What Did the Alchemy Payment CEO Say at A Speech at The University of Tokyo? Here Comes the Information on One of the World’s Most Popular Cryptocurrency Payment Projects
TOKYO, JAPAN / ACCESSWIRE / December 6. 2019 / With his company as one of the most discussed digital currency payment products on social media such as Twitter/Facebook/YouTube, Patrick Ngan (Yonghao Yan in Chinese Manderin), CEO of Alchemy Global Payment Solutions (Alchemy Payment), an international digital currency payment institution, accepted an exclusive interview with Cointelegraph Japan CEO Hose and said that he was about to give a special speech on payment technology at the University of Tokyo, following a keynote speech presented at the BlockShow Asia Summit on “How to make digital currency payments easier in the future”.
On October 21st, at the ITC ITI International Academic Research Center of Tokyo University, the technical presentation on “The Future of Payment Technology for Blockchain and Digital Currency” sponsored by Alchemy Payment was held as scheduled.
Patrick Ngan，CEO of Alchemy Global Payment Solutions giving a special speech at the University of Tokyo.
Patrick Nganis an entrepreneur with strategic vision, a senior financial and investment banking expert, also the Co-Founder of QFPay. Seasoned in international business, he served as a member of the CFO and the Executive Director of a Hong Kong-listed company, as well as the Managing Director of Huatai Financial Holdings, and the Executive Director of UBS.
Patrick is also an outstanding athlete, one of the only two Chinese in the world who have completed the Marathon Grand Slam.
Patrick Ngan believes that from a long-term perspective, in the future development of the payment industry, fiat currency payments cannot fully meet the needs of the future society. Digital currency payments combined with blockchain technology will have great room for growth in the future. Therefor he decisively created the international digital currency payment agency Alchemy Payment.
After more than a year’s R&D and improvement, Alchemy Payment launched Asia’s first hybrid payment product of both cryptocurrency and fiat currency.
Alchemy Payment integrates a hybrid of crypto currency and fiat currency, and users are free to choose to pay in either digital currency or fiat currency. Patrick Ngan’s speech at the University of Tokyo tells a lot about the core technical details of payment settlement.
From the PPT revealed on the spot, Alchemy Payment is substantially a payment institution, then a blockchain project. Unlike many other blockchain entrepreneurs, the company did not choose to develop its own public chain,instead it concentrated its technical capabilities more in the direction of payment. This is an extremely smart choice. On the one hand, the developing a public chain is costly and it is difficult to guarantee security. It also competes with other public chain developers rather than cooperation. More importantly, even if the development is completed, it does not necessarily mean that cash income can be generated immediately; on the other hand, since payment is the most important part of the transaction, it not only directly generates cash income, but also it can connect with the upstream and downstream of the entire industry including public chain developers and application developers, with greater growth potentiality and practicality.
Alchemy Payment can convert the digital currencies received by users into stable coins and/or fiat currencies by integrating the traffic of the world’s well-known exchanges and reinforcing the OTC protection mechanism for currency exchange rate to ensure the risk of volatility in settlement exchange rate.
With its strong technical support, Alchemy Payment has two major advantages:
1. Greatly reducing the time and cost for developers in the process of application development.
2. Creating a lot of scenarios where you can pay with digital currencies.
By integrating technologies including payment channels, Layer 2 networks, anti-fraud, and smart exchange rates, Alchemy can implement a variety of deduction methods, such as direct deduction, automatic deduction, subscription deduction, etc., which can be used in games and tool apps,etc. Developers who need payment technology, such as Dapp developers, wallet developers, game developers, tool app developers, etc., will be able to redevelop and re-extend on Alchemy Payment’s open source platform. Reducing the cost of developers (such as products that were originally planned to take 3-6 months for development cycle, through this open source platform, may take only one month to complete.)
This is an innovative project that can benefit many developers. By improving the efficiency of the entire developer community, it will indirectly promote the progress of the entire blockchain industry.
Because of the participation of developers and other partners, it will gradually connect more digital currency holders, have more users, and on the other hand, Alchemy Payment will gradually form its own ecology, making its future Tokens work better within the systems and encourage more developers, partners, and users to join in. Although it has just begun, it will become an unstoppable trend once it forms its own ecosystem.
In Singapore, the payment system service company Midwest, which connects more than 2,000 taxis and limousines, makes it easy for these luxury commercial vehicles at airports, five-star hotels and other high-end consumer places to use BTC, ETH, BCH, GUSD, Vite and other digital currency payments, through the partnership with Alchemy Payment. In the meantime, these commercial vehicles and their passengers have respectively become merchants and users of Alchemy Payment.
As the co-founder of QFPay, Patrick Ngan contributed to the strategic partnership between QFPay and Alchemy Payment.
QFpay is the world’s leading service provider of mobile payment technologies in fiat currencies, with over 1.2 million merchants, operating in nearly 20 countries and territories around the world. QFpay has strong global investors: MDI Ventures under the Indonesian Telecoms, which is the Indonesian version of Softbank, Rakuten Capital in Japan, and Venture Souq, an influential power in the Middle East.
This means that many digital currencies including BTC, BCH, and ETH, will be gradually included in the cryptocurrency payment system through Alchemy Payment and QFPay.
To a certain extent, it means that Alchemy will become more successful in expanding its business and entering countries and regions such as Indonesia, the Middle East and Japan.
Not only QFPay, but Arcadier, another fastest growing SAAS technology architecture company in the world, has also partnered with Alchemy Payment.
According to LinkedIn’s public information, Arcadier’s customers come from more than 5,000 cities in more than 130 countries. The main business is to provide white label (using other people’s technology, paste their own brand) solutions, so that users can build their own online business platform.
The two parties have entered the joint product development phase. When the product is launched, Arcadier customers will be able to choose the hybrid payment technology of both cryptocurrency and fiat currency provided by Alchemy Payment as the main payment channel.
By working with the intermediate platform, Alchemy Payment saves time for partners through technical services and connects more merchants and users more efficiently.
Alchemy Payment provides a great deal of real trading scenarios for digital currencies around the world, offering the value of digital currency in settlement and circulation, which will surely benefit the development of the entire digital currency industry.
Mr. Sishin, as a guest present that day, who is one of the largest XRP holders in Japan, believes that:
Both Ripple and Alchemy Payment are projects in the payment field, but they are working in two different directions. If Ripple and Alchemy Payment are in the position to work together in the future, it is surely a good news for Ripple. Maybe Ripple’s XRP can enter the general consumer market, and perhaps Ripple’s business can enter the settlement area of international trade and bulk commodities, instead of being limited to current interbank settlements. This is one of the possible directions for Ripple’s future development.
As Mr. Sishin said, maybe when the ACH Token of Alchemy Payment is launched in the future, and it will have the same potential value as the XRP Token issued by Ripple.
Judging from the development milestones disclosed by the PPTs of Patrick Ngan’s speech at the University of Tokyo, Alchemy Payment will enter the markets of Japan, South Korea, Thailand, the United States, Canada, and Europe in the future.
Patrick Ngan also revealed that he is about to go to the University of Toronto, Canada for his next special speech on December 10th, and Shawn, another partner of Alchemy Payment, will go to South Korea on December 17th to participate in the Global Blockchain Leaders’ Summit which is sponsored by GBLS, title-sponsored by ZG and partnered with Alchemy Payment. At that time, all the world-renowned VIPs such as former UN Secretary-General Ban Ki-moon, former South Korean Prime Minister Han Seung-soo, ETH founder Vitalik Buterin, and LTC founder Charlie Lee will all be present.
From the global level of activity, Alchemy Payment is already laying the groundwork for further entering the wider global market. In the Telegram community, Alchemy Payment’s global supporters have totaled more than 20,000 and the number is expected to exceed 100,000 within a year.
Let’s take a closer look at the core members of the team except Patrick Ngan. They have an average working experience of more than 10 years and graduated from Wharton Business School, Stanford University, University of California, Berkeley, London School of Economics, Southampton University, Peking University, Hong Kong University of Science and Technology and other world-renowned universities.
The technical team includes KT SOH, former senior vice president of Singapore Nets, ChuanLiang, former CTO of China’s third-party payment institution, Huanrong Niu, Head of Bell Labs Latin America, and Ryan TIPONES, CTO of AFPayments, the Philippines;
The operation team includes Shawn Shi, who was the senior product director of ZhongAn Insurance (the world’s highest-valued Internet insurance company); Bin Liu, the senior project director of China Minsheng Investment Group; Janet KIM, the CMO of the Korean e-commerce website;
The advisory team also gathered Hu Qilin, a former partner of Sequoia Capital China Fund; Sean Moss-Pultz, the founder of Openmoko who developed the world’s first open source mobile phone; Dr. Justin Zhan, a well-known professor of cryptography in the United States, Dr. Qi Deng, a well-known professor of artificial intelligence in China; Kai Yee Goh, former president of PayPal Asia Pacific Strategic Alliance;Alan Tien, former vice president of Visa Asia Pacific, and other experts in cryptography, artificial intelligence and finance.
The professional background of the team makes the technical capabilities of this project coexist with practical applications.
It is not only the innovation of technological capabilities, but also the fact that technology can be applied in practice, and it has created an actual transaction scenario of digital currencies for cryptocurrency issuers around the world. This is the best highlight of this project.
Alchemy Payment currently has a global market layout and plans to enter Japan, South Korea, Thailand, the United States, Canada, Europe and other markets.
According to the analysis report of the survey agency Coinmarketcap, the digital currency market will grow to 1000 billion US Dollars in 2021, and the population using electronic payments (including digital currencies and fiat currencies) will increase from 16% in 2018 to 29%.
With such huge growth space, how much of it will be contributed by Alchemy Payment? Perhaps only time will tell.
(The pictures used in this article are from the PPTs of Patrick Ngan ‘s special speech at the University of Tokyo on November 21, and The Alchemy Yellow Book on Payment Technology from Alchemytech.io)
More information about Alchemy Payment (ACH):
Official Website: https://Alchemytech.io
Official Japanese Twitter：https://twitter.com/AlchemyJapanese
Official Japanese Telegram:https://t.me/Alchemy_JP
Official English Telegram：https://t.me/alchemy_official
Official Korean Telegram：https://t.me/Alchemy_KR
phone: +86 17688733769
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