Bitspark is a bitcoin remittance company operative under the power of block chain technology. Based out of Hong Kong, they are a pioneer in remittance for the crypto age. Operating a cash-in cash-out platform leveraging bitcoin as the means of transmission, they are taking leading steps in developing remittances for the new age.
The most promising FinTech companies in Asia have been chosen, and Bitspark were announced as joint winners of the SWIFT supported Innotribe Startup competition (semi-finals) in Singapore. They will now join the other four finalists that have been chosen to compete at Sibos (Singapore) in October.
This competition was created in partnership with Next Bank Asia , which is run by banking practitioners who are tracking the digital shift. Out of the three early-stage start-ups and two growth-stage finalists, Bitspark is the only cryptocurrency related (startup) business that won a position for the finals.
Fabian Vandenreydt, Head of Markets Management, Innotribe and the SWIFT Institute at SWIFT said:
With a thriving ecosystem supporting innovation and startups, Singapore contributes to leading Asia in developing the fintech sector as a major engine of growth. It was a pleasure to welcome our semi-finalists in such an environment for the fourth consecutive year, and we now wish the finalists the best of luck for the Finale at Sibos later this year.
Bitspark enables traditionally offline small business remittance shops to get online and use online remittance services. These businesses are then able to connect to and service the unbanked through Bitspark.
Bitspark enables lower costs and greater access for businesses by eliminating the franchise commission model (where businesses only receive 20% of the commission charged to customers). Replacing it with a simple monthly subscription model that allows remittance businesses to receive 100% of the fee charged to customers.
The design of their business model means that Bitspark does not need a presence in each connected country. They hold no funds with money transfer operators, who can operate within the Bitspark network even without a bank account.
Bitspark CEO, George Harrap, had this to say about the Innotribe competition and Bitspark;
We demonstrated our new cash in, cash out remittance platform that enables Money Transfer Operators and financial institutions to leverage Blockchain technology to send money quicker, cheaper and to more emerging market destinations than ever before without any knowledge of Bitcoin or Blockchain tech required … Following our announcement, we will be looking to go live with our new service in July 2015 and already have a number of MTO’s ready to integrate and make use of Bitspark’s cutting edge technology.
The Bitspark remittance platform is stated as a highly scalable feature-rich web and mobile platform that also provides integrated analytical information for businesses and can operate as a decentralised remittance service anywhere in the world.