In recent years, the introduction of the increasingly comprehensive cross-border payment and settlement mechanism has been used for covering multiple currencies and has been marked as an important step to further expand the financial co-operation across the globe.
To cope with this increasing demand and to promote the safety and efficiency of foreign currency payments, BitSpark a Hong Kong based Fintech Company has been providing a bank-less alternative for de-risked money transfer business since 2014.
Currently, BitSpark is a leading financial company where business individuals are able to buy and sell worldwide currencies efficiently at a better rate by using stable coins, crypto currencies pegged to fiat assets. Through BitSpark’s secure web and mobile platform or premium service, the individuals are also able to pay out to banks and cash pick-up shops in the Philippines, Indonesia, Ghana, Nigeria and Vietnam by leveraging cryptocurrency without any exposure or prior knowledge.
George Harrap, the CEO of BitSpark is from an Electronics Engineering background and has been involved in Bitcoin since 2011. He has also been involved in every aspect of the market and seen it grow and mature. George has a deep knowledge and understanding of the Blockchain technology, the market and the use cases while engaged in the Fintech space through consulting on a few projects with fortune 500 companies. This has led him to eventually launch a very own startup company, Bitspark.
Today under the leadership of George, BitSpark has won numerous international awards and is the pioneer in the bitcoin/blockchain remittance space which is rapidly expanding to cater new customers and geographies.
Additionally, as a general speaker at Hong Kong and at overseas financial technology events, he is dedicated to spread the knowledge and understanding of some of the breakthroughs accomplished in the Fintech industry. He is also particularly identifying the use cases and conveying these to his audiences in the best way possible.
Maxine Ryan is a Hong Kong based entrepreneur who is passionate about freedom of financial services for people. In 2014, she Co-founded Bitspark to help business owners send money better via cryptocurrency solutions worldwide. She worked along with her team members to launch ICO, $ZEPH, a rewards token for Bitspark’s 180+ pegged cryptocurrency network whereby users of networks are incentivized via rewards and the company contributes buybacks to the market via its profits. Maxine also frequently speaks at tech and finance events, has been featured in Bloomberg Live and listed in Forbes 30 under 30 in 2018.
Leveraging Crypto Currencies and Vaults
Traditionally, money service businesses require a bank account in order to operate regardless if a person owns a store front or an online remittance platform. But the Derisking practices have made it increasingly difficult for these businesses to operate or to even exist. Therefore, BitSpark has created a solution that leverages crypto currencies and vaults for businesses to operate as a money transfer operator without the need of a bank.
On the other hand, MSBs would normally need to prefund balances to transfer money via wire transfers which are also costly and time consuming. The conversion and settlement of currencies exchange rates are dependent on banks, correspondent banks and layers of brokers and distributors. With the help of BitSpark solutions, MSBs can be used to prefund cash or crypto currencies such as Bitcoin and can be able to settle transaction in fiat currency in a normal way. BitSpark is leveraging the 24/7 crypto market to settle transactions and obtain rates that are typically above mid-market by 1-4%.
Being a pioneer in the blockchain remittance space, BitSpark is dedicated to ensuring the switch to using cryptocurrencies for remittances is as convenient and seamless as possible; even for those with very little exposure or knowledge about cryptocurrency. Since there are limited formal channels for businesses to choose cryptocurrency, therefore BitSpark is providing options and solutions for businesses that are seeking faster and more cost effective ways to transfer money into their account. Hence, BitSpark uses pegged cryptocurrencies to directly convert between currencies which are extremely beneficial for exotic currencies that typically require conversion against a G20 currency such as the USD. This reduces the need for middlemen which will significantly reduce the cost to send money for end-customers.
Since its inception into this disruptive market, BitSpark was the leading company to conduct a cash-in and cash-out remittance. But today, there is a growing demand in the usage of crypto currencies for remittance purposes and several crypto remittance companies are entering into the market. However, BitSpark is unique in the sense that it can accept cash as a method of deposit, which isn’t offered by several companies. Additionally, it has the ability to create stable coins pegged to the national fiat and cross huge barriers of entries among other traditional players.
BitSpark’s goal is to build an international network of inclusion points that allow customers to buy and sell cryptocurrency using both fiat and digital assets. The vision of the company is to enable any user to update a balance, convert to any currency and cash-out at any inclusion point. Focusing on the vision of the company, George states “A key indicator of success would be when customers are able to make micropayments more frequently without incurring high cost in underserved countries.”