SUNBIZ

Simpay Hopes To Set Up In Fiji With $50m Revenue In First Year

Director Rick BI yesterday said the company projected estimated annual transactions of $50 million in its first year of operation in Fiji, based on Chinese tourists spending.
05 Oct 2022 16:00
Simpay Hopes To Set Up In Fiji With $50m Revenue In First Year
Abacus Fintech Pte Ltd director, Rick BI, at Fiji Sun newsroom on October 4, 2022, said he was confident of an influx of Chinese visitors to Fiji before the Chinese new year. Photo: Frederica Elbourne

Simpay – a cross border payment mode – which claims to operate in Australia and South America, hopes to bring its services to Fiji.

The Chinese-owned financial technology company said it was expected to launch its services in Fiji later this month.

Director Rick BI yesterday said the company projected estimated annual transactions of $50 million in its first year of operation in Fiji, based on Chinese tourists spending.

According to Mr BI, the move comes three years after efforts to meet the central regulatory requirements.

Simpay operates under its parent company, Abacus Fintech Pte Ltd, is a foreign payments exchange system company.

Mr BI said the company was working with Tourism Fiji, and two other operators.

 

Tourism

“Simpay will help Chinese tourists and investors who travel to Fiji through QR code payments, which is all around the world; it is the future, as people will use less credit cards, and more smart phones,” Mr BI said.

“When tourists arrive in Fiji, they can scan the QR code for financial services.

“In China, where they see our logo, they bring out their phones.”

 

All Clear

Simpay received the green light to operate in Fiji earlier this year, and has since put together its investment package, Mr BI said.

“In China, no one uses cash; it’s all QR payment,: he said

We wanted to tap into that same market here.

“Before the Chinese New Year, a lot of Chinese visitors will come to Fiji, because people were being locked there for three years, with money that they have been saving, money they need to spend.”

 

Digitial wallet

In the meantime, Simpay will work on a digital payment platform for the sake of a one-off transaction that caters for Chinese tourist payments in Fiji.

Simpay, a product of Abacus, was registered in Fiji in 2018.

According to statistics provided by the central bank, 40,000 Chinese tourists held three month long visas to travel to Fiji.

“On average, a Chinese tourist spent FJ$27,000 over a stay of 10 days in Fiji – costs which included accommodation and travel,” Mr BI said.

The launch takes place on October 26, at Grand Pacific Hotel, Suva.

 

Feedback: frederica.elbourne@fijisun.com.fj



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