{"id":17607,"date":"2018-05-17T00:00:00","date_gmt":"2018-05-17T00:00:00","guid":{"rendered":"https:\/\/www.bbs.unibo.it\/how-china-is-leading-fintech-innovation-in-mobile-payments\/"},"modified":"2020-02-28T14:23:56","modified_gmt":"2020-02-28T14:23:56","slug":"how-china-is-leading-fintech-innovation-in-mobile-payments","status":"publish","type":"post","link":"https:\/\/www.bbs.unibo.it\/en\/how-china-is-leading-fintech-innovation-in-mobile-payments\/","title":{"rendered":"How China is leading fintech innovation in mobile payments"},"content":{"rendered":"<p>During the fourth Innovation Talk of the Sring Edition, <strong>Candice Koo<\/strong>, the Co-founder and Managing Director of CANCAN Global Payments and promotions, introduced the topic of China\u2019s contribution to mobile payment innovation, and presented her company, an integrated technology platform that enables mobile payment on a global scale and which\u00a0<b>is currently used by 1.4 billion people in 47 countries<\/b>.<\/p>\n<p><!--more--><\/p>\n<p><b>China\u2019s contribution to mobile payment innovation.<\/b><\/p>\n<p>In China mobile payments caught on quickly,\u00a0becoming on a fast pace<b> a cashless society<\/b>.\u00a0<span style=\"color: #000000;\">\u201c<\/span><i style=\"color: #000000;\">China is where I believe the innovation is happening, an innovation that drives transformation of the financial sector through payments technology, impacting the daily lives of people and giving them ever greater access and variety in financial services,<\/i><span style=\"color: #000000;\">\u201d tells Candice Koo during her speech.\u00a0<em>&#8220;M<\/em><\/span><em>obile payment has really reached all corners of society, so deeply, that there has been cases of beggars accepting mobile payment while begging on the street.&#8221;<\/em><\/p>\n<p>In terms of revenue generated, mobile payment companies are estimated to reach\u00a0<strong>1 trillion US dollars in revenue in 2018<\/strong>, and will <strong>surpass the 1 trillion mark in 2019<\/strong>. This trend is much clearer\u00a0if we consider that in 2010 <b>cash transaction<\/b> represented 61% of overall retail spending, and <b>are projected to decrease to 30% by 2020<\/b>. Moreover for the first time in 2017, there were fewer ATM machines in circulation than the previous year.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/dPcA0xw8a-0\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>The Chinese market of mobile payment services in sow divided between two\u00a0giants: <b>Alibaba<\/b> which is a parent of <b>Alipay<\/b>, and <b>Tencent<\/b> which is the parent of <b>WeChat Pay<\/b>. These two are are amongst the world\u2019s most valuable in the sector, right after Apple and Microsoft.<\/p>\n<p><i>\u201cAlipay<\/i><i> is a system built around speed and convenience, <\/i><i>WeChat Pay<\/i><i> is a system built on social interaction,&#8221; <\/i>explains Candice Koo.<i> &#8220;<\/i><i>Together they give us two of the most important achievements of digital technology: <\/i><em>Convenience and Community.&#8221;<\/em><\/p>\n<p>The Chinese model is a network of services enabled by technology, with mobile payments serving as an axis of that network.\u00a0It is a system that reduces <strong>traditional frictions<\/strong> in the financial system, not so much by eliminating the actors and going direct to consumer, but by making those actors partners in the network to serve the consumer.<\/p>\n<p>&nbsp;<\/p>\n<p><b>The foundation of CANCAN as a startup company with a small team <\/b><\/p>\n<p>In 2015 the fintech sector was still very new, but Candice and her business partner couldn\u2019t ignore that something big was happening in China. \u00a0Although the opportunity to achieve something in this space was not clearly written, it was for sure a chance to grab.<\/p>\n<p><i>\u201cMy co-founder at CANCAN who comes from the air travel and media industry saw an opportunity to leverage the Chinese mobile payments platforms to market to Chinese tourists traveling on airlines and transiting through airports, and sought out Alipay and WeChat Pay for partnerships to see what we can do in that space.&#8221;<\/i><\/p>\n<p>Those first conversations proved to be decisive in confirming the opportunity, the\u00a0business plan and positioning of CANCAN. It turned out that Tencent was so focused on China, that they were not thinking of expanding their platform overseas to serve Chinese tourists; and the\u00a0conversations with Alipay made clear\u00a0that there was no-one addressing global companies as a whole.<\/p>\n<p>This is why CANCAN decided to conceive\u00a0a <b>platform with an universal API.<\/b>\u00a0We work with global retailers to give them one solution that can accept QR code payments in their store network from any provider.<\/p>\n<p>&nbsp;<\/p>\n<p><b>A few advices to BBS students\u00a0<\/b><\/p>\n<p><i>\u201cThere are many fintech companies out there who are looking for people like you, so don\u2019t be afraid to approach them. <\/i><b><i>Experience is not so relevant<\/i><\/b><i>, it\u2019s about the willingness to learn, the passion to make a difference, the <\/i><b><i>desire to build the future <\/i><\/b><i>instead of revisiting the past or sitting on your laurels,&#8221; <\/i>concludes Candice Koo addressing the audience in the Aula Magna of Villa Guastavillani.<\/p>\n<p><em>The first advise I would like to give you is to go and <b>visit China<\/b>. See for yourself what is going on, this \u201cfinancial\u201d life that is sweeping the country.\u00a0Secondly, <b>form your own\u00a0opinion about technology<\/b>, about financial technology. It\u2019s important because fintech is impacting our world, and accelerating the speed at which our societies are moving, changing, evolving in many regards.\u00a0Thirdly and finally,<b> keep an open mind<\/b> about your own journey. You may have preconceived ideas about where you want to work but\u00a0there could be new possibilities that did not exist at the time when you were first deciding whether or not you should go to business. \u201c<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>During the fourth Innovation Talk of the Sring Edition, Candice Koo, the Co-founder and Managing Director of CANCAN Global Payments and promotions, introduced the topic of China\u2019s contribution to mobile payment innovation, and presented her company, an integrated technology platform that enables mobile payment on a global scale and which\u00a0is currently used by 1.4 billion [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[92],"tags":[],"rubrica":[],"class_list":["post-17607","post","type-post","status-publish","format-standard","hentry","category-news-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How China is leading fintech innovation in mobile payments | BBS<\/title>\n<meta name=\"description\" content=\"Candice Koo, Co-founder and Managing Director of CANCAN Global Payments &amp; Promotions explains the Chinese contribution to Fintech and Mobile Payments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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