An NRI founded Singapore Innovation League (SIL), which funds technology start-ups, today launched a mobile chat application on Google Play.
The new mobile app 'YAY' is a peer-to-peer communications software and allows the consumer to voice call, chat and share, said the SIL founder and tech billionaire Niraj Goel.
Developed by Clone Algo Technology Inc (CATI), 'YAY' will compete with Naver Corp's 'Line Service', Tencent Holdings Ltd's 'WeChat' and Microsoft's 'Skype' service, Goel said.
The SGD 1.5 billion SIL was set up in July this year to fund over 500 start-ups in the coming years. CATI is the first SIL project.
"YAY has a new secured chatting technology where the chat messages disappear after the user read the message. Smart Algorithms and artificial intelligence have helped in managing voice networks quality leading to excellent voice quality," he said.
The app gets you connected automatically with contacts in your phone book.
"YAY has several salient features and allows high-quality VOIP (voice over internet protocol) calling as well as free instant-messaging," he said.
Goel expects 'YAY' to hit one million users in the first few weeks.
"In 2015, we expect to have a following of 10 million people," he said.
The app has several features including easy profile picture updating, free text messaging, high quality audio and video calling; viewing recent posts of your friends and liking and commenting on pictures of friends with easy sharing.
The service would be expanded with additional features in the coming weeks, he said.