I ran into an old friend at a fintech product launch the other day. He is Mok Chui-tin, LeTV’s former chief executive for the Asia-Pacific region. He moved to the United States to develop internet electric cars last year but returned to Hong Kong recently.
He joined EFT Solutions (08062.HK) and also became the chief executive of the newly-established 18 Financial.
EFT Solutions has recently launched its e-payment platform MobiCloud System after eight months of preparations. Its partners include Hong Kong Airlines, China Link, Chu Kong Passenger Transport and several other companies.
EFT Solutions has positioned itself as the link between electronic fund transfer at point-of-sale (EFT-POS) terminal manufacturers and acquirers (acquiring banks or payment processors).
It provides EFT-POS terminal and peripheral device sourcing and EFT-POS system support service. It now controls nearly 60 percent of the Hong Kong market, including over 80 percent of the large chain retailers and department stores in the city.
For example, the ticket-selling machines installed at Lok Ma Chau and Luohu Port, which accept Alipay and WeChat Pay, use MobiCloud technology developed by the company.
EFT is set to benefit from the booming e-payment market in Hong Kong where the number of players is increasing.
On the other hand, 18 Financial intends to apply for a virtual banking license and launch various internet-based financial products.
The company intends to make heavy investment in AI, big data and clouding services. As for the specific products the firm is going to roll out, Mok said he will release more details later on.
This article appeared in the Hong Kong Economic Journal on Dec 27
Translation by Julie Zhu
[Chinese version 中文版]
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