P2P lending, cryptocurrency focus
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.