Taiwan

DATE 2018 Showcases Latest Innovations in E-Commerce and Fintech

This year’s Discover Advanced Trends in E-Commerce Expo (DATE) event, which was held last month in Taipei, showcased the latest innovations in e-commerce and fintech and gathered some of the world’s key players on the global scene.

Organized by the Taiwan External Trade Development Council (TAITRA) in association with the Taiwan Internet and E-Commerce Association, Chinese Non-Store Retailer Association, and the Taiwan Association of Logistics Management, this year’s DATE event focused on smart retail, cross-border e-commerce, social media marketing, mobile commerce, and innovation in e-commerce.

DATE 2018, which took place between September 27 and 29, 2018 at the Taipei World Trade Center, welcomed some of the key players in the e-commerce space as well as the innovators changing the face of the industry. Fintechnews was invited to attend and got the chance to meet some of them.

Anfernee Chang, TransBiz’s so-called Chief Happiness Officer at DATE 2018

TransBiz, for instance, specializes in “Amazon growth hacking,” omni-channel digital marketing, planning and advisory. With a team based in North America focusing on localized marketing, the company helps Taiwanese companies enter these overseas markets through cross-border e-commerce, helping clients differentiate their products from competitors in crowded e-commerce platforms such as Amazon.

Meanwhile, Taiwan’s Taishin Bank presented Richart, a digital bank targeted at the younger generations it launched in 2016. Richart, the first complete digital banking product to be launched in Taiwan, provides savings accounts, credit cards, micro-investments, micro-financing, currency exchanges, artificial intelligence (AI) based robo advisory services, online insurance purchasing, card-less ATM withdrawals, and a fully digital KYC process. The platform was awarded the Red Dot Award-Communication Design in 2017, was recognized as the Best Digital Banking Initiative by Asian Banking and Finance Retail Banking Awards in 2017, and was named Taiwan’s Best Consumer’s Digital Bank as part of the Global Finance’s Best Bank Award 2017.

One company, called Commoney, is developing what it claims to be the “first party payment system that focuses on interpersonal interactions.” The digital payment platform allows customers to issue a digital ticket for any product or service, and then pay just the amount used. The solution will be targeted at elderly people who might not feel safe carrying their wallets around, or children who do not have credit cards, allowing them to shop with their smartphone.

Another payments company present at DATE 2018 is Aftee, a leading services provider that allows users to make payments after the delivery and reception of ordered products. The firm has over 50% of market share in Japanese and is now entering Taiwan.

Lisa Sung, the sales director for Asia Pacific of US-based Payoneer, said that the rise of e-commerce and Chinese marketplaces in particular have been driving inflows.

The company, which provides online money transfers and digital payment services, has put a particular focus on B2B2C businesses, serving the likes of e-commerce platforms, marketplaces, the freelancers community, live streaming platforms, and e-learning platforms.

For strategic partners like Lazada, Payoneer even helps source for merchants. For Airbnb, while the company helps collect payments from customers, it also disburses payments to the hosts for the services rendered.

Wfly booth at DATE 2018

In the insurtech space, Wfly is offering an application that allows the for the “e-management” of insurance policies and features an artificial intelligence (AI) based engine that matches insurance consultants with consumers.

“Two major pain points we are solving here is the difficulty of tracking insurance policies and the lack of understanding about insurance,” Wfly’s Leroy Tsai told Fintechnews. “Taiwanese consumers are not knowledgeable enough and commission-driven agents may sell unnecessary policies.”

DATE 2018 was also the opportunity for companies to unveil some of their latest developments.

Rich Maaghul, co-founder and CEO of On-Demand Education Marketplace (ODEM), presented how his company is using blockchain technology to make higher education more accessible, affordable, portable and verifiable.

He emphasized how the flagship ODEM Platform streamlines the organization of exceptional educational experiences and empowers students to customize their education by collaborating with educators.

About TAITRA:

Founded in 1970, TAITRA is Taiwan’s foremost nonprofit trade promoting organization. Sponsored by the government and industry organizations, TAITRA assists enterprises to expand their global reach. Headquartered in Taipei, TAITRA has a team of 1,300 specialists and operates 5 local offices in Taoyuan, Hsinchu, Taichung, Tainan and Kaohsiung as well as 61 branches worldwide. Together with Taipei World Trade Center (TWTC) and Taiwan Trade Center (TTC), TAITRA has formed a global network dedicated to promoting world trade.

Featured image: DATE 2018, Taipei, via https://www.ecexpo.com.tw/