Finxch, short for finance exchange, was set up by finance process outsourcing firm Melioris as a community site for financial professionals to interact and network.

The site employs Web 2.0 technology to support the sharing of information, forums, blogs, events, videos, polls, conferences and the latest news on the finance, accounting, audit, insurance and banking industries.

Web 2.0 refers to the use of Internet technology to enhance creativity, information-sharing and collaboration among users.

These concepts have led to the development and evolution of Web-based communities and hosted ser- vices, such as social networking sites and blogs.

Melioris chief executive Mak Chee Wah said recently that the site, which was launched last month, would benefit from Singapore's status as a regional finance hub.

'There are many finance professionals such as chief financial officers and senior accountants from all over the world working here, and Finxch allows them to link up and share information of specific interest to professionals in their sectors.'

He said the website would allow like-minded professionals to form sub-groups catering to specific industries, such as logistics and telecommunications, or for alumni of educational institutions.

'We are speaking to the National University of Singapore, Singapore Management University and Nanyang Technological University, among others.'

The site, which cost about $500,000 to develop, has more than 200 members. Mr Mak aims to raise this to 5,000 by year-end, and 500,000 by 2010. He also hopes it will be profitable by next year.

'We are now looking for investors in order to expand globally and become the de facto site for financial professionals around the world.'

NICHOLAS FANG