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How LatiPay Enables E-commerce in China

LatiPay Enables E-commerce in China

Retailers worldwide can't ignore the powerful market that is China. It's consumer society makes up one quarter of the world's economy.

One of the keys to successfully doing business there is e-commerce, chief executive of payment service provider LatiPay Leigh Flounders said.

"Without an e-commerce model you're almost nothing. Chinese consumers are coming directly to Australia and New Zealand businesses to buy goods online."

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China's Alibaba casts net towards small Kiwi firms
E-commerce could be Kiwi firms' big chance in China

A 2016 study by retail-tourism company Global Blue found that for 82 per cent of all consumer purchases in China occurred via mobile.

LatiPay allows Chinese consumers to make online purchases from foreign businesses in Yuan while foreign merchants are paid in their local currency.

The Auckland based company works between Kiwi merchants and Chinese consumers who favour mobile e-wallet payment like WePay (WeChat) and Alipay (Alibaba) over credit cards as well 19 Chinese banks.

WeChat, for instance, lets users do just about everything through its payment system WePay. They can order pizza, buy games and pay the bills using e-wallets.

LatiPay's chief digital officer, Gabriel Walker said the concept of O2O, online to offline or vice versa, is a growing consumer trend in that part of the world.

"When Chinese consumers are in New Zealand as tourists, and they make their first payment offline, you want to create that stickiness enabling them to go O2O. E-commerce can give them a place they can buy this product, using the same payment channel they use everyday back in China and then repurchase."

LatiPay has been operating for little over a year now and has already attracted 1500 New Zealand merchants. It is now looking to expand into partnerships between Australian businesses and Chinese consumers.

Walker said the rapid growth in e-commerce is a result of China's innovation outpacing regulators' ability to keep up so, especially with regards to food and drug safety and quality, meaning many consumers tend to go for imported products.

"From a Chinese consumer point of view they trust foreign products, they think it's better quality and it's just we're not enabling them to do that because of an un thought of piece of friction which is the payment," Walker said.

Another big issue New Zealand businesses face is the scale of the Chinese market, Flounders said.

"When you're interacting with business in China you have to be ready for scale.

"Any business that interacts with China has to remember that their infrastructure, their products, their logistics or their services have to be able to scale with the demand because Chinese consumers scale very quickly once they want to engage with you and if you can't meet those demands then go elsewhere."

But Flounders' biggest piece of advice for Kiwi businesses looking to go overseas is to bite the bullet and commit.

"If you do everything right in a compliant manner you'll have a very successful relationship in China. If you try to cut corners you'll get burnt. Invest in your infrastructure, invest in your compliance anything short of that you will end up failing.

"Be a fearless NZ business and do it right, you'll reap the rewards."

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Bring In The Big Bucks: The Five Things Successful NZ Executives Get Right About China

The Five Things Successful NZ Executives Get Right About China.

Are you trying to build a robust China strategy to catapult your product to 1.4 billion consumers?  Having problems deciding where to start?  Whether it is about understanding the fundamentals like China policy and regulation or simply figuring out the best way to promote your brand in China, there are 5 consistent themes that can help get you on the right path to a powerful China strategy.

Being an executive working with China requires a keen understanding of the difference in culture and consumer experience between the Far East and the Western world.  I’m lucky enough to meet some of the most inspirational New Zealand executives on a daily basis who have maturity in the China market across education, travel, export, insurance and software.

These Kiwis not only offer the best insights into how to work with China but at the same time are so incredibly rewarding to be able to engage with on a regular basis.  Regardless of your industry here are 5 trends that are pillars to successful trade:
 

1.     Don’t get left behind in a mobile-obsessed world

Creating a satisfying customer experience is the key goal for every business to achieve. But doing business within China you may need to be a little bit more careful. No one had ever imagine that China would become the global leader in mobile enabled experiences in only a short period of five years’ .  Chinese consumers use their mobiles to communicate, shop, invest, book, hire, travel more than any other consumer group in the world.  In 2016 Chinese mobile retail accounted for USD $4.8 trillion worth of transactions eclipsing the US.

Ignore this highly mobile trend in Chinese consumerism and small business at your peril.
Your digital assets, payment, communication, messaging all need to be mobile-optimised.

Many Kiwi e-commerce businesses know that less than 1/5 of Chinese e-commerce transactions in 2016 were through credit cards. Most Chinese e-commerce purchases were through mobile optimised payment e-wallets such as the Mega apps WeChat, Alipay, Baidu or online banking from the main Chinese banks.

Not offering the above mobile payment types for your Chinese consumers is like offering cheques in your online store as the only payment method for your western consumers.  If you’re overwhelmed by these foreign payment types you’ve never heard of, no worries!  Luckily there is an Auckland based FinTech company called LatiPay that offers all of the above payment types through a powerful API that is easy to integrate.

 

2.     Compliance is King!

There would not be many executive’s working with China that would not put compliance at the top of their “get this right” list.

Whether logistics, immigration, product type or payments, understanding the rules first and foremost forms the foundation of any great business interaction with China.   When engaging with a third party service provider be sure that China compliance is the first question you ask. 

Getting paid by your consumers isn’t black and white unless you’re dealing with a trusted entity that is transparent about how they meet compliance and regulatory requirements for both NZ and China. 

Understand the rules and regulations, and get it right the first time. 
 

3.     Stay prepared for the volumes that will come your way

Speak to any “China Mature” Kiwi executive and you will always hear just how fast things can move when doing business with China. In fact one of the biggest challenges of working with China is that things can suddenly move too fast.

One of the most common things I hear from NZ exporters selling their product to China is you need to ensure you have inventory ready, logistics lines open and a platform that can handle large spikes in purchases.

Supply chain and capital chain therefore can be critical. Something as simple as waiting 5-7 days to receive payments through traditional channels before shipping can be a business killer for NZ merchants.  Before you start, you want to ensure that you can receive funds in real-time so that you can release goods or services immediately.

Chinese consumers or small businesses will not wait around for you, and delays are small daggers in your brand quality in China.

 

4.      “Kiwi-Inc” is your trump card

One secret trend that Kiwi executives working with China know is that Chinese consumers are flocking to New Zealand based e-commerce websites.  In China, “made in New Zealand” is the sticker that guarantees authenticity of goods as well as confidence that Kiwi-made products and services are of the highest quality.

Even twelve months ago growing business in China presented more than a few challenges. For product type of business, logistics routes were immature, making and receiving payments was extremely complex while communication channels were fragmented. For tourism business, payments could be extremely painful as you have to consider the time gap between each transaction and receiving funds.

Now through new payment methods such as WeChat, New Zealand businesses can communicate to over 650 million daily active users, strong Kiwi logistics companies can now provide rapid shipping and businesses such as the New Zealand based LatiPay can provide a frictionless payment experience on your online store that enables your consumers to pay the way they want to pay. 
 

5.     Smart payment technology is the way to go

It’s already tricky enough trying to figure out how to translate your product offering into Mandarin or finding the best channel to promote your brand in China.  Why does paying and receiving payments have to be so complicated and slow with hidden fees throughout the process?  Isn’t electronic money the same in China as it is in NZ?

Smart payment technology can spare you the pain which means no more complexity in receiving compliant cross-border Chinese Yuan payment.

 

LatiPay, an Auckland-based FinTech company bridges the gap between the highly mobile Chinese consumer payment experience and the way NZ based businesses want to get paid – in real time and in NZD

The best part is that as a merchant using LatiPay’s platform you can receive payments through all major Chinese mobile payment apps and direct deposit from 19 of the major Chinese banks with no hidden charges. Latipay ensures that Kiwi executives can manage receiving immediate NZD while meeting Chinese & New Zealand regulatory requirements and offer to their Chinese payers a rapid way for them to pay in their home currency in their payment platform of choice.

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Doing Business in China

Accessing Chinese consumers through popular e-commerce sites is a growing and exciting opportunity for Kiwi exporters. The key to success, however, is providing preferred payment methods through a trusted API platform like LatiPay.

You simply can’t ignore the stats. China is the world's largest e-commerce market. By 2010 it is expected to be worth a staggering US$1.1 trillion (Source: ZDNet.com, March 2016).
It’s a potential goldmine for New Zealand’s exporters – big, small, and in-between.
It has also been an increasingly lucrative opportunity for LatiPay – an Auckland born and bred API (Application Programming Interface) platform, set on conquering the world’s e-commerce digital frontier.

Accessing Chinese consumers through popular e-commerce sites is a growing and exciting opportunity for Kiwi exporters. The key to success, however, is providing preferred payment methods through a trusted API platform like LatiPay.

You simply can’t ignore the stats. China is the world's largest e-commerce market. By 2010 it is expected to be worth a staggering US$1.1 trillion (Source: ZDNet.com, March 2016).

It’s a potential goldmine for New Zealand’s exporters – big, small, and in-between.

It has also been an increasingly lucrative opportunity for LatiPay – an Auckland born and bred API (Application Programming Interface) platform, set on conquering the world’s e-commerce digital frontier.

As LatiPay CEO Leigh Flounders highlights – in 2015 just 12 percent of online transactions in China were through credit cards. The remaining 88 percent was made up by the main e-wallets (WeChat, AliPay and JDPay) and the 19 major Chinese online banks.

“Why would you offer credit cards as a way of payment to your Chinese consumers?” he asks.

LatiPay went live in November 2015, validating its model in New Zealand before launching across the Tasman in December 2016. Singaporean and US exporters and traders are set to benefit next, with launches in both those countries later this year.

LatiPay was created as a first-to-market fully compliant API platform designed specifically for global businesses that interact with China-based consumers and small business.

It enables export businesses to be paid in their home currency in real time with Chinese shoppers making payment in their home currency and preferred method of payment.

For New Zealand export businesses the benefits of partnering with an interface like LatiPay is obvious. Flounders sums it up in the following feedback from clients:
• Having guaranteed payment allows for the immediate shipping of goods and services, therefore compressing the time from product purchase to consumer delivery.
• Offering all of the main e-wallets and online banking options increases conversion and reduces ‘abandon cart’ rates (anecdotally this sits at an 11 percent reduction in ‘abandon cart’ rate after LatiPay integration).
• Feedback from payers is that they have a higher trust of the site once they see the familiar logos of JDPay, WeChat and Alipay, as well as the main Chinese online banks.

Alana Riley, who runs Nelson-based Oxygen Skincare, which sells 40 percent of its products to China consumers, has been using LatiPay for several months after a Chinese client initially suggested it. Customers in China previously had to go to the bank to pay for her products, and the ability to be paid in New Zealand dollars is hugely useful for Riley’s business.

What’s driving e-commerce growth?

Flounders reports that there has been a dramatic increase in Chinese digital consumers going directly to New Zealand e-commerce websites, “as opposed to the traditional method of New Zealand businesses aggregating products on Chinese websites such as Alibaba, or convoluted supply chain and retail distribution models in China”.

He believes the exponential increase in Chinese digital consumer traffic has been driven by strong New Zealand brand awareness; increasingly faster and more sophisticated logistics out of New Zealand; trustworthy, compliant and live payment platforms such as LatiPay; a rapidly growing digitally mobile Chinese consumer middle class; and Chinese consumers’ desire to get guaranteed authentic New Zealand goods. “LatiPay has seen over a ten-week period a staggering average increase of around 30 percent in transactional volume per e-commerce client using its API.”

Kiwi businesses that work with LatiPay have high China pedigree, and include Post2U, Alpha Healthcare, Health Element, Steens Honey, Oxygen Skincare, Oasis Beauty, Australasian Food Corporation and Artemis.

What’s next for LatiPay?

Prior to its December launch in Australia, LatiPay won the 216 Australia New Zealand Internet Awards Tech Start-up Award and, says Flounders, was embraced by Australian banks, payment partners and the regulatory framework. It has also recently partnered with ASX-listed payment5 gateway Novatti.

“We’ve also had fantastic support here in New Zealand at an industry and regulatory level – through NZTE, The Innovation Partnership, NZTech and The Department of Internal Affairs,” he says. “However, as a brand new, disruptive Fintech we had to overcome the digitally immature and stagnant New Zealand banking environment in order to scale as fast as we wanted.”

As mentioned earlier, going forward the short-term focus is all on Singapore and the US.

“We have a strong focus on Southeast Asia over coming years,” adds Flounders. “We recognise that most digital companies requiring scale must consider this region.”

Southeast Asia’s importance to LatiPay relates to funding and investment into the company, as well as the export, education, software, insurance and travel markets and how Chinese consumers pay for these goods and services in the region.

“Our focus is on partnering with some of the leading global payment businesses,” explains Flounders. “LatiPay has a number of products from invoicing software-as-a-service through to physical point-of-sale APIs. However, e-commerce is our primary focus as we believe that this is the fastest growing segment of the market.”

Global e-commerce is the new digital frontier, he states. “We believe LatiPay is going to be the next PayPal; global e-commerce and Chinese consumers are our vehicles to get there.”   

 

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LatiPay Secures $US 3m Boost To Go Global

Kiwi Payments Start up Secures $Us3m Capital Boost to Go Global

New Zealand-based cross border payments company LatiPay has secured over $US3 million ($NZ4.1 million) in venture capital funding to help it build current operations in New Zealand and Australia, and expand into Singapore and the US.

Investment from Singapore-based start-up investor Jubilee Capital Management will be used to hire new IT staff and scale up the business.

“We are a global business, focused on the global market and in the next couple of years we will be on par with PayPal, Stripe and Square,” says LatiPay chief executive Leigh Flounders.

“It’s about scale and market dominance in the global sphere.”

LatiPay allows Chinese consumers to make online purchases from foreign businesses in their own currency. Foreign merchants, be they in New Zealand, the US, Australia or anywhere else is the world is paid in their local currency. The company has been operating in New Zealand for a year and launched its Australian operations in November 2016.

LatiPay opens doors for foreign businesses wanting to target Chinese consumers by making payment and collecting payment simple and seamless. Because only a fraction of Chinese consumers have credit cards, many foreign transactions involve time-consuming and expensive currency exchange, bank to bank transactions or wire transfers.

Flounders says LatiPay has deals with China’s most popular e-wallets, allowing consumers to pay with Alipay, WeChat, JD Pay and Baidu.

Scoop Media Cartel DFP Tag

 

“LatiPay globally is the only payment platform working with those main four main Chinese e-wallets. Along with partnerships with 19 Chinese banks that gives us a very strong position worldwide.”

LatiPay is also uniquely compliant with China’s regulatory system and has numerous accreditations to ensure its services are safe and compliant. It is cost competitive, offering a favourable exchange rate to Chinese purchasers and does not charge fees to merchants. It services are also quick; in most cases transactions can be completed in two business days.

“We’re proud to have built a product that makes the possibility of trading with China an option for all businesses regardless of their size,” says Flounders.

The company is already capturing global attention; it is the only NZ finalist at the SXSW Accelerator Pitch Event in Austin, Texas next month.

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Baidu Has Been Added to LatiPay's Chinese E-wallet Portfolio

LatiPay has announced the addition of the Chinese e-wallet Baidu to its cross border payment platform.

Baidu is often compared as China’s Google and is the leading search engine in China, as well as the fourth most visited site globally.

China’s consumers will now be able to pay New Zealand businesses in real time through Baidu’s e-wallet. 

LatiPay CEO Leigh Flounders says New Zealand e-commerce merchants will find Baidu’s e-wallet a welcome addition to their current integrated payment methods of WeChat, JDPay, Alipay and 19 main Chinese banks.

LatiPay was created as a first-to-market fully compliant API platform designed specifically for global businesses that interact with China-based consumers and small business.
It enables export businesses to be paid in their home currency in real time with Chinese shoppers making payment in their home currency and preferred method of payment.

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China's Cross-Border E-commerce Has Been Blooming

China’s Cross-Border E-commerce A Huge Opportunity for Entrepreneurs

Entrepreneurs take note. The trends in the Chinese cross-border eCommerce market represent a huge opportunity for small businesses, according to Cleveland Brown, CEO of Payscout, a global payments provider. The appetite in China for goods from abroad is growing at an unfathomable rate, and one-quarter of the Chinese population is expected to be shopping on foreign-based websites either directly or through third parties by 2020.

In a press release from Payscout on Tuesday (October. 18), the company stated: “We encourage small to medium-sized businesses in particular to prepare themselves for taking advantage of the growing Chinese appetite for goods from abroad.” A higher standard of living and greater exposure to foreign products in China is increasing consumer appetite for goods from abroad. Payscout cited a report from global consulting firm Accenture and AliResearch, which predicts that by 2020, China will be the largest cross-border B2C market with over 200 million Chinese consumers expected to be cross-border shopping within five years.

Here are the numbers:

$1 trillion | The predicted value of the global B2C ecommerce market in 2020; this figure was $230 billion in 2014, according to Payscout

$245 billion | The expected transaction volume of imported goods purchased online by Chinese consumers by 2021

900 million | The number of people globally who will be international online shoppers; their purchases will account for 30 percent of global B2C transactions, according to the Accenture-AliResearch report

70% | The growth in cross-border digital shopping in China in 2015

25% | The percentage of the Chinese population that will be shopping on foreign-based websites or through third parties by 2020, according to eMarketer

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Integrated Payment Platform Benefits Kiwi Exporters

Kiwi exporters delighted with trial that targets Chinese consumers without credit cards

LatiPay says New Zealand exporters stand to benefit from a trial that integrates its payment platform for Chinese consumers with Chinese e-wallet platforms Alibaba and WeChat.

Auckland-based LatiPay's agreements with the two Chinese sites will allow Chinese customers to pay for New Zealand products in yuan while New Zealand sellers are paid in kiwi dollars. The company will begin beta-testing a button today which allows customers to click to pay in yuan via their chosen mobile payment platform or Chinese bank rather than using a credit card.

It's a vital step to facilitate more sales between Chinese consumers and local businesses, chief executive Leigh Flounders says, as only a quarter of China's population has a credit card and cards are used for just 12% of online purchases in China. Instead, mobile payment platforms such as Alibaba's AliPay, and WeChat's Tencent, are used for 40% of China's online transactions.

Latipay Chief Executive Officer Leigh Flounders

Latipay Chief Executive Officer Leigh Flounders

"It's critical for New Zealand businesses to understand there is no point offering a credit card facility to pay for your goods and services for Chinese consumers who want to interact with you but aren't carrying that credit card," Flounders said. "You explain this to exporters or education providers in New Zealand and they get it immediately, because there is so much dissatisfaction at a merchant level, it's so frustrating for them. It's solving a problem and opening up a market that is just dying to interact. For New Zealand merchants, it's about ensuring those Chinese payers can pay in their currency of choice but also their payment platform of choice."

The platform is targeted at exporters, tourism and education businesses, due to Chinese compliance rules. It has just surpassed 800 registered and verified users, with merchants from those at the top end of the small-to-medium enterprise space to sole traders, Flounders said.

For education providers, the business can facilitate fee payments for foreign students and has been doing that for a provider in Canterbury.

"When those students are looking to pay their fees, the process is extremely difficult and it can be quite costly as well if you're looking at unapproved channels like remittance or foreign exchange," Flounders said. "Our platform allows that institution to invoice those students, and those students then pay through our platform in yuan and the institution is receiving those funds in trust in New Zealand dollars. Both parties can open up the platform and see those funds transacting."

LatiPay guarantees transactions made over the platform so merchants can ship goods before the payment, which will take between two and three business days to clear, which Flounders said is vital in e-commerce as it means the customer can get the product as soon as possible.

The ability to pay in yuan, while the merchant is paid in New Zealand dollars, will be useful for consumers living in China but also Chinese consumers in New Zealand. That's because those consumers are likely to have an e-wallet or a Chinese bank account with one of the major traditional banks LatiPay is partnering with, including the Industrial and Commercial Bank of China and the China Construction Bank Corporation, Flounders said.

Alana Riley, who runs Nelson-based Oxygen Skincare, which sells 40% of its products to China, has been using LatiPay for about a month after a Chinese client suggested it. She said customers in China have had to go to the bank to pay for her products, and the ability to be paid in New Zealand dollars is hugely useful for her business.

 

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NZ Companies Win Australasia Internet Awards

Kiwi companies bring home the bacon at Internet Awards

A quintet of Kiwi companies have won some serious accolades at the Australia and New Zealand Internet Awards. Is it a sign of greater things to come?

Five Kiwi companies have brought home the proverbial award bacon at the Australia and New Zealand Internet Awards in Melbourne – and it’s got internet gurus buzzing about what could come next.

New Zealand companies made it a clean sweep of the new Tech Start Up category, with Auckland based Latipay taking out the main prize, and Christchurch’s Linewize being named as highly commended. Massey University’s Design + Democracy project won the Information Award for their work on online voter engagement, and the Virtual Learning Network Primary School and Attitude Live were both highly commended in the Diversity and Digital Skills category.

Design + Democracy at the Australia and New Zealand Internet Awards

Design + Democracy at the Australia and New Zealand Internet Awards

Ok, so that’s a pretty good showing for Team Aotearoa, at least as InternetNZ’s CEO Jordan Carter sees it. He says it’s a testament to the quality of the New Zealand entries that five out of the seven finalists received awards, and that two organisations won their respective categories. “The quality of New Zealand finalists show that New Zealand’s tech sector is in good hands. We have a lot of positive ideas coming out of New Zealand, and it is great to see that the New Zealand winners represented a number of communities nationwide.”

Cameron Boardman, the newly appointed CEO of auDA, agrees. “As my first ANZIA event, as CEO, I was struck by the incredible atmosphere and genuine excitement of the community to celebrate such valuable contributions from our finalists. It is encouraging to see such diversity and innovation across the wider tech sector.”

So who are the winners? We take a gander at what they’re all about.

Design + Democracy

Wellington-based Design + Democracy won the Information Award. A research unit at Massey University’s College of Creative Arts., the project is focused on looking at how design can help to advance 21st century citizenship. They aim to harness technology to help build a vibrant democracy through the use of clever design. The project has been responsible for the “On the Fence” app in the 2014 election, known for its super-cute sheep icon.

LatiPay

LatiPay captured the Tech Start Up category. An Auckland-based online payment solution that facilitates a Chinese yuan to New Zealand dollar transfer from a CNY bank account to a NZD bank account, LatiPay can be used to make payments for goods or travel, or to pay a bill directly from a CNY bank account.

Linewize

Christchurch’s Linewize received a Highly Commended award in the Tech Start Up category for their software that lets teachers track what students are actually doing on their devices. Teachers using Linewize can use the software to identify which students are staying on task on their device, and which students have been distracted by other things. The software lets teachers implement their own filters and helps schools support “bring your own device” policies while tackling one of the biggest problems with devices in schools – making sure students stay on task.

Virtual Learning Network Primary School

The Virtual Learning Network Primacy School received a Highly Commended award in the Diversity and Digital Skills category. This initiative aims to extend learning opportunities by enabling online collaborations between schools. The project allows students to access online learning for subjects and areas that may not be offered at their own schools. The programme also supports teachers to develop their confidence and capability in e-learning, and there is an Online Community of Learning to broker connections and collaborations.

Attitude Live

Auckland-based Attitude Live received a Highly Commended award in the Diversity and Digital Skills category. Attitude Live is a creative studio that produces award-winning documentaries, video content and campaigns in digital and traditional media, with an aim to help organisations, service providers, governments and brands step inside the world of disability and rethink their attitudes to move closer to the community, or change their marketing for the growing disability and health landscape. As well as producing content, they manage an online platform that has an engaged audience.

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LatiPay Dominates Australasia Internet Awards

Five NZ companies win Australasia Internet awards

Five New Zealand businesses have received awards for excellence online at the Australia and New Zealand Internet Awards (ANZIA’s) in Melbourne last night.Five NZ companies win Australasia Internet awards

Five New Zealand businesses have received awards for excellence online at the Australia and New Zealand Internet Awards (ANZIA’s) in Melbourne last night.

The ANZIA’s are an annual event, held jointly by InternetNZ and auDA, celebrating the achievements of organisations, businesses and individuals who excel in delivering online content that is accessible, innovative, informative and secure.

New Zealand companies received a clean sweep of the new Tech StartUp category, with Auckland based LatiPay taking out the main prize, and Christchurch’s Linewize being named as highly commended.

Massey University’s Design + Democracy project won the Information Award for their work on online voter engagement, and the Virtual Learning Network Primary School and Attitude Live were both highly commended in the Diversity and Digital Skills category.

InternetNZ’s CEO, Jordan Carter, says that it is a testament to the quality of the New Zealand entries that five out of the seven finalists received awards and that two organisations won their respective categories.

“The quality of New Zealand finalists show that New Zealand’s tech sector is in good hands. We have a lot of positive ideas coming out of New Zealand, and it is great to see that the New Zealand winners represented a number of communities nationwide,” says Carter.

Cameron Boardman, the newly appointed CEO of auDA says: “As my first ANZIA event, as CEO, I was struck by the incredible atmosphere and genuine excitement of the community to celebrate such valuable contributions from our finalists. It is encouraging to see such diversity and innovation across the wider tech sector.”

InternetNZ is so pleased that 2016 has not only attracted a huge amount of entries to these awards – but also such a high calibre of finalists from across Australasia. It shows us that work in the Internet space is continuing to advance and improve and we are producing some brilliant and innovative work in this area across the region.

Congratulations to all of the ANZIA winners. To see a full list of New Zealand and Australia winners, visit the ANZIA website at: https://www.anzia.org.au/news/2016-anzia-winners-the-real-showstoppers/

Winners of 2016 ANZIA awards received a $2,500AUD cash prize.

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Payment Agreement With Alibaba WeChat Open China's Doors to NZ Business

LatiPay agreements open China's doors to NZ business

Agreements between New Zealand online payments provider LatiPay and China’s two largest online payment platforms open the doors to New Zealanders wanting to sell to Chinese buyers.

New Zealand-based LatiPay is the only financial technology company allowing purchases of Kiwi products to be paid for in Chinese currency, yet allowing the New Zealand business to be paid in Kiwi dollars, all within a safe and legal framework. Previously these purchases involved time-consuming and expensive currency exchange, bank to bank transactions or wire transfers.

The agreements with Alibaba and WeChat will open China’s doors to more businesses while enabling them to be paid in NZ dollars, whilst allowing Chinese customers pay for New Zealand products in renminbi, at home and in NZ.

They are a boon to New Zealand exporters, particularly the tourism and education sectors, and e-commerce providers.

"With exports to China worth $11.3 billion last year, every Kiwi knows about the importance of China as a trading partner," say LatiPay Chief Executive Leigh Flounders. "Less known is how difficult it is for Chinese consumers to pay for our products in their own currency."

"Only a quarter of China’s population has a credit card and credit cards are used for just 12 percent of online purchases in China. In contrast, 40 percent of China’s online purchases are paid for via mobile payment functions.

"The agreements LatiPay has signed with China’s two major online payment providers allow us to plug into their platforms so Chinese consumers can buy Kiwi products seamlessly and in renminbi."

Flounders says Latipay’s payment system is also available via China’s major traditional banks including the Industrial and Commercial Bank of China and the China Construction Bank Corporation.

Backed by US businessman Jim Rogers, LatiPay is a bi-lingual platform addressing Chinese and New Zealand payer and merchant dissatisfaction within the education, export, insurance, software and travel markets.

The company meets the requirements of China’s regulatory system and has numerous accreditations to ensure its services are safe and compliant. It is cost competitive, offering a favourable exchange rate to Chinese purchasers and does not charge fees to merchants. It services are also quick; in most cases transactions can be completed in two business days. Importantly, payments made with LatiPay are not subject to the $US50,000 limit Chinese consumers are allowed to convert into other currencies.

"We’re proud to have built a product that makes trading with China easier for all New Zealand businesses regardless of their size," says Flounders.

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