the novel coronavirus disease has devastated businesses across the globe. The spread of the deadly virus pushed many into bankruptcy, as revenue sources dried up and working capital depleted. The travel & hospitality sector was worse-hit.

As the crisis unfolded, businesses were thrust into a situation where they had to either shut down or push hard to survive. Unable to withstand the impact, numerous companies winded up. Most managed to stay afloat but their survival still hinges on several factors. Certainly, it doesn’t look easy.

As a last resort, organisations began to cut workforce/furlough employees. However, this decision came with huge emotional and psychological costs; thousands of affected employees slipped into depression as they lost their only livelihood. Allegations of poor handling of layoff surfaced in several markets, which further added to their misery.

Unavailability of new opportunities has badly affected the mental health of the disgruntled workforce.

As the situation exacerbated, one thing became loud and clear: empathy and compassion were in short supply. Most organisations didn’t even bother to take into account the massive psychological impact the layoffs could make on people.

Experts have time and again emphasised the importance of compassion at the time of crisis like this. A compassionate approach to retrenchment could have made a difference to the lives of employees and even the organisations themselves but many ignored this part.

This is where Airbnb‘s simple, yet creative way is winning the hearts. The short-stay accommodation booking honcho, while announcing the layoffs, allowed employees to leave with grace.

The accommodation booking giant firm laid off about 1,900 employees workforce, or a quarter of its workforce last week. While taking this tough step, Airbnb did something unusual: it posted the talent directory (the names and profiles of the retrenched employees) with a carefully-drafted note on LinkedIn.

“To support teammates departing Airbnb, we’ve launched an Alumni Talent Directory. Please click here if you’re currently hiring or looking for incredible talent: https://lnkd.in/gn7n6AZ
We hope we can connect these individuals with new opportunities. It’s been an honor to work with such a talented team committed to our mission of belonging, and we’re confident any company would be lucky to have them”.

“What a great example of leadership and HR skills. Kudos for transparency, ownership and empathy when managing a large-scale involuntary employee exit ”, reads a comment to the post.

Another LinkedIn member said, “This speaks volumes! Great job for creating a new best practice! Love this talent directory!!!”

Setting an example

Airbnb, known for its appreciable work culture, is showing the world what it means to be sympathetic and compassionate.

According to well-known angel investor Arnaud Bonzom, Airbnb’s talent directory is a ‘best practice’ if former employees can opt-in and opt-out at any point of time, which it seems to be the case.

“When I accessed the directory for the first time on May 8th, only one profile was listed in Singapore,” he told me.

“As of today, on May 14th, it’s 43 talents. Also, you can read this mention on the bottom of their website: ‘To manage your talent directory profile, please email alumni-recruiting-support@airbnb.com.’”

“Such directory,” Bonzom continued, “will give the former employees more visibility and will increase their likelihood to secure a new position in a shorter period of time.”

Bonzom has already recommended the resources to several of his portfolio companies. He is even using it personally to look for a designer for a short-term assignment, he said.

Indeed, Airbnb was not the first to create and publish a talent directory. Down east, Singapore-based HOOQ published a similar directory to boost the chances of retrenched employees.

Another example came from a group of VC firms in Southeast Asia, which include Saison Capital, FutureLab, Jungle Ventures, and Alpha JWC Ventures.

Together they launched a ‘community-led’ initiative — known as SEAriously Awesome People List – Startup COVID-19 Layoffs — in March to help retrenched startup employees find new opportunities.

“I think it’s a great practice assuming there’s buy-in from employees, which I think is so most of the time,” Chia Jeng Yang, Principal at Singapore-based Saison Capital, told me.

Yang is part of the team spearheading this novel initiative in the region.

“It’s a great way for companies to reduce any friction in the job market and help employees quickly find their next role as fast as possible. It is also easier for HR to find talent since it is quite common to be on the lookout from talent from large tech companies in the same industry,” added Yang.

As of yesterday, the initiative has approximately 1,000 talent registrations and 400 job posts.

Also Read: Going big? Then Go e27 Pro.

When the COVID-19 pandemic is lashing industries and causing job losses around the world, empathy and compassion become all the more important. If more organisations come forward to emulate this great practice, should help create a more compassionate world.

And as they say, kindness is contagious, and let this ‘contagion’ spread around the world.

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Spark Systems, an online FX trading platform based in Singapore, has raised US$15 million in “Series BB” funding round from a host of new and existing investors, including Citi, HSBC, Goldman Sachs, and Malaysia’s OSK Ventures.

Also Read: Going big? Then Go e27 Pro.

Vickers Ventures, Dymon Asia Ventures, Dymon Asia Capital, Jubilee Capital, and FengHe also returned to invest in the new round.

The company said that the funding would be used to enhance its current platform, develop analytics, advance its team training and build rapid modules that can onboard clients quickly.

Spark Systems also added that it intends to gradually expand into major financial centres of New York and London and develop a marketplace for G10/emerging economies currencies with a low latency trade matching data centre, which will be located in Singapore.

“This can catalyse and enhance price discovery, transparency and deepen market expertise. This is expected to reduce trading costs significantly,” the company said in a statement.

Founded in 2016, Spark Systems is a trading platform that aims to enhance usability and optimise user experience by providing a stable and ultra-low latency market place with an aggregator and algorithms for execution.

The firm has previously closed a funding round about four years ago. This brings its total funding raised to date to over US$22 million.

Trading has, in general, zoomed across the globe earlier this year as many individuals begin to panic-sell currencies, equities and commodities in the coronavirus-induced market.

Also Read: In conversation with Will Klippgen and Michael Blakey of Cocoon Capital

“This funding is occurring during a period of significant macro-economic upheaval further underscoring the strategic nature of the FX industry infrastructure requirement we are addressing,” said Wong Joo Seng, Founder of Spark Systems.

Spark Systems is a grant recipient of the Financial Sector Development Fund (FSDF) under the Financial Sector Technology and Innovation (FSTI) scheme from the Monetary Authority of Singapore (MAS).

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Image Credit:  Avinash Kumar

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