Founder

The founder, Allen, has more than 10 years of experience in the cross-border financial industry. He has worked in McKinsey, Microsoft, ICBC, UnionPay International, etc. He has an international vision and Chinese wisdom. He is well aware of the pain points of foreign trade companies and the limitations of domestic and foreign commercial banks. Therefore, he founded PanPay, hoping to help companies or individuals enjoy more convenient and professional offshore banking services.

PanPay Service

Free to open offshore accounts

You can apply for real trade, no deposit and financial management requirements, no need to register an offshore company

Free Trade

26 currencies can be freely transferred, funds can be freely reserved and transferred

Freely convertible currency

Real-time exchange of 26 currencies, no forced currency conversion, no hidden fees

Free and easy customer experience

Apply online, no need to visit the counter, Chinese customer service

Fanfu's account supports the following functions

1. PanPay accounts can open multi-currency personal/corporate bank accounts

The main currency of PanPay is Euro, and it also supports conversion of USD, GBP, RMB and HKD. Up to 14 accounts in different currencies can be opened according to user needs.

2. PanPay accounts can be used across borders

PanPay accounts can be used to receive and pay money anywhere in the world, without restrictions after completing the user's identity verification. At the same time, you can save up to 80% of cross-border payment fees. PanPay's cross-border payment services cover more than 100 other countries and regions in the world, including Europe, China, and the United States, and more than 30 currencies. Cross-border transfers are as fast as instant arrival.

3. Funds can be stored in PanPay accounts without restrictions

By opening an overseas bank account through PanPay, users can keep their received funds offshore for any length of time and use them freely, which greatly reduces customers' fund conversion costs and improves the efficiency of fund use.

4. PanPay account currency can be freely exchanged

In the PanPay account, you can buy, sell and exchange more than 30 currencies. As a digital bank, PanPay provides interbank exchange rates (interbank buying and selling rates) for currency exchange users, greatly reducing exchange losses. Generally, banks that send money abroad will charge up to 4%, but PanPay provides transparent exchange rates and no hidden fees, which can reduce cross-border payment costs by up to 8 times. Allen Zhou, the founder of PanPay, has more than 10 years of experience in the cross-border payment industry. He has worked in McKinsey, Microsoft, ICBC, UnionPay International, etc. He has an international vision and Chinese wisdom. He has discussed financial cooperation with politicians from many countries while working in related financial institutions, and built PanPay's overseas team. Last year, he won the EU Startup Visa with PanPay's business concept and was selected as a European Entrepreneurship Star. Allen is well aware of the pain points of foreign trade companies and the limitations of domestic and foreign commercial banks, so he founded PanPay, hoping to help companies and individuals enjoy more convenient and professional offshore banking services.

Service Target

PanPay's main customers are divided into two categories: institutional customers and general trade customers. Institutional customers mainly include payment companies, small domestic banks, freight forwarding companies, and platform companies; while general trade customers are mainly traditional B2B foreign trade companies and factories.

Brand Story

PanPay = Pan + Pay: Pan (root word): popular/widespread/panoramic. It means PanPay is committed to global financial services and has become a global financial benchmark. Since its inception, PanPay has used a global vision and standards to demand itself, and is committed to providing customers with convenient products, reliable services, and creating value for customers through the technology + finance approach.

Corporate Culture

Brand positioning: The ultimate solution for bank-level cross-border finance

Corporate mission: To provide financial services to small and medium-sized enterprises in China and around the world without leaving their homes.

Corporate values: simplicity, trust, value

About the Team

The core is our European digital bank. We have set up an operations team locally in Europe, and all local European personnel are responsible for compliance, financial supervision and other related matters.

In the United States, we obtained a financial business license and formed a local team to prepare for connecting to the local bank clearing system.

In Hong Kong, there are also payment licenses, which mainly handle some offshore RMB-related businesses.

In Shanghai, there is a global operations center that provides technical support to teams in Hong Kong, the United States, and Europe, including IT system development teams, compliance audit teams, customer service teams, and marketing teams.

Development History

In June 2015, it prepared Panpay Finance and began to apply for a EU digital banking license.

In November 2017, it received angel investment from Mr. Liu, investment director of the well-known investment institution Fortune Venture Capital; Panpay Europe obtained the EU digital banking license and institutional clearing number.

In 2018, Fanfu Europe obtained the Swift code for financial institutions from the Society for Worldwide Interbank Telecommunication; Fanfu Hong Kong obtained the Hong Kong Money Services Provider License; Fanfu Finance received PreA round investment from the well-known investment institution Source Code Capital; and Fanfu Hong Kong obtained the foreign-related business qualification from the State Administration of Foreign Exchange of China.

On November 6, 2018, witnessed by His Excellency Mariusz, a member of the Board of Directors of the European Central Bank, PanPay was invited to attend the Fintech Summit of the Chinese and Lithuanian Governments and was selected as the best cooperation case between Chinese and European Fintech companies.

Financing

In November 2017, it received investment from the Fintech Investment Director of Dachen Venture Capital.

In May 2018, it has received Pre-A round of investment from Source Code Capital, a well-known investment institution. This round of financing comes from Source Code Capital, a well-known investment institution. The funds will be used for the core construction of PanPay digital banking products and the establishment of a compliance system.

References

• 1. PanPay received tens of millions of RMB in Pre-A round financing from Source Code Capital: Sohu [cited on 2018-11-10T16:00:00.000Z]