Bitspark, a Hong Kong fintech, operates a cash-in cash-out platform leveraging Bitcoin to offer remittance services in Philippines, Indonesia and Vietnam

Country: Hong Kong
Year: 2014bitspark logo
Launched in November 2014, Bitspark offers a web-based platform for licensed money remittance businesses.
The platform uses bitcoin for its international network to send, receive and manage remittance services globally. Bitspark also provides clients with customer due diligence, storing historical data and detailed analytics services to evaluate and enhance their businesses performance.
Bitspark was one of the selected fintech companies joining Accenture’s FinTech Innovation Lab Asia-Pacific 2015 and winner of Innotribe 2015 Singapore Semi-Finals.

Concept

  • Currently a B2B company, Bitspark enables lower remittance costs for businesses to send money to other businesses abroad. Meanwhile, the company is setting up plans to help individual senders of remittances via its up-coming Bitspark Remit mobile application.
  • The company offers cheaper payment services than traditional Money Transfer Operators (MTOs) because it’s leveraging bitcoin technology to make money transfer between two parties without the need for the banking networks or systems.
  • Key Figures:
    • Funding received = $41k in 1 round from 1 investor;
    • Cash-out locations = more than 100,000+;
    • How long the money transfer takes = few hours for pick-up locations, 1 day for bank payment.

Consumer Benefits

  • B2B integrated services: The Bitspark B2B remittance services contains not only payment solutions, but also the market leading exchange rates, enterprise security, business analytics tools and compliance automation.
  • Cost-Efficiency: The platform utilizes bitcoin technology to transfer money internationally which make transfer cost much cheaper than conventional transfer systems.
  • Customization: The API allows users to integrate the global cash payment system to their existing payment systems.
  • Licensing: The platform is mainly for licensed money remittance businesses. Clients must follow the internal AML and KYC procedures under Hong Kong laws.

How It Works

  • Login to the account.
  • Fill in the required compliance details.
  • Top up the account balance.
  • Begin remittance transfers on the website and other devices including smartphones and tablets.
  • Monthly subscription fee per user basis.

Video Illustration

https://www.youtube.com/watch?v=Okes-w0HR3k

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