Rapyd, the global FinTech-as-a-service platform that helps businesses collect and disburse money via locally preferred payment methods, today announced it has appointed Richard Oh and Larry Lee as its APAC Senior Director of Network Management and Senior Director of Network Growth and Optimization, respectively. These strategic hires support the company’s strategy to expand operations and infrastructure in Asia Pacific, with an emphasis on strengthening the Rapyd Global Payment Network. Both executives join Rapyd from PayPal and will be based in Singapore. Together they bring close to four decades of extensive international experience in senior positions across FinTech and technology industries. These appointments follow the announcement of a $40 Million investment received by Rapyd in its recent Series B round led by General Catalyst and Stripe.
Richard Oh brings nearly 20 years of experience from PayPal and eBay where he was part of the core payments and partnerships team. During his tenure at PayPal, Mr. Oh was responsible for building the payments backbone of PayPal’s business, expanding PayPal’s payment and disbursement capabilities across Asia Pacific, Latin America, and the emerging markets. Having spent most of his career building international payments, Mr. Oh will be tasked to further grow Rapyd’s network-of-networks through partnerships and ensure users in every APAC market can pay and be paid with locally relevant payment methods.
Larry Lee joins Rapyd after spending 14 years across PayPal and eBay, where he held key responsibilities including geographic expansion, cross border trade, partnerships, regulatory licensing, financial operations, and corporate structure and governance. In his most recent role as Director of International Licensing, he helped develop market entry strategies for PayPal and was responsible for a portfolio of payments and e-money licenses for the international business. In his new role at Rapyd, Mr. Lee will work closely with Mr. Oh on the expansion of network partnerships, while ensuring Rapyd is able to navigate complex regulatory frameworks across a diverse international footprint and enable our customers to scale their businesses globally with ease.
“Richard and Larry join Rapyd at an inflection point of our global growth, and their expertise will be essential as we build out the Rapyd Global Payment Network,” said Joel Yarbrough, Rapyd’s VP, Asia Pacific.
“They are both recognized international business leaders and understand the unique challenges of scaling payments in Asia and globally.”
“Richard is literally a veteran of ‘the PayPal Wars’ that resulted in eBay acquiring PayPal, and he has truly seen it all. That experience is invaluable as we forge strong network partnerships globally and across the region to make going ‘local’ simple for the largest platform companies in the world.”
“Larry has invaluable insights on the licensing, regulatory, and treasury management structures that will help us establish a highly scalable platform that will enable us to keep up with and accelerate growth for the most innovative companies in the world.”
Rapyd already offers over 500 alternative payment methods such as real-time bank transfers, cash-in-store, e-wallets, and local card networks in 100+ countries, with plans to significantly expand its network capabilities and use cases in 2019 and 2020, extending its disbursement, compliance, foreign exchange management, and issuing solutions.
One of the latest milestones for network capabilities expansion in Singapore was Rapyd’s partnership with OCBC Bank to enable real-time bank payments for Singapore consumers and online retailers. The partnership leverages PayNow, Singapore’s national peer-to-peer funds transfer service, enabling OCBC Bank customers to make real-time bank transfers using the OCBC Pay Anyone app.
Fintech Startup, Paramount Financial Technologies, Announces Company Launch, Community Banks Sign-on as First Investors
Paramount Financial Technologies (PFT), a newly formed fintech startup, publicly announced today its company launch in New England with community banks as its first investors.
PFT helps community banks solve critical challenges like growing core deposits, improving branch network performance, increasing business relationships, and managing performance. One of PFT’s most popular tools, under the umbrella of its flagship product, MarketOpp 360, is their Branch Opportunity Grid, which helps clients understand which branches have the greatest opportunities for deposit and loan growth and provides a detailed guide for actions to take.
“Community banks are investing in us because our solutions have been market-tested for twenty years,” said Michael Purchia, President and Founder of Paramount Financial Technologies. “Since the early days of banking analytics, we’ve been building and refining our tools to provide time-sensitive solutions. We integrate client data with AI-based market intelligence and analytics so our clients can make the best business decisions.”
Timothy Felter, Chief Financial Officer of Newburyport Bank, said, “Our executive team is partnering with PFT for our New Hampshire expansion. Their commercial and consumer market intelligence, and on-the-ground insights, are invaluable.”
SOURCE Paramount Financial Technologies
Velotrade completes first cross border trade financing transaction into Mainland China with QEX
Velotrade, the account receivables financing platform, announces that it is actively executing cross border trade receivables transactions involving mainland Chinese companies.
The first deal involved trade financing for a transaction between a Chinese SOE and a medical equipment manufacturer, made accessible to Velotrade through the collaboration with Qianhai Financial Assets Exchange (QEX) owned by Ping An Group. It is also the first transaction which gives institutional investors on the Velotrade platform exposure to accounts receivable in the PRC. Velotrade is the first company of its type to obtain a Type 1 Regulated Activity licence from the Hong Kong Securities and Futures Commission.
Vittorio De Angelis, Executive Chairman & Co-Founder of Velotrade commented, “This is a transformational deal for Velotrade. We are the first company offering cross-border access to Chinese invoice financing. The deal was completed very soon after we announced our SFC licensing and underscores the pace at which the company is developing. We are building out our team in Greater China, and our relationship with QEX, also thanks to the synergies given by us being part of the Ping An fintech accelerator program, means that we are now able to offer a stream of similar transactions to institutional investors on our platform. We are delighted that Velotrade has been able to open the door for foreign institutional investors to Chinese trade receivables.”
Velotrade is a trusted source of non-domestic money with a streamlined onboarding process as it offers international investors on its platform an alternative channel of investment. At the same time, it also means mainland Chinese companies can now access this channel as well through QEX, which is beneficial for all parties.
The Vice General Manager of QEX, Zhan Yu Hong, commented, “Through launching cross-border trade transactions of debt-based assets such as accounts receivables factoring, QEX supports ‘One Belt One Road‘ and the development of Guangdong-Hong Kong-Macao Greater Bay Area, to provide better services for the real economy. The collaboration with Velotrade is an excellent example.“
Prior to this cross border offering by Velotrade and QEX, foreign investors have been unable to participate in onshore Chinese trade financing due to capital controls. However, the partnership between Velotrade and QEX means foreign investors can access Velotrade’s regulated platform. Through QEX, investors are participating as regulated Hong Kongentities, recognised by the People’s Bank of China, gaining direct access to the domestic PRC market.
Gianluca Pizzituti, CEO and Co-founder at Velotrade, added, “Since commencing operations in 2017, Velotrade has handled cross-border financing deals in Hong Kong, Mainland China, Singapore, Taiwan and Vietnam across a range of sectors, including the automotive, electronics, healthcare, retail and clothing industries. This transaction is an exciting example of our continued growth and a signal of things to come as we break into one of the largest and fastest growing markets in the world.”
Velotrade’s internet-based platform incorporates modern technologies to create efficiencies in the approval process that expedite financing. Additional identity verification and due diligence is conducted via the same technology platforms used by banks, meeting today’s strictest compliance standards.
Turkish Merchants Can Now Connect With Chinese Visitors via Alipay and ininal Partnership
Leading fintech company ininal becomes Alipay’s first partner in Turkey. ininal, Turkey’s leading new-generation payment platform and a subsidiary of Multinet Up, today announced its collaboration with Alipay, the world’s leading payment and lifestyle platform operated by Ant Financial Services Group, a related company of Alibaba, that Alipay will be available for Chinese mainland visitors at bricks-and-mortar stores in Turkey.
This service will be first available in the facilities of Dorak Holding, the tourism company who plans all activities for tourists and manages numbers of merchants throughout Turkey, serving more than 85% of Chinese tourists visiting Turkey. Merchants accepting Alipay include Turkish specialty retailers, hot-air balloons in Cappadocia, shops, hotels, and Turkish restaurants. Merchants can connect with Chinese customers with digital marketing via the Alipay app while Chinese tourists visit Istanbul and Cappadocia, and those customers can make payments by using the same Alipay app to scan an Alipay QR code displayed on card terminals at the checkout.
Through the collaboration between ininal and Alipay, while Alipay users pay in Chinese Yuan during their visits to Turkey, Turkish merchants will be able to receive payments from Chinese visitors in US Dollars at Dorak Tour locations. Later this summer, Turkish merchants will be able to receive payments in Turkish Lira at existing and new Multinet Up merchants including global chain restaurants and retailers. Multinet Up, ininal’s parent company and the leading financial services company in Turkey maintaining over 40,000 merchants, will utilize its experience in building a network and infrastructure to expand Alipay acceptability. ininal and Multinet Up will work in collaboration with Alipay to further expand the network across Turkey. Jewelers, luxury clothing stores, museums and duty free shops are expected to join in the near future.
“The collaboration with Alipay proves the success of our brand has attained in the last six years. Alipay is the most preferred payment method in China and is widely used by Chinese tourists overseas. The fact that Alipay is used more than cash, credit cards and debit cards is an important data demonstrating the satisfaction it creates. ininal will continue to work with powerful partners globally to bring advanced technology and services to Turkey,” says ininal CEO Ömer Suner.
Stating that the Chinese provided the highest increase in terms of not only the figures but also the tourist spending in Turkey, Ömer Suner continued: “We believe the payment convenience provided through this collaboration will increase the foreign currency that will enter our country and provide contributions to the reanimation of the economy.” In January 2019, a Nielsen report titled 2018 Trends for Mobile Payment in Chinese Outbound Tourism finds that Chinese tourists paid for 32% of transactions using mobile payment, overtaking cash for the first time, and that nearly 60% of merchants surveyed experienced growth in both foot traffic and sales after adopting Alipay.
“Alipay is finally coming to Turkey! We are excited to work with ininal to connect Turkish merchants with Chinese visitors before, during, and after their visit to this beautiful country, overcoming barriers of language and currency. We know our customers are attracted to the ancient and modern sights of Turkey, and the many different experiences it offers, from balloons, to bazars and beaches. As Chinese users’ preferred payment and lifestyle platform, we are always happy to introduce the best offers and must-visit locations of Turkey to our users through our platforms,” said Roland Palmer, Alipay’s Head of Europe, Middle East and Africa.
SOURCE Alipay; ininal
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