OKLink founder Liu Chengqi: Blockchain will make cross-border payments real-time, free, small-amount and multi-type

2015 is known as the first year of Fintech, and 2016 is even more popular. Anyone who is involved in the financial circle must talk about Fintech, which is becoming a hot spot for investment in the venture capital field. Dianshi Capital, a senior investment institution in the venture capital circle, and OKLink, the first commercial blockchain application in China, are also actively promoting blockchain technology. Recently, the "Credit Crisis" era theme forum co-organized by Dianshi Capital and Microsoft Accelerator and co-organized by OKLink was held in Beijing.

Liu Chengqi, founder of OKLink

The conference was attended by top experts, elite entrepreneurs, well-known investment institutions and senior media professionals in the global Fintech field. In addition to discussing the development path of Fintech in the era of "trust crisis", the highlight of the conference was to bring together domestic blockchain technology application companies to jointly discuss the real application of blockchain technology.

The future application of blockchain is in many fields such as clearing and settlement, equity trading, auditing, notarization, etc. Among them, "blockchain technology + payment" will become the next outlet of financial technology and an important application of financial technology. The co-organizer of this event, OKLink, is applying blockchain technology to payment. According to Liu Chengqi, co-founder of OKLink, the first stage of blockchain technology is the "geek stage". The main driving force of this stage comes from computer geeks, with Bitcoin as the currency application as the center.

The second stage is the so-called "blockchain commercialization" stage. That is, blockchain is used as a means of settlement, payment and transaction clearing. OKLink is a new settlement system established with blockchain technology, which can help small and medium-sized enterprises build mutual trust. Liu Chengqi said:

What will push blockchain to become mainstream in the future is “consumer blockchain”. Therefore, we have always valued the combination of blockchain and practical applications. We will make consumers more aware of this technology and apply blockchain in their daily lives, such as using blockchain to record real estate information and luxury collections.

Small remittance institutions play a very important role in today's global economy

OKLink is a remittance network based on blockchain. The traditional remittance network Swift system is suitable for large transactions and serves large multinational companies, cross-border transactions and supply chain management. OKLink is optimistic about the SME market. So far, SMEs have not established effective connections, so they cannot participate in the global market. OKLink can better solve this problem with the blockchain network. Blockchain can establish connections between SMEs, improve transfer efficiency, and help companies make profits. For example, the remittance market from Hong Kong to the Philippines. There are many remittance companies in Hong Kong targeting the Philippines. If the land rent, advertising expenses, and human resources expenses remain unchanged, they are certainly willing to develop remittance business outside the Philippines. The advantage of the OKLink network is that there are only two banks involved in the entire process, one to receive the remitter and the other to receive the recipient. The intermediate process is completed on the blockchain, which is faster and more efficient. The remitter can still choose cash, bank account or mobile wallet as the transfer method, and the recipient can also withdraw cash according to their needs. The only difference is that the settlement between the remittance company and the delivery company is faster and more secure.

Since its launch, OKLink has become one of the world's leading blockchain applications. OKLink has more than 100 partners in more than 20 countries and regions around the world, including both internationally renowned companies and newly established startups. OKLInk's partners are in various forms. For example, Bitcoin and blockchain companies: Coinplug; traditional large remittance institutions: Cebuana Lhuillier; emerging e-wallets: Doku, etc. OKLink also provides great business advantages for partners. Western Union usually charges a 15% handling fee for a $200 remittance, plus a $30 remittance fee, and Transferwise also charges a 2.5% handling fee, while OKLink's handling fee is only 0.5%, so OKLink partners have at least 2% more profit margin.

OKLink is a top team composed of world-leading technical experts, financial experts, risk control experts, etc. According to Liu Chengqi, its members include: Xu Mingxing, the founder of OKCoin, a well-known digital asset trading platform in China, Chief Technology Officer Sun Zhongying, Chief Risk Officer Tim Byun, etc. Among them, the Chief Risk Control Officer worked at the Federal Reserve for 15 years and has 6 years of work experience in the anti-money laundering department.

Liu Chengqi concluded:

“In the future, the development of global cross-border payment business will become real-time, free, small-amount, and multi-type. This is the ideal and promise of building a global platform using blockchain technology in the future.”