It has been a rewarding year for Lee Junxian (BBA 2008, S3 Asia MBA 2014) and Justin Lie Wee Chian (BBA 2010) with their e-payment security firm CashShield winning the National Infocomm Awards 2016 and Fintech Awards 2016.
CashShield’s eponymous anti-fraud software product impressed judges at both competitions with its use of data analytics to automatically set its management algorithm.
In an interview with the Infocomm Media Development Authority, Junxian said the cost of managing US$1 of fraud loss is US$3.52. He adds fraud costs can take up to 6 percent of a retail merchant’s yearly expenditure. What CashShield offers is that it eliminates the traditional way of manual reviews, lowering the cost of managing fraud.
“The recent awards mean mountains to our team as it is an acknowledgment of the blood, sweat and tears Irene, Junxian, the team and I have put into CashShield. It is also timely as our company is just beginning to hit the market globally and will aid us in flying the Singapore flag up high,” said Justin, who is the CEO of CashShield.
CashShield clinched the Most Innovative Infocomm Product/Solution category at the National Infocomm Awards 2016, which recognises innovation in local companies. At the Fintech Awards 2016, CashRun was awarded SG$150,000 for taking home the first place in the Singapore SME category.
“Singapore has long prided itself on being a trusted, safe and innovative financial hub globally and these awards do us great honour,” said Lee, who is also the CFO of CashRun. Lee is no stranger to the NUS Business School Community. He is the co-founder of the now-closed Reedz café situated at the School’s Mochtar Riady Building.
“The skills we have learnt, lessons we have picked up and people (professors, classmates and alumni) that we have had the privilege of meeting through Business School have been pivotal to both our personal and professional development,” said Justin.