30 Most Innovative Companies 2017
The ability to transact As the Internet bombarded the world at the turn of the century, it began a redefining moment for mankind. With the Internet boom, the ability to conduct financial transactions online opened new dimensions to businesses. With a strong belief that there will be tremendous business opportunities in Internet and electronic payment industry in years to come, Joseph Chan founded AsiaPay in 2000.
Joseph Chan, with his management team, spearheaded the AsiaPay to become one of the most successful electronic payment service and technology company in Asia. He started the first high-quality third-party payment solution and technology firm. He molded the company business strategies and product development and led AsiaPay to become what it is today.
With a philosophy that says, â€œLearn to dance in the rain and bloom brilliantly,â€ Joseph Chan presents his long-term vision to operate a socially responsible company that will continually provide individuals and corporate entities with newest product values.
Initially, merchants needed to source and integrate electronic payment types individually demanding substantial resources and know-how. They also faced considerable challenges on enforcing necessary data security and managing fraudulent payment activities and risks. This is where AsiaPay stepped in and has realized that retailers need to be efficient and cost-effective to meet the consumersâ€™ demands.
Enabling the digital Shift
Being a certified 3D- Secure vendor ACS/MPI, AsiaPay offers valued bank and payment platform with an array of customized e-Payment solutions. It all began with AsiaPayâ€™s first product, PayDollar. It provided one-stop integrated comprehensive payment processing for merchants in Asia. It also spread across various prevailing alternate payment methods and channels.
As a premium e-payment service provider, AsiaPay built up its expertise and technology in payment fraud prevention. And so, it has developed and provided its bank and merchant clients with necessary cost-effective fraud detection and prevention tools to mitigate business risks and minimize financial losses. AsiaPay is certified with Level 1 Payment Card Industry Data Security Standard (PCI DSS). Its bank-grade security is recognized by acquiring banks and card associations worldwide.
The customers are immensely thrilled to use the services of AsiaPay. Hear it from SaSa, the largest cosmetic group in Hong Kong that adopted AsiaPay, â€œWe have not only attained significant cost savings but also substantially enhanced our services our customers with more payment options with enhanced security, appreciate their tireless efforts in meeting our needs and pro-activeness in adding value to their service.â€
AsiaPay has Online Purchase Installment services in Hong Kong with a partnership with Citibank, Bank of China, and HSBC that explores an online interest -free shopping experience. In Thailand, it has easily enabled customers to finish payment using Line Pay. AsiaPayâ€™s â€˜MasterPass Express Checkoutâ€™ e-Wallet service offers online and mobile merchants for many countries.
Additionally, AsiaPay has also partnered with WeChat and AliPay. Clients can collect WeChat and AliPay Offline Payment (mPOS) for retail and face-to-face sales by simply installing AsiaPayâ€™s mPOS App and opening a PayDollar merchant account. Clients can scan the WeChat QR payment code and receive payment directly from their customers.
Expertise and Assets
â€œAfter 17 years of starting this business, we have expanded over 16 countries and more to come. We strongly believe that we will continue to grow stronger,â€ says the CEO. Today, with more than 120 workforces and spread out over 16 countries, AsiaPay is well accepted in the market as one of the leading payment gateway service and technology providers. It is widely adopted by almost 10,000 advanced e-Businesses and close to over 100 banks and financial institutions.
Of course, there have been challenges on the way. One of the major challenges was gaining trust from international banks and partners in new markets for business collaboration. Over time, the company branched out successfully but, even today it continuously refines and upgrades its payment products over time. It enhances its security technology, and also introduces new products according to customerâ€™s requirements and needs.
Regional expertise and expansion are one of the biggest assets that AsiaPay values. Continuous product research and development and an emphasis on risk management are important criteria that the company looks into. Innovation with an excellent HR team is another advantage that has contributed to its growth.
For a successful global branch out, AsiaPay believes that e-payment solutions offered by retailers need to address the specific needs of local consumers in their target markets. Retailers also need to equip themselves with online payment solutions in order to stay competitive, says the CEO.
Awards and Recognitions
Joseph Chan was appointed by HK Trade Development Council as a member of ICT Advisory Committee, and was awarded â€˜China Outstanding Innovative Entrepreneur Awardâ€™. He was also awarded the â€˜Asia Pacific Entrepreneurship Awards 2013 as the Most Promising Entrepreneurship Award.â€™ In 2017, AsiaPay received the Stars of China Awards for Innovation in Payments. It also received the Best Payments Solutions Provider Pan Asia 2017 by Global Banking & Finance Review. This indeed speaks volumes about the company.
AsiaPay already has a comprehensive and user-friendly Online Payment solution for customers and businesses in Russia, Taiwan, Japan and Europe. It aims to expand its footprint in the market through its coverage, as well as new payment solution R&D a couple of years from now.
Meet the Pioneer of AsiaPay
Joseph Chan is the Founder and CEO of Asia Pay. Prior to AsiaPay, he took various management positions at Barings, Citibank N.A., Bank of America and Dah Sing Bank. After receiving his Bachelor of Science degree and Master of Economics degree from Monash University in Australia, he held successive positions in banking and finance industries. Joseph has consolidated his expertise and experience in strategic planning, management and implementation of financial, electronic banking, Internet, and mobile product services and systems in Asia. He actively participates and contributes to the development of e-Commerce and e-Payment in the community and is an active member of various renowned associations in Asia.
â€œEnhance the way you process payments with AsiaPay.â€
â€œWe provide corporate entities with latest electronic payment values that readily enhance maximize business opportunities, efficiency and productivityâ€