P2P lend­ing, cryp­tocur­rency fo­cus

Banking Frontiers - - Country Report -

Tai­wan has a num­ber of fin­tech star­tups work­ing in var­i­ous ar­eas of fi­nan­cial ac­tiv­ity and con­tribut­ing to the dig­i­ti­za­tion ef­forts in the coun­try. The no­table among these are:

LnB, in short for ‘Lend & Bor­row’, is the coun­try’s first P2P lend­ing plat­form. It has ap­proved more than NT$150 mil­lion (US$5 mil­lion) in loans. LnB has its own credit scor­ing sys­tem and charges in­ter­est rates from 2.5% p.a. to 19% p.a. Within 6 months of its launch in 2015, it raised a multi-mil­lion-dol­lar se­ries A round fund­ing from Acorn Cam­pus Ven­tures. It aims to cap­ture a 10% mar­ket share by 2020.

CoolBitX de­vel­ops and man­u­fac­tures hard­ware and soft­ware that store cryp­tocur­ren­cies off­line. Through phys­i­cal cards and mo­bile app, it helps to pro­tect cryp­tocur­rency hold­ers and re­duces the risk of hack­ing. Its first-gen­er­a­tion Bit­coin wal­let ‘CoolWal­let’, launched in 2015, has sold more than 100,000 world­wide. Its prod­ucts also in­clude Slekt, a card that in­te­grates mul­ti­ple credit cards.

Tixguru is Asia’s first cryp­tocur­rency fund plat­form. It has an ETF-like op­er­a­tion sys­tem to in­dex the main cryp­tocur­rency in the mar­ket, us­ing Crypto As­set Port­fo­lio, or CAP, to­kens through smart con­tract to in­di­rectly hold a bas­ket of cryp­tocur­ren­cies. In ad­di­tion to the pas­sive funds, Tixguru will also in­tro­duce ac­tive funds, which is man­aged through ma­chine learn­ing and quan­ti­ta­tive anal­y­sis.

AMIS is a com­mer­cial blockchain plat­form us­ing Ethereum smart con­tracts to solve fi­nan­cial tech­nol­ogy, pay­ments and other cross-do­main in­for­ma­tion flow is­sues. It has formed al­liances with 6 ma­jor lo­cal banks to ex­pand the ap­pli­ca­tion of blockchain in Tai­wan. The first pub­lic project was ‘Fubon Wal­let’ app, us­ing which em­ploy­ees of Fubon Fi­nan­cial can make cash­less taxi trips.

INSTO is a mo­bile pay­ment plat­form that al­lows users to buy and sell prod­ucts or ser­vices and process pay­ment in in­stall­ments. Users can cus­tom­ize their in­stall­ment pay­ments through INSTO’s mo­bile app or web­site.

TapPay, an on­line pay­ment tool, of­fers con­ve­nient and se­cure pay­ment ser­vices for buy­ers and eCom­merce com­pa­nies. It works with 10 dif­fer­ent bank­ing com­pa­nies and han­dles more than 3 mil­lion trans­ac­tions per month. It is ex­pected to ex­pand to Hong Kong and Sin­ga­pore in 2018. TapPay ranked 69th in the 2017 Fin­tech 100 by H2 Ven­tures and KPMG.

Cher­ryPay is a peer-to-peer (P2P) money trans­fer plat­form. It aims to pro­vide real ex­change rates, trans­par­ent ser­vice fees and trans­fers within an hour. It of­fers low re­mit­tance ser­vices for for­eign work­ers charg­ing both task re­questers and tak­ers a ser­vice fee of 0.5% to 2% for every suc­cess­ful match made on the plat­form, de­pend­ing on the coun­try the users re­side in.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.