The world of business is undergoing rapid transformation as Financial technology (FinTech) solutions change the way payments are channeled and received, and how transaction records are stored. Developed countries around the world are inexorably moving towards cashless societies while expectations of customers, merchants and businesses are expanding; they demand secure, reliable and function rich payment options.
Financial Technology solutions provide more convenience and transparency, while also connecting the financial world in real time. However, delivering technology solutions is easier than delivering a financial service, which involves inconsistent and unpredictable human emotions, arbitrary regulations and constantly evolving systems.
AsiaPay is a payment services provider that has overcome these challenges in some of the most fragmented, poorly-regulated and complex Asian economies to become one the largest e-payment companies in Asia.
Outstanding Products and Services
AsiaPay is an accredited payment processor and payment gateway solution vendor. The company caters to banks, is a certified IPSP for merchants, and a certified international 3-D Secure vendor for Visa, MasterCard, American Express and JCB.
Some of the flagship products of the company include its international credit card, the China UnionPay (CUP) card, a debit card and other prepaid cards. These flagship products, together with its established reputation for reliable and secure services, have allowed AsiaPay to gain a strong foothold in the Asian market.
Today, the company has headquarters in 16 Asian countries, including India, mainland China, Thailand, Philippines, Singapore, Malaysia, Taiwan, Vietnam and Indonesia, as well as in Australia. It aims to become the world’s leading player in electronic payment services and financial technology in the near future.
A Focused and Clear Vision
AsiaPay has achieved tremendous success in a short span of time. A large part of the credit goes to its founder, Mr. Joseph Chan, who is also the CEO of the company. He established AsiaPay in August 2000 and led both management and product development during the challenging early days.
He today contributes to the company by focusing on strategic planning and management in the areas of finance, electronic banking, and internet and mobile product services. Joseph has also contributed to the growth of the industry by filling the role of an inspirational and insightful leader. His contributions to the industry has been recognized with various awards and commendations, including an appointment as a member of ICT Advisory Committee by HK Trade Development Council and the “China Outstanding Innovative Entrepreneur Award”. He has also received honorary recognition with the “EY Entrepreneurship Award 2013” and “World Business Leader 2017 Award”.
Joseph continues to take AsiaPay forward with a focused and clear vision of growth to guide the company to becoming a leading global electronic payments facilitator.
A Testimony to Excellence
The leadership team at AsiaPay continues to find new ways to innovate and stay ahead of the curve in a challenging industry. The company has recently introduced a product which demonstrate the strategic mindset at the company: PayDollar.
This product has, in a short span of time, proven to be highly successful and overwhelmingly popular with their clients. PayDollar has been integrated and adopted by SaSa, the largest cosmetics group in Hong Kong. SaSa has found this product to be very useful and cost effective, as reflected in its testimonial:
“We decided to switch to AsiaPay to achieve cost savings and improved availability. We have not only attained significant cost savings, but also substantially enhanced our services by giving our customers more payment options with enhanced security. We appreciate AsiaPay’s tireless efforts in meeting our needs and pro-activeness in adding value to their service”.
Unique Experience and Alternative Methods
Global technology trends are pushing companies to create solutions which provide customers with more autonomy, increased flexibility and an intuitive experience. AsiaPay believes these are the key characteristics to consider when developing successful financial solutions.
The company is introducing new solutions to the market which provide a simple, direct, humanized and frictionless experience. The leadership at AsiaPay is also investing heavily in security in order to face the battlefield of uncertainties characteristic of the digital era.
AsiaPay has been compliant with PCIDSS (Payment Card Industry Data Security Standard) Level 1 since 2006. The company is also a leader in the industry when it comes to delivering fraud management and tokenization services while simultaneously developing White-label Solutions.
In the near future, the company plans on developing original and secure solutions which integrate cloud computing, AI, biometric authentication, Blockchain technology and much more.
National economies around the world are following the lead of countries like Sweden to move towards becoming cashless societies. This will open up huge opportunities for payment providers and will create an exciting and vibrant future for customers as well as businesses.
In turn, this is likely to shift the competition in the third-party payment industry away from retail and towards commercialization. The introduction of Big Data will also open up multiple forms of financial solutions and services.
Companies like AsiaPay which have displayed a strong focus on product development for the digital era and have also made significant investments in the expansion of the services that they offer, will likely find themselves in a dominant position in the industry globally.