Hong Kong’s local digital payment platform developer Yedpay made its way to ASEAN, leading regional FinTech innovation
HONG KONG, 12 January 2023 /PRNewswire/ — Hong Kong’s first non-bank credit card purchasing provider Yedpay announced that it will partner with Venture Cap, the subsidiary of ASL Securities in Thailand, Hong Kong Polytechnic University and Easylink to shape the future of FinTech in ASEAN. The signing ceremony was held today at the 16th Asian Financial Forum (AFF), with the theme “Accelerating Transformation: Impact ∙ Inclusion ∙ Innovation”. At the event, Yedpay announced new partnerships and together opened a new chapter for fintech.
Yedpay COO Beatrice Tai noted in his speech during the signing ceremony held by Yedpay as a start-up company Hong Kong, is committed to developing a fintech brand that revolutionizes the payments industry. The open payment platform helps merchants with an APP to process credit card transactions and e-wallet payments in brick-and-mortar stores and online. Yedpay integrates electronic payment technology into everyday life, which includes the creation of the first cashless market in Hong Kongupdated the payment methods for the taxi industry to become digital etc. From 2023 onwards, on the occasion of the 10th anniversary of the Belt and Road initiative, Yedpay will expand its operations abroad, with Thailand as their first stop, as they make their way to other parts of the ASEAN countries. Yedpay also plans to launch diversified financial products and strives to build an ASEAN Payment Hub to connect ASEAN, Hong Kong, Taiwanand the mainland China.
Wattana Kultavarakorn, CEO of ASL Securities noted in his speech that Thailand has achieved some of the fastest FinTech development in all of ASEAN. According to the World Bank, almost 140 FinTech companies registered in the country in 2018-2019, half of which are new companies and enterprises, which shows great confidence in the FinTech sector in Thailand, also creates an enabling environment for innovation and development. ASL Securities, as a leading online securities company within Thailand25 percent of the shares are owned by the state savings bank (Thailand), which has a professional management team with more than 30 years of experience in securities and investment banking. This time the subsidiary Venture Cap, in collaboration with Yedpay, will deliver efficient and secure payment system services in Thailandwhich will also provide new opportunities for both companies and further promote the interconnection and cooperation in the FinTech sector between Thailand and Hong Kong.
Dr.Haibo Huassociate professor at Hong Kong Polytechnic University noted that the core technology in cooperation with Yedpay, the Tap-to-Phone function, is an industry-leading payment technology for Hong Kong, which is a breakthrough to the traditional POS terminal pattern, allows merchants to use their mobile phones to process transactions while ensuring data security. Tap-to-Phone is now in its pilot phase and can accept credit cards issued by Visa and Mastercard, and is expected to be available to all Yedpay business users early in the 2nd quarter of this year. The Hong Kong Polytechnic University has been committed to promoting collaborative industry-university research for many years. The collaboration with Yedpay will be another example of collaborative industry-university research in the FinTech sector.
The collaboration between Yedpay and Thailand’s Venture Cap is based on cross-border remittance and e-wallet channels, establishes a data quantification trading platform, and jointly introduces cutting-edge payment technology for Thailand and the ASEAN region. The collaboration between Yedpay and Easylink will jointly provide a compatible, legal, secure and convenient solution for cross-border transfers, the new 24*7 instant transfer system allows users to access various electronic payment accounts, use credit cards and e-wallets for value-added remittance and remittance to the global UnionPay accounts through the UnionPay Global Express network (UnionPay MoneyExpress), which provides a more borderless experience of transfers across banks. The collaboration between Yedpay and Hong Kong Polytechnic University focuses on the joint development of “Hong Kong first” Tap-to-Phone technology, which is a completely new payment collection solution, fully developed in Hong Kong, and replaces the traditional POS machines with APP on mobile phones. The three partnerships represent the connection between Yedpay and the financial markets on the mainland China, Hong Kongand the ASEAN region, showing the company’s future direction and its ambition to expand globally.
Moreover, the Yedpay spokesperson said in an interview after the ceremony that Yedpay, as a financial technology company established in Cyberport in 2016 plans to establish Yedpay Innovation Lab to conduct research with Cyberport and partners to study the local implementation of e-CNY and e-HKD. The company hopes to receive further support from the government, also hopes to prove the feasibility of interconnection between the local CBDC system and the traditional payment system, which is expected to solve the existing bottleneck of cross-border payment such as high cost, low efficiency and low transparency.
About Yedpay
In the early days of its establishment, Yedpay developed a payment platform in Cyberport, Hong Kong. It was launched in 2017. It is committed to developing a financial technology brand that revolutionizes the payment industry. The open payment platform helps merchants with an APP to process credit card transactions and e-wallet payments in brick-and-mortar stores and online.
The Yedpay system uses cloud technology and ensures data security. It has obtained PCI DSS payment industry security standard level 1 certificate since 2017, and obtained ISO/IEC 27001:2013 information security management system certification international standard since 2018.
Yedpay integrates electronic payment technology into traditional culture, including created the first cashless market in Hong Kong, changed the payment method of the taxi industry to go digital, and organized the Cheung Chau Bun Festival for the first time to enable more than 100 merchants on the island to accept digital payments. The whole process is linked to Yedpay, and it is the first time to electronically transform Fa Yuen Street merchants in the form of full digital payment, etc.
From 2023 onwards, Yedpay will focus on ASEAN, with Thailand as a leader, and radiate ASEAN. Yedpay will also launch diversified financial products, merchant e-wallets from collection to remittance, and strive to build an ASEAN Payment Hub to implement ASEAN, Hong Kong, Taiwanand China with the same pace for digital.
About Venture Cap
Venture Cap, held by ASL Securities, Thailand leading online securities which has 25 percent of the shares owned by Thai Government Savings Bank. ASL Securities Co., Ltd. established by Mr. Chanchai Kultavarakorn together with a professional management team in the securities industry and investment banking for more than 30 years of experience. With a registered capital of 696 million baht
ASL received permission for securities activities from the Ministry of Finance on August 5, 2014under section 90 of the Securities Exchange Act 1992. Which came into force on 5 January 2015. Was authorized for derivatives business under Section 9 and Section 16 of the Derivatives Act of 2003 by the Securities and Exchange Commission (SEC) on August 7, 2014performed on 16 January 2015. Approved membership number 50 by Børsen by Thailand.
By using the name “ASL” to start sending trade orders as a member of the Thailand Stock Exchange page 18 May 2015.
Services with experienced team leaders in the capital markets, computer systems and online trading program, research teams with skilled analysts as well as stability in the operational process.
About Hong Kong Polytechnic University
The Hong Kong Polytechnic University (PolyU) is a home for educating thinkers, discoverers, innovators and communicators in delivering positive impact. We are committed to nurturing tomorrow’s leaders today, through a holistic education that gives graduates unrivaled placements to thrive in local communities, industries and companies.
We strive for interdisciplinary research and impactful innovations to meet real challenges. Our researchers develop ground-breaking ideas, promote sustainability, lift economic performance and improve the lives of communities for the benefit of Hong Kongthe nation and the world.
About Easylink
Easylink payment network (Hong Kong) Company Limited and Macau Branch（Easylink）are subsidiaries of China UnionPay and wholly owned by UnionPay Commerce. They are independent legal entities of high-tech business and registered in Hong Kong and Macau. Easylink is a professional electronic payment service provider.
Easylink is a professional electronic payment service provider. Using the resource to access the China UnionPay interbank information exchange system, combined with advanced payment technology and professional financial services, Easylink has the advantage of establishing China’s most powerful electronic payment CUP card for professional services. Under the supervision of China UnionPay, Easylink offers CUP cards that receive professional service to customers in Hong Kong and Macau. Easylink provides service in Hong Kong and Macau since 2004.
About Cyberport
Cyberport is an innovative digital community with over 1,800 start-ups and technology companies. It is managed by the Hong Kong Cyberport Management Company Limited, which is wholly owned by the Hong Kong SAR Government. With a vision to be the hub for digital technology and thus create a new economic driver for Hong Kong.
Cyberport is committed to nurturing a vibrant technology ecosystem by cultivating talent; promote entrepreneurship among youth; support start-ups on their growth journey; promote industrial development by promoting cooperation with local and international partners; and integration of new and traditional economies by accelerating digital adoption in the public and private sectors.Cyberport is focused on facilitating the growth of major technology trends such as FinTech, smart living, digital entertainment/eSports and cyber security, as well as the the new technologies of artificial intelligence (AI), big data and blockchain, to promote the transformation of Hong Kong into a smart city. With a team of dedicated professionals offering versatile, value-added services, state-of-the-art facilities and smart workspaces to support our digital community, Cyberport is now the flagship of Hong Kong’s digital technology industry.
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SOURCE Yedpay
