- CashShield grabbed the top award at the biennial event for its breakthrough fraud management software
- Previous awardees include conglomerates such as DBS, LTA and Numoni, with winners recognised for significantly improving business efficiency and profitability through the use of cutting-edge IT globally
- The NIA is in its 8th successful year and is jointly spearheaded by the Infocomm Media Development Authority (IMDA) and Singapore infocomm Technology Federation (SiTF)
CashShield – a revolutionary big data, cybersecurity, SaaS-based enterprise solution was awarded the National Infocomm Award (NIA) 2016, the highest accolade for infocomm innovation. The award puts CashShield in the same league as previous winners DBS and Numoni, recognising top Singaporean companies for its contributions globally in the field of innovation. Currently in its eighth year, the biennial awards event is jointly spearheaded by IDA and the Singapore infocomm Technology Federation.
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“CashShield has always believed in the quintessence of creating simultaneously cutting-edge and profit-focused solutions for our valued clients. Our obsession with unconventional, non-linear, innovative problem-solving perspectives has enabled us to create machines that break existing paradigms and dilemmas inherent in today’s complicated online markets. The essence of our many years of relentless research and development cumulates into the CashShield system we have today. It allows us to provide merchants with the best possible protection against online fraud whilst unleashing strong revenue potentials, disrupting other solutions in the cybersecurity industry,” said Justin Lie, Chief Executive Officer and Founder of CashShield. “We are truly honoured to be recognised for the work that we are doing, breaking new ground not just in providing a complete product for our clients, but working with them for their growth through innovations in big data, behavioural analytics and machine learning.”
CashShield is a recipient of the award category of Most Innovative Infocomm Product/ Solution, which is evaluated based on the product’s innovativeness, use of advanced technology, ease-of-use, market presence, business impact and relevance to Singapore’s Smart Nation vision. Its Software-as-a-Service product is developed to combat the rising challenge of coordinated online fraud globally, in the e-commerce and online payment markets that is poised to exceed US$ 5 Trillion in 2020 according to Boston Consulting Group and Google.
CashShield is a multi-award winning, big data, payment solutions company that specialises in a state-of-the-art fraud management system which utilises a combination of user behaviour analytics, machine learning and big data to detect and reject fraudulent online transactions merchants face in real-time. Founded in 2007, CashShield was first deployed in high-risk online marketplaces for digital products and telcos in Europe. Their initial success allowed them to continue product research and development, leveraging on the continuous stream of precious real-time big data to refine their machine. CashShield was also one of the first digital companies to be awarded strategic research grants by the Singapore government. The CashShield solution is deployed globally and has through the years, maintained a stellar 100% customer-retention rate. CashShield combats the fundamental issues of online fraud by deploying its product to effectively detect and deter fraudulent transactions while maintaining high acceptance rates, protecting potential business revenues from malicious online activity. Merchants benefit from both boosted revenues and lower costs, while automating what conventionally is a manual, expensive and time-consuming fraud management process.