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Payments On the Go – Remitsy in Shanghai

Oliver LompartOliver Lompart

Shanghai, China fintech, payments, Remitsy, startup payments to China

Remitsy blockchain-powered payments travelling to Shanghai

Here at Remitsy, we’ve always believed in payments on the move. This has never been more true than the last two weeks when Remitsy have participated in SILK Ventures intensive acceleration program in China. Together with a select group of innovative startups from UK, we had a chance to go to Shanghai to present Remitsy to a wide range of enthusiastic payments experts, investors and fellow innovators. Here are some of the highlights! Enjoy 🙂

Massive Mobile World Congress in China

Remitsy, Richard Bensberg, paying subcontractors in China, SME, booth at MWCS

Richard Bensberg, CEO of Remitsy, talks to a visitor at MWCS 2016

First event was Mobile World Congress Shanghai (MWCS). MWCS is one of the largest mobile industry events in the world and largest in the Asia. More than 53,000 participants attended this year. We were there presenting our blockchain powered payments to China in the “4 Years From Now” (4YFN) startup hall.

Why Are Payments to China So Hard?

Before we went down to Shanghai to present Remitsy we were asking ourselves how we could get people’s attention at this massive mobile congress with over 1,000 other exhibitors. Without a physical product, let’s be honest – payments can’t compete for your attention with the latest drones or VR equipment.

business payments to China, Remitsy, sending money to China, hidden fees, startup payments to China

Businesses are losing millions on payments to China. Don’t be part of this statistics!

Instead of putting our heads in the sand, we developed a simple application showing how much businesses around the world are losing on their transactions to China in real time. That got people stopping by to ask questions. And we were more than happy to explain how Remitsy can help over a cup of fresh coffee that is becoming a Remitsy trademark.

Mobile World Congress Without Mobile Payments

This year’s MWCS theme was “Mobile is Me”, but the event wasn’t as mobile friendly as we wished for. Spoiled by our daily mobile experiences in China I tend not to bother carrying my wallet anymore – just keys, metro card and phone. With Alipay and WeChat Pay accepted everywhere I don’t need to carry anything else. Mobile payments are seamless and cash has retired in China! But, well… has it? Shops and restaurants at MWCS, the world’s showcase of the best in the mobile, caught us out when we were told that mobile payments were not supported!

Startups Looking for Payments to China

After MWCS was over we had a short stop at ChinaAccelerator, an incubator helping foreign companies to succeed in China. Having presented our payment solutions to some creative startups and investors, we found our Mass Payout feature in high demand! It’s great to know that startups are among the customers that we can help the most. Startups expect their solution providers to use cutting-edge technology, but also demand cost savings from all their suppliers – needless to say, Remitsy couldn’t have suited them better.

Richard Besnberg, Remitsy, business payments to China, innoX, startup, fintech

Richard Bensberg, CEO of Remitsy, presents business payments to China at innoX in Shanghai (Picture from China Daily article)

Next day we travelled a bit further to Jiading New City in Shanghai where InnoSpring prepared a “Special show for innovative British startups”. This event was part of the fifth innoX Innovation Star Show. innoX aims to select innovative high-tech projects on a global scale and encourage innovation. With a different audience demographic, our CEO Richard Bensberg launched into his best Beijing accent to demonstrate that the whole Remitsy team are cross-border in all senses of the word – not just payments!

Remitsy Back to Beijing

The program then followed with more events and meetings in other cities. We joined SILK Ventures and rest of the guys at our home base in Beijing. We would like to express sincere thanks to SILK Ventures for the opportunity to be part of the acceleration program and having a chance to meet and talk to interesting people from inspiring companies.

Other startups that have participated in this program:

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