Today, Taiwanese citizens visiting Japan can use the mobile payment APPs they are accustomed to, such as JKOPay, to scan the QR code of Japan's PayPay to make payments at stores that may or may not accept credit cards, for example, ramen restaurants, takoyaki stands and B&Bs, realizing cross-border cashless payments.
What drives the QR code scanning economy behind the scenes is the HIVEX Net, developed by TBCASoft based on blockchain technologies. By introducing the HIVEX Net, TBCASoft created a win-win-win situation for consumers, merchants, and payment service providers. One can't help but wonder what TBCASoft is like.
TBCASoft successfully creates a cross-border payment network based on technologies that drive paradigm shifts
According to TBCASoft founder Ling Wu, the company was established in Silicon Valley in 2016. The "T" in TBCASoft stands for "trust."
Wu added that before he founded TBCASoft, he worked for BroadVision for 16 years. BroadVision is the world's first company to launch an e-commerce platform. E-commerce and the Internet are considered drivers of paradigm shifts. They have the potential to redefine the game. Seeing blockchain as another driver of a paradigm shift, Wu decided to establish a startup endeavoring on blockchain solutions a year after he left his former employer.
"For example, VISA and SWIFT transaction messages are routed through clearing centers to proceed," said Wu. On the contrary, with blockchain, transactions are cleared instantaneously in distributed and mutually trusted nodes without centralized organization control. The blockchain architecture eliminates single points of failure and single points of control, making it more resilient against cyberattacks. This is one of many reasons why blockchain will revolutionize the financial system.
During his time with BroadVision, Wu got acquainted with the then SoftBank president Ken Miyauchi. When Wu pitched his startup proposal to SoftBank, he received Miyauchi's support and SoftBank's investment. Following SoftBank, NAVER, and Foxconn also made strategic investments in TBCASoft as they realized the extensive impact TBCASoft's blockchain solutions would make. More importantly, unlike the time when VISA was first introduced decades ago, TBCASoft does not have to show the market what cashless payment is, nor does it have to roll out dedicated optical networks. Today when TBCASoft presents HIVEX, people are familiar with mobile payments and appreciate the value of cross-border mobile payments. International mobile payment service providers embrace HIVEX to help them build a worldwide cross-border payment ecosystem. This is also why the heavyweight investors jumped at the chance to fund TBCASoft.
From the perspective of security, HIVEX allows a consumer to scan the QR code to make a payment abroad without providing the consumer's account data (such as the credit card number) to the store, which eliminates the risks of data breaches, fraudulent charges, and financial losses. For the multiple advantages HIVEX enables for the finance sector and market, it is being heralded as the VISA of mobile payment. This is far from an exaggeration as HIVEX is a technological platform that will redefine the game.
Leveraging AWS resources, TBCASoft is rapidly driving innovations
According to Wu, mobile payment service providers generally have no problem operating their business within their countries' borders. However, when it comes to expanding their operations across borders, they have to deal with regulations, exchange rates, international market conditions, and a slew of other issues. They also need to accommodate different transaction protocols. HIVEX can address all these challenges. Moreover, there is no change to the rights and obligations between stores and mobile payment service providers. Users can scan the QR code to make a payment abroad without having to download a new App.
TBCASoft has officially launched its service in Japan and is set to foray into Korea in the first quarter of 2024. It is also in talks with other countries. Wu hopes to work with Taiwan-based partners to expand HIVEX coverage to Taiwan, allowing travelers from countries including Japan, Korea, and the U.S. to easily make cross-border cashless payments.
Wu also highlighted that from day one, TBCASoft's R&D and test teams in Silicon Valley, Taipei, Tokyo, and Singapore have utilized Amazon Web Services (AWS) to help with their work. TBCASoft never set up on-premise IT infrastructure. AWS offers such high-quality services that a startup eager to reach for the stars can fully concentrate on its core business without having to worry about allocating the time, effort, and human resources for IT infrastructure. Compared to its early years, TBCASoft now makes far more extensive and in-depth use of AWS and will continue to rely on the AWS cloud platform to support its ever-growing HIVEX operation.
Enabling Millions of Merchants and Billions of Users