LatiPay creates seamless digital payment bridge to China
Latitude Technologies’ one-stop digital payment platform enables merchants to seamlessly interact with Chinese customers real-time in a fully compliant manner
When Latitude Technologies (LatiPay) launched its digital payment platform last year, Chinese consumers buying goods from New Zealand and Australia knew there was no more going back to the old payment system. Before, payment processing could exceed two weeks as merchants and payers had to reconcile many documents. LatiPay cuts the process to a click of a button.
“Our platform enables New Zealand and Australian merchants to seamlessly interact with Chinese customers real-time in a fully compliant manner,” says CEO Leigh Flounders.
After only 42 weeks since its launch, transaction volumes passing through LatiPay skyrocketed 9,600 per cent.
The remarkable turnout, however, did not come as a surprise. LatiPay allowed Chinese consumers to pay for goods and services using Chinese yuan while merchants receive full payment for goods or services direct to their local bank account in their local currency, at no cost to the merchants.
Aside from making payments using any of 19 major Chinese banks, Chinese consumers may also use Alipay, WeChat, JD Pay, Baidu Wallet and Tenpay. Committed to becoming a one-stop payment platform, LatiPay has three core products that comprise invoicing, an application programme interface built into the merchant’s e-commerce site, and WeChat physical point-of-sale.
Compliance, however, is the key business foundation of LatiPay. In particular, every single transaction it processes goes through the platform of China’s State Administration of Foreign Exchange while meeting all guidelines of anti-money laundering laws.
Moving into Singapore, LatiPay has collaborated with venture capital firm Jubilee Capital Management and other investors to set up an operation there before going to the United States.
“We will be focusing on education, public transport, telecommunications and business tourism, where Singapore and China have a strong relationship,” Flounders says. “We are also rebuilding our platform to cope with the customisation requirements of larger companies and institutions.”