Offline Payment solution for retail CBDC
One of the key goals of the prevailing Central Bank Digital Currency is to address financial inclusion for the 1.7 billion unbanked population with poor Internet Infrastructure.
The ability to make offline payments without the Internet has been a challenge for central banks in the world.
With over 20 years of offline payment experience, we offer the only mobile offline payment solution in the world.
Business Development Milestones
2020: Integrated with Paypal wallets using Braintree
2020: Sandbox of e-CNY with HSBC Bank
2021: Bank of Thailand on cross-border CBDC
2022: Plan for CBDC pilot in the Greater Bay Area 2022: Candidate for CBDC development of e-HKD by HK Monetary Authority
Solution:
We enable the existing QR code payment to work offline without the Internet.
Our key target is the 1.7 billion unbanked population with poor Internet Infrastructure.
Retail CBDCs can establish a more inclusive financial ecosystem. They can decrease the cost of transactions, eliminate barriers to lending, and power microfinance initiatives. At the same time, CBDCs should aim to help un- and underbanked individuals create financial identities.
In 2001, we are a hardware and solution supplier to the Octopus system. We found out that there is a simple and accurate way to recalculate missing transaction records due to damage or loss of readers and we created the iBonus card payment system. Our system was used by US Army in Iraq and Afghanistan in 2007, the Electronic voucher system for the refugees by UNWFP in Syria in 2014, and the Canteen applications for the Bank of China (HK) since 2014. This is a solid fact that our offline system is the best in the world.
In June 2014, we saw this opportunity and established iBonus Limited from a management buyout of the smart card offline payment business with 14 years of history.
Using a proven offline payment backend core, we can easily move from a smart card to a smartphone payment solution.
- Make it easier and more affordable for individuals and MSMEs to make investments and transfer payments, across geographies and across different types of platforms
- Hong Kong SAR, China
- Growth: An organization with an established product, service, or business model that is rolled out in one or more communities
2 million users
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Gain exposure in the media and at conferences.
- Financial (e.g. accounting practices, pitching to investors)
- Public Relations (e.g. branding/marketing strategy, social and global media)
Most of all digital payment technologies focus on online payment and we are contrary to focusing on offline without the Internet.
Next Year - involve in the development of CBDC in Hong Kong
Next 5 Year - to be the leading solution provider of offline payment for retail CBDC's
- 1. No Poverty
- 9. Industry, Innovation, and Infrastructure
- 13. Climate Action
It can easily handle multi-trillions of small-value transactions without energy-hungry online servers and emits zero CO2, an ESG goal of climate protection for the cashless world.
The indicator is the % of cashless payments achieved.
The unbanked population is highly related to poor Internet infrastructure. We provide a payment solution that does not rely on Internet access.
Patent-PendingTechnologies
1/ QR-BLE-QR
An NFC replacement with a combination of QR code & BLE with a fast transaction speed of a second and can support all smartphones (iOS and Android OS)
2/Offline DLT
Offline DLT is a user ledger carried by each user. The user information and the remaining balance can be verified on the user ledger before a transaction takes place. It will avoid so-called double-spending.
Cryptographic securities are used to ensure the user information and the transaction history cannot be illegally modified. Tokenization is used to reduce the risk of illegal content cloning.
US Patent Pending 16/681,365 (filed 2019)
China Patent Pending 201910340975.1 (filed 2019)
- A new technology
Business Development Milestones
2020: Integrated with Paypal wallets using Braintree
2020: Sandbox of e-CNY with HSBC Bank
2021: Bank of Thailand on cross-border CBDC
2022: Plan for CBDC pilot in the Greater Bay Area 2022: Candidate for CBDC development of e-HKD by HK Monetary Authority
- Blockchain
- Software and Mobile Applications
- Hong Kong SAR, China
- Hong Kong SAR, China
- United Arab Emirates
- For-profit, including B-Corp or similar models
Diversity: We appreciate and leverage the many differences of Solve staff and Solve’s larger community, and we involve and reflect the various communities we serve through partnership and open innovation.
Equity: We design our policies, practices, and resources with the goal of providing people of all backgrounds a genuine opportunity to thrive.
Inclusion: We strive to create an environment in which everyone feels valued and respected. Solve specifically seeks to support social entrepreneurs who use human-centered, inclusive technologies to solve world challenges. We know that when solutions are designed with the most underserved populations in mind, they benefit everyone.
We target customers such as P2P or QR-code payment providers or large social media service providers who have a large number of users and license our offline solution to them.
- Organizations (B2B)
Get government grants
Sales of existing smart card based offline solution for transit ticketing markets.
Annual sales of US$ 300,000 for the past 7 years.
Government Fundings
2019: HK Technology Fund US$450,000
2022: HK Technology Fund US$225,000
CEO