【Fopay Obtains VISA Prepaid Card Qualification, Stablecoin Payments Move Towards Daily Consumption】
On July 31, Hong Kong-listed company WellCell Holdings (2477) announced that its self-developed payment platform Fopay has officially launched its business, and detailed its business and team structure. This marks the company's first comprehensive signal of entering the digital finance and cross-border payment sectors.
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What is Fopay?
Fopay is a one-stop platform that combines digital asset custody, prepaid card consumption, and cross-border settlement.
Users can transfer funds (or digital assets) into Fopay and use virtual or physical VISA prepaid cards for payments or withdrawals.
The custody of funds is managed by primary custodians and sub-custodians, with the company maintaining independence from partnered card issuers to reduce legal and compliance risks.
In other words, this is a product model that transforms cryptocurrency assets into daily payment capabilities, similar to overseas Crypto Cards or crypto payment cards.
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Team Background Reveals Dual Technical and Financial Capabilities
The announcement specifically introduced two core leaders:
Mr. Li Ke: Former head of software engineering and payment product development at Ant Group, with extensive experience in mobile payments and blockchain applications.
Mr. Kwong Fai Chuk: A fintech strategy expert with over 16 years of experience in payment and banking technology, previously serving at Diebold Nixdorf and Fiserv.
This team configuration represents that Fopay possesses both traditional financial payment experience and Web3 technology implementation capabilities, laying the foundation for the company's subsequent expansion into digital financial services.
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Implications for the Market
WellCell stated that the launch of Fopay is the starting point of the company's digital finance strategy. In the short term, the business will focus on:
Digital asset consumption and settlement
Cross-border payment and prepaid card business
In the long run, this means the company will further explore cryptocurrency asset payments, cross-border settlements, and fintech services. For traditional listed companies, this is a crucial step towards transforming into Web3 finance.
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The significance of such news to the market is that traditional Hong Kong-listed companies are attempting to connect cryptocurrency payments and cross-border settlements with actual products. If the user base expands in the future, it is expected to become a new entry point for cryptocurrency applications.
