BlueOcean Pay is a cross-border mobile payment aggregation platform from Hong Kong and Shenzhen, which mainly provides cross-border mobile payment services for Chinese tourists, including Hong Kong, Europe and the United States. In addition, BlueOcean Pay provides value-added services for merchants, helping them build official accounts and e-commerce ecosystems. About BlueOcean Pay BlueOcean Pay was established at the end of 2017. BlueOcean Pay is a cross-border mobile payment aggregation platform that mainly provides cross-border mobile payment services for Chinese tourists. It provides POS connection to the Tencent system to make domestic RMB deductions, and China Construction Bank conducts currency settlement, which is then settled to overseas merchants. In addition, it also provides value-added services for merchants to help them build official accounts and e-commerce ecosystems. About the Team In terms of the team, Managing Director Sun Guojian holds an MBA from Renmin University of China and has 20 years of experience in the TMT industry. He was the founder and CEO of ipiao.com and the CEO of Hong Kong SMS platform GINSMS. Luo Yiqin co-founder Luo Junxiang graduated from the Business School of the University of California, Berkeley, and worked at HSBC and private equity funds. BlueOcean Pay shareholders include a well-known Hong Kong family fund, which owns a number of listed companies, real estate, hotel and other resources, and its business covers mainland China, Hong Kong, Europe and North America. Payment Process Overseas payment requires several key links. Taking WeChat as an example, from the perspective of business process, outbound tourists use WeChat to make cross-border payments overseas. BlueOcean Pay provides POS (payment settlement system) connected to Tencent system to deduct domestic currency, and China Construction Bank enters currency settlement (T+2), and then settles to overseas merchants (T+3). In the Hong Kong market, BlueOcean Pay has a Hong Kong MSO license (money service license) and cooperates with CCB in settlement to speed up settlement. Its payment system is self-developed, including payment and clearing systems, activity analysis and POS systems, etc. It also aggregates the payment and refund functions of WeChat and Alipay, supports one-click application for global accounts, WeChat Moments advertising and other functions. Managing Director Sun Guojian said that the POS system has multi-layer calculation functions, so it can provide real-time profit sharing calculations for lower-level agents. Main profit BlueOcean Pay mainly makes profits through handling fees. In the Hong Kong market, BlueOcean charges an average fee of 1% per transaction, which is about 20% lower than UnionPay's fee. Development History -At the end of 2017, BlueOcean Pay was established. -In January 2018, BlueOcean Pay started its business in Hong Kong, achieving a transaction volume of HK$180 million within 10 months, and a total of 150,000 people have used the service. -In early 2018, BlueOcean Pay officially became an official partner of WeChat Pay, and has since become the payment channel for major domestic cross-border e-commerce platforms in Hong Kong. -In March 2018, BlueOcean Pay completed its angel round of financing. -As of January 2019, BlueOcean Pay has provided high-quality services to large and medium-sized high-net-worth chain enterprises, including Marriott Hotels, Snacks, Broadway Appliances, Xuliushan, Prince Watches, Tang Palace Xiaoju and other well-known brands). -In February 2019, BlueOcean Pay completed a multi-million dollar Pre-A round of financing, led by HBCC Hong Kong-Beijing Co-Creation Fund, followed by Molecular Group, IMO Ventures, and Asia Phoenix Investments. Impression Capital and ACH Worldwide served as financial advisors for this round. -In September 2019, BlueOcean Pay officially announced a strategic partnership with China Youzan to complete the cross-border payment channel + WeChat mini-program SaaS system to meet the continuous consumption and shopping needs of Chinese tourists and overseas local residents, and jointly create a smart new retail for cross-border consumption scenarios. |
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