What is BlueOcean Pay? BlueOcean Pay Review

About the Team

In terms of the team, Managing Director Sun Guojian is an MBA from Renmin University of China and has 20 years of experience in the TMT industry. He was the founder and CEO of ipiao.com and the CEO of Hong Kong SMS platform GINSMS; Luo Yiqin co-founder Luo Junxiang graduated from the University of California, Berkeley Business School and worked at HSBC and private equity funds. BlueOcean Pay shareholders include well-known Hong Kong family funds, which own a number of listed companies, real estate, hotel and other resources, and business covers mainland China, Hong Kong, Europe and North America.

Payment Process

Taking WeChat as an example, from the perspective of business processes, outbound tourists use WeChat for cross-border payment when they consume overseas. BlueOcean Pay provides POS (payment settlement system) connected to the Tencent system to deduct domestic currency, and China Construction Bank settles the domestic currency (T+2), which is then settled to overseas merchants (T+3).

In the Hong Kong market, BlueOcean Pay has a Hong Kong MSO license (money service license) and cooperates with CCB in settlement to speed up settlement. Its payment system is self-developed, including payment and clearing systems, activity analysis and POS systems, etc. It also integrates the payment and refund functions of WeChat and Alipay, supports one-click application for global accounts, WeChat Moments advertising and other functions.

Promotion method

In terms of local merchant promotion, BlueOcean Pay has its own offline promotion team. In addition, it also cooperates with local agencies, travel companies and other institutions. Currently, there are 50-60 agencies in Hong Kong. Strategically, it first promotes leading merchants, such as large shopping malls, and chain retail stores such as Marriott Hotels, Chow Tai Fook, Broadway, Hui Lau Shan, and Tang Palace. Currently, there are more than 1,500 stores, totaling more than 400 merchants and brands.  

Financing

In February 2019, BlueOcean Pay announced the completion of a multi-million dollar Pre-A round of financing. This round of financing was led by HBCC Hong Kong-Beijing Co-Creation Fund, followed by Molecular Group, IMO Ventures, and Asia Phoenix Investments. Impression and ACH Worldwid served as financial advisors for this round.