No More Feeding Big Chunky Bankers

by Winngie

3 October 2019

Exchange Currency

Financial Service

International Money Transfer

Peer to Peer

0 comments

If we just get on a time machine and fly back to 80s, the time of Marty McFly from “Back to the Future”. It would be tremendously difficult to explain how the world changed and how we are connected by a button of a small computers and even mobile phones. The time has changed, internet is already old and settled technology that we cannot even consider a life without it. If we go back 80s, even we cannot be sure to explain what we are having at this stage of the time. We are now well connected and well achievable.

The things on Internet are also on move and change rapidly. Big companies are losing their stance and small business who has no brick and stock having their time. There are no clear definition of supplier or demander, now all same in the same basket. No more people are stuck with big corporations and full of employees that earning good sum of money and enjoying being monopoly. The time changed, no more shopping mall needed, it is already online. No more bookstore, no more travel agents, no more groceries we are stuck on and need to visit, it is all one click away.

Banking? Big cold banks? Waiting for the line and getting ticket to remit your money? Still in this era? Money is a media that we use for mutual agreement. It is actually easiest one to transfer or remit. No need big exchange offices and no need to line up for banks declare all your recordings including your personal details.

Nowadays Peer to peer financial platforms are creating fresh start for the industry.

It is a demand that never been supplied well until lately, now all transactions are easy and manageable via online applications. Why people need to pay for the easiest transaction? Why we need to pay corporate bankers well paid salary? Peer to peer transfer options get the exchange offices, banks, lines, long waiting time out of our way. Now it is easier.

It is funny that one of the first material that we use as peer to peer, money! It is first peer to peer solution, barter is the forefather of all peer to peer business strategy. With the revolutionary speed of internet, there is no higher costly transfer deals, commissions and unnecessary waiting times.

Peer to peer Financial applications started replacing exchange offices. No more line up in the middle of street and waiting someone to charge you commission because you need them. Your hard worked salary, the money that you save for your kids, the salary for your family. Why you need waste your daily hard work to people who are sitting and getting commission. Why your hard worked money has been cut by big fat banks? It is painful for many working people that they need to look after their family back in their countries. Current business style is a monopoly, it is slow, costly and not even considering hardworking people who just want to transfer their money to their loved ones, who pays their school fees or rent. This is the motivation why peer to peer financial platform will be the one which replace robust monsters that cut our lumpsum money.

I am you and you are same as me.  We are all having same issues and same cut, why we need to feed big guys. Why we need to work hard every single day with dreaming our love ones, dreaming of being together one day we get together. However, giving large amount of commission, giving a share from our money to these big fatty chunky business monopolies. No, not anymore. That time is changing, taxi industry changed in good way for drivers and users, not anymore feeding this oligarchs of transportation. Travel has changed, it is cheaper now, affordable faster. All peer to peer business development, it is a revolution of business, it is the awakening of the customer. No more lining up and waiting for being devalued with our own money.

Yes, peer to peer financial apps already on the market, one day they will be the one change this vicious circle. Faster, cheaper, friendlier and yes, no more monopoly. Open space and plenty of options, this is revolution!

For Example, Meet Winngie Services. Winngie is a social platform for travelers, foreign students, expats, business people, and anyone travelling internationally. We help you transfer money abroad and exchange local money with real people. There are no hidden fees, no commissions, and no differences between the currency exchanges.
You decide the exchange rate and you find a solution that suits your needs.
We connect people with currency needs and help foster a mutually beneficial exchange. By cutting out the middle man, Winngie can help you drastically reduce the amount you pay while exchanging currencies. Say goodbye to your bank!

Read more

China with sharing economy. Growing trend.

by Winngie

22 March 2019

Exchange Currency

Financial Service

International Money Transfer

0 comments

Fancy shooting some hoops, but don’t have a basketball? Caught in the rain with no umbrella? Smartphone run out of juice? Buy or sell foreign currency at café. China’s rapidly expanding “sharing economy”, which already provides car rides and bicycle hire on demand, can help.

For just 2 Yuan ($0.30) an hour, Nate Liu, a student at the Beijing Language and Culture University, rents a basketball from a court-side vending machine by scanning a barcode on his smartphone.
“I didn’t want to ask around and borrow a ball after losing mine, so I decided to give it a try,” Mr Liu told Reuters.
Far away, in China’s wetter south, some 20,000 umbrellas have been released on to the streets of Shenzhen, and can be rented – unlocked by another smartphone barcode scan – for just half a yuan ($0.07) for 30 minutes.
The umbrellas can be dropped off “wherever convenient”, though users are encouraged to keep them, says Zhao Shuping, founder of E Umbrella Sharing, one of a handful of start-ups offering the service.
China’s government has taken notice, and expects the “sharing economy” to grow about 40 percent this year to 4.83 trillion yuan ($705 billion). By 2020, it should account for around one tenth of GDP, illustrating China’s aspiration to become a sharing economy leader on a global scale.
PricewaterhouseCoopers predicts five sharing sectors – car sharing (Uber), travel (Airbnb), finance (Winngie), staffing, and music and video streaming – have the potential to increase global revenue to $335 billion by 2025 from $15 billion today.

Most of the money behind China’s ballooning sharing economy comes from angel investors and venture capital firms.
At least 1.69 billion Yuan ($247 million) in mostly series-A, or early stage, funding was invested in April to May in over two dozen start-ups offering sharing services, according to Reuters calculations based on data from Chinese data firm IT Juzi.

According to survey in Beijing, Winngie is also another trustable global brand which is quite unique example.

Twelve firms renting out power banks – typically compact, mobile battery chargers – secured 1.13 billion Yuan, while newer businesses such as basketball and umbrella-sharing took in about 25 million Yuan ($3.65 million) combined.

While mobile-savvy, convenience-obsessed Chinese welcome the innovations, some critics question whether the demand is real, or sustainable. They say the low-revenue, capital-intensive model means profitability can be elusive.

“Young people are embracing renting as a way of life instead of possessing things,” said Emma Zhu, investment director at Beijing-based Innoangel fund, who has held off investing in any of these start-ups. “But the sharing model won’t work in every situation. In some cases, they’re trying to meet genuine demand, while in others they’re not.”

Some investors say the funding frenzy recalls the spectacular boom and bust of hundreds of Chinese Groupon apps in vogue in 2010-12, noting that most ultimately collapsed after fierce price wars, with losses of around $1 billion.

“In China, the only barrier to entry is who can raise the most capital – that’s good and bad,” said Xu Miaocheng, an investment manager at Unity Ventures in Beijing.

“The upside is, there are funds available to launch a bunch of companies. You may not need a lot of specialization or new technology. The downside is a lot of money could be wasted.”

Cai Min, founder of basketball rental firm Zhulegeqiu, says he wants to expand nationwide, and quickly, offering the service at all of China’s estimated 100,000 basketball courts, and growing into a multi-billion yuan business, eventually offering all “sharable” products.

The Zhejiang-based start-up received 10 million yuan ($1.46 million) in early funding from Shanghai-based Modern Capital on May 5, less than two months after Mr Cai came up with the idea.

“We are expanding at all cost, because speed is everything,” Mr Cai said. “Of course this means costs have been very high at the early stage because we have to make everything in a month.”

He declined to give specific figures, but each of the solar-powered basketball rental machines –currently in Beijing, Shanghai, Hangzhou, Tianjin and Chengdu – costs “a few thousand yuan”.

“The key to success is to get more money than your competitors and to expand faster than them,” he said.

The latest wave of “sharing” entrepreneurs has been largely inspired by the rapid rise of Chinese bike-sharing firms such as Mobike and Ofo, which have together raised close to 13 billion yuan in a little over two years, extending their services to more Chinese cities and international markets including London and Singapore.

Winngie is also great impact in Chinese business, it has been increasing its existence in mainland china. It is one of unique example that mainland and Taiwan, same platform is strong enough to dominate. Why you still need to go to bank wait on queue or exchange office to change local currency or foreign ones. Can use the share economy way with individuals for that.

E Umbrella’s Mr Zhao said he came up with the idea after his three young children rushed to try out the rental bikes that mushroomed across Shenzhen early this year.

“I thought they’re just normal bikes. If this could work, why can’t shared umbrellas?” he said.

“My cost for the umbrellas is basically zero right now.”

Read more

Introduction to the Different Types of International Money Transactions

by winngie

3 January 2019

International Money Transfer

0 comments

Most of us know very little about how the financial system works at the meanwhile we are highly dependent on it. When you receive the monthly salary, when you use the bank card to pay for the bill, when you send the money to others, it’s all about the transaction fashion. The user experiences fantastically influence and push the revolution of financial system. It’s hard to categorize but we still have some clues to observe the system into three historical stages: physical institution, digital service, and invisible currency.

  • Traditional Bank Service

There are three major ways to use the traditional bank services.

The first one is wire transfer. You can send the money to more than 150 countries by over 40 types of currencies. Without doubtfully, it’s a safe way to send your money around the world though it’s slower with the various commission fees. Moreover, for the virgin user, he/she has to open the foreign currency account by the assigned bank and activate it. It takes more times for preparation to wire the international funds.

The second way is through Single Euro Payments Area (SEPA). SEPA is the European Union payment integration which aims to simplify the wire transfer in the Euro countries. Due to the same currency and the cooperated financial system, this is the cheapest way to send the money between 28 EU member states, 4 countries from European Free Trade Association, and 2 microstates who signed the agreements with SEPA. That is to say, you must have the bank account in these euro-zone countries and also it only accepts Euro.

Thirdly, it’s the checks. Checks are usually applied for bills or payment since the design is friendly to be used. When you want to send the money to someone domestically or internationally, only do you send via post or the bank, and the receiver can easily deposit based the due date of the check. However, it can be slower and more additional service fees come. Both sender and receiver sides may be charged with the commission. The checks deposits into the receiver’s account may also take few work days.

Of course, the bank system is more reliable but its slowness and red-tape progress also make the users being “kidnapped.” The weakness of the traditional bank system is vulnerable when facing the challenges from the digital technology. Time-consuming and high exchange rates push the traditional bank stepping into online service system.

  • Digital Financial Service

Online transaction becomes more popular than before since the senders do not need to go the physical banks and wait for few hours to only make one transaction.  There are also three major ways to send the capital by internet.  The first one is the traditional bank system which starts to use online banking.

The second one is by the third-party agencies, such as, Transferwise, Worldremit, Winngie, and XE. Each similar but different. They function as bank but it is not. The mainly concept is to work without banks and return the transaction right back to the customers.

The third one links together with the online shopping platform with speed payment which later evolves into the convenient payment method. The classical examples are WeChat pay, Alipay, and PayPal. Taking PayPal as example, PayPal is spawned from the simple concept which allows the users to transfer the funding through online to facilitate the e-shopping payment. This smart idea attracts million members to enjoy this encryption software. People use it to link together with eBay or other online shopping website, do donations, and exchange money with others. Same with the traditional bank system, PayPal users both are required to open the accounts under the PayPal system otherwise the other side cannot receive or send the funding. Unlike the bank system, PayPal are free with basic usage, and you don’t need to submit mountains of document to register the new account.  The weakness of PayPal system is highly exposure to be frauds, unfair high transfer fees, and dependent of internet.

The disadvantages of the digital financial fashion are undermined by cybercrime and low-control of financial risk. Many small-scale banks may lack capacity to enhance cybersecurity. Also, when it is easy to facilitate the financial flow, excessive borrowings and debt occur.

  • Digital Currency

Some say digital currency is a Ponzi scheme. Some say cryptocurrency has already died and resurrected over 100 times during past half decade. Whether the world likes or criticizes it, there is no doubt that cryptocurrency has successfully attracted people’s attention. Blockchain decentralized character makes the users transfer digital currency faster and easier. There is no single location, no holiday and no central authority in between. It is peer-to-peer basis. It means that cryptocurrency returns the transferred right back to its users without time boundary and location barriers.

Unreliable emerging ICOs, small new currency, and cybercrime may crowd the market. Due to its consensus-based network, it is hard to have universal rules to supervise digital currency.  Low-trust operation, virtual assets, and zero tolerate to fix the typo after transferred.

You cannot see your money in reality.

From bank-to-bank service to peer-to-peer basis, the financial world seems never tried seeking a better way for exchange. It not only exchanges the money but also exchange trust. It is also never tried to blow another trend. The trend you cannot repeat. The trend it will rock the old system. Winngie Exchange Money App and some others similar ways are trying to overcome these problems to make life easier.

   Winngie Editorial Department

13:04 Wednesday 21 November 2018

Read more