May 17, 2020

Payment infrastructure: going global with Geoswift

Raymond Qu
Money2020 Asia
Olivia Minnock
5 min
We caught up with Geoswift’s Raymond Qu at Money2020 Asia to discuss the part played by the business in China’s ambition to go global.
We caught up with Geoswift’s Raymond Qu at Money2020 Asia to discuss the part played by the business in China’s ambition to go global.

In China, bu...

We caught up with Geoswift’s Raymond Qu at Money2020 Asia to discuss the part played by the business in China’s ambition to go global.

In China, business is going global. Having made commitments at state level to declare its doors open to foreign investment, the country is now making waves across Asia and beyond. Born out of this new attitude in 2007 was Geoswift, which works to exchange money across borders in an increasingly globalised economy. “We see cross border business is fast growing and more and more people will jump into that sector,” says Raymond Qu, Founder and CEO at Geoswift, adding that a lot must still be done to cater for increasingly international business and the transactions that go with it. “You can see some local winners across Europe, China and the US. However, cross-border business is still very new to everyone. It is more complicated than domestic payment systems,” he explains. 

Indeed, cross-border transactions involve dealing with compliance for more than one country as well as fluctuating values. “More and more countries have passed regulations for money laundering and so on. Meanwhile at least two currencies will be involved so it’s not as simple as cash in and cash out. You need to manage different currencies and exchange rates,” Qu adds. 

Going global with ecommerce  

One of the most notable ways Chinese businesses are expanding across the world is through ecommerce, with popular companies like Alibaba becoming well-known in the west and developing other business areas from logistics to AI development. Qu says trusted internet giants can provide a good gateway for Chinese businesses to make themselves known overseas. “For ecommerce, the most challenging thing is to build credibility with the customer,” says Qu. “Why do they trust you to buy stuff online from your stores? At the early stage, the most important thing is to deal with a branded marketplace like eBay, Amazon or AliExpress – it’s like if you live in a small town you will deal with the local restaurants, but if you travel abroad you might choose McDonald’s or Starbucks as you know exactly how they work.” 

While in the US, around 60% of ecommerce is done by independent retailers, China has yet to catch up and is still building trust. Generally though, customers the world over are more likely to buy foreign goods through a well-known international platform. “In cross-border retail, most transactions are still done through Amazon, eBay, or other established brands in the marketplace,” says Qu. “However, we are seeing a shift because more and more consumers feel confident to buy foreign goods from retail stores directly.”

Smooth transactions 

With the rise of omnichannel retail, the payment experience becomes more and more important as consumers demand more choice and a smoother transaction whether instore or online. This needs to run like clockwork on international platforms and at electronic points of sale alike if a business is to attract consumers from all over the world. “For ecommerce, payment is always the last point – people don’t want to pay,” says Qu, adding that the idea is to make this process so smooth it all but disappears. “Singapore plays a very important role in cashless,” he comments, referring to the chosen venue for Money2020 Asia, “and some countries are doing the same thing. The argument is how soon it becomes a global solution.” 

“I think the important thing comes back to consumer experience,” he adds. “If the consumer pays with a smartphone, they get a better experience. That’s going to be the future but it will take time. A company like Geoswift still needs to invest a lot in technology to make things easier for the consumer. The key is to make things as simple as possible. All the inventions in human history are for one reason: because people are lazy, right? People don’t want to waste time, and the payment space is no different. With any new technology – like smartphones, QR codes, or even biometrics – the most important thing is how a consumer can use it easily. Once my parents start saying they don’t want to pay with cash and prefer mobile – that will be a success.”


Where Geoswift comes in is allowing a high volume of small transactions to run smoothly – a must for retailers wishing to improve consumer experience beyond China. “We’re not a competitor for banks,” Qu clarifies. “The whole banking system was designed for one-to-one transactions. If I want to wire $10,000 from A to B, I will go to a bank. However, nowadays with internet and mobile, transactions are fragmented and of a smaller size. If a client wants to move $1mn to 10,000 different people, it’s impossible for banks to deal with this, so this is something for us to try. The beauty of new technology is it allows us to work with small value, big volume transactions.” 

As Geowsift continues to build its business, Qu says that events like Money2020 will remain a key part of the company’s growth and the overall advancement in payment technology. “The main reason we come to Money2020 is networking. We’ve been in the business for over 20 years so we have a lot of friends and clients here. It’s good to meet with them in person at least once a year. Another important part is to learn what’s new in the industry. It’s fantastic. You get to see so much new technology, and every time we get a lot out of the event.” 


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Jun 18, 2021

Start-ups receive $60 billion investment, smash 2020 record

Laura Berrill
2 min
Europe’s tech sector start-ups attracted more venture capital investment in 2021 than the whole of 2020 with the UK leading in tech policy

Start-ups on the continent have raised a massive 43.8 billion euros ($60.9 billion) in just the first six months of 2021, according to figures from Dealroom, surpassing the record 38.5 billion euros invested last year..

This is despite the fact that the number of venture deals signed so far is around half the amount agreed in 2020. Only about 2,700 funding rounds have been raised so far this year, compared to 5,200 last year.

Prime examples in times of change

Examples are Swedish buy-now-pay-later firm Klarna which has raised more than $1.6 billion in two financing rounds, the German stock trading app Trade Republic received $900 million in May and British payments provider snapped up $450 million at the start of the year.

The figures suggest that European tech firms are pulling in far larger sums of money per investment than in previous years, which defies the economic uncertainty of the pandemic and boosted online services enormously.

The CEO of, Guillaume Pousaz, said start-ups have often been created in times of crisis, citing the emergence of several new financial technology companies in the wake of the 2008 global financial crisis.

He added that big transformational change was often the time when there is the emergence of a lot of new start-ups, sometimes when people are losing their jobs for associated reasons.

UK leading the charge

Scale-Up Europe, a group that includes the founders of UiPath and Wise, proposed 21 recommendations to help the region build “the next generation of tech giants.” Among the suggestions are tax credits to corporates for investing in start-ups and regulatory changes that adapt to new innovations.

Sebastian Siemiatkowski, CEO of Klarna, said the U.K. leads Europe when it comes to tech policy, and that there were a number of regulatory issues needing to be addressed before the European Union can produce tech giants of its own.

Siemiatkowski highlighted EU regulation of web cookies as an example of “poor regulation.” Yet, as the number of $1 billion start-ups in Europe continues to grow, the number of exits in the continent is also increasing. 

This year has already seen some notable acquisitions, including Etsy’s $1.6 billion purchase of U.K. fashion resale app Depop and JPMorgan’s takeover of London robo-advisor Nutmeg.

As for stock market listings, a number of notable debuts have taken place in London in particular, including food delivery app Deliveroo, cybersecurity firm Darktrace and reviews site Trustpilot. Money transfer giant Wise, formerly known as TransferWise, plans to go public in the U.K. capital soon.


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