Globalpay attempts to launch a new model of cross-border free exchange

December 06 17:30 2019

According to the World Bank survey, every year immigrants from the world have huge amounts of cross-border capital flows to return to their hometowns. In 2018, the total amount of global remittances reached US $ 215 billion, and this number is still growing at a rate of more than 12% per year. For example, overseas Chinese can send around $ 380 billion in remittances to China every year. The demand of Chinese people for overseas remittances, such as studying abroad, occupation, and consumption, exceeds US $ 200 billion per year. However, institutions in various countries have stricter capital entry and exit supervision systems.

Recently, the Globalpay entrepreneurial team seized the opportunity of the times. With the use of block network node technology, a point-to-point free cross-border exchange platform has been established to realize free exchange transactions between individuals, and the original cross-border remittance account settlement cycle has been directly reduced from 5-7 days to 2 hours. The future goal is to strive to have more than 200,000 service outlets and brokers in 190 major countries and regions around the world, including China, the United States, Japan, Malaysia, and the European Union, by the end of 2025. 

The Globalpay team was co-sponsored by several business people from the United States, Taiwan, Japan, and Malaysia. It uses block node technology for distributed bookkeeping, which greatly improves the speed and security of cross-border remittances. Concerned about this model, such digital currency exchange system money laundering activities usually involve micro money laundering technology, that is, making large small amounts of payments to avoid triggering money laundering restrictions, and it is more difficult to detect.

Dr. Nakata of Tokyo said that in the past, the flow of funds could be tracked in a proven and sound banking system, but the current situation is beyond the jurisdiction of the bank. The combination of digital payment system and other digital resources (such as virtual currency and online banking) can bring higher use efficiency, thereby concealing the flow of money and ultimately preventing law enforcement and financial regulators from effectively restraining them. This is both an opportunity of the times and a large social risk.

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