What can the quasi-the entrepreneur carry the "sea" banner?

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Comconn is a start-up company based in Silicon Valley. Their main business overseas is to help UnionPay "go to Sea", expand the foreign large and medium-sized businesses, has been awarded UnionPay official authorization, and become one of 6 global receipt agencies.

The company has the advantage of being "in the best position and". Recently, they have just moved into the former Google office and signed monster, the famous American brand of high quality headphones. Less than six months, only 12 of people's start-up team, has expanded a number of large and medium businesses. The rapid pace of business development did not disappoint UnionPay. Amazingly, Comconn CEO Wang Yuanbo is a prospective student.

Opportunities arising from Cross-border payments

At the end of 2013, Comconn company was founded in Silicon Valley, California. UT founder Ying introduced only 25-Year-old Wang Yuanbo to join the team. After that, Wang Yuanbo began to burden in the team and gradually grew into the head of Comconn.

Wang Yuanbo, born in 1989. He has a wealth of management experience, 20-Year-old founder of the first company dedicated to the development of electric business platform, 5 years, to help manage 5 electric companies, and at the University of Southern California, in 2014 by the "Los Angeles business Magazine" as the best 20 20-year-old CEO of the year. With his unique understanding of the U.S. market, leading the rapid development of comconn, rapid expansion of the U.S. market, to seize the opportunity.

Speaking of Wang Yuanbo's personal experience, he was able to see the great demand for overseas payments of UnionPay card in the United States. "Due to the requirements of immigration management, I often worry about how to bring tuition and living expenses to the United States, have to allow parents to send regular remittances, but such fees are very high." He was aware that foreign students were sharing more than 20 billion dollars a year for the U.S. economy. Among them, Chinese students directly provide more than 4.4 billion dollars in income. American colleges and universities have now paid attention to the payment of the project, and seek to have the relevant qualifications of third-party payment companies.

In terms of the Chinese market, foreign consumption has also allowed UnionPay to step up its overseas market, in addition to the demand for cross-border payments from international students. According to statistics, since 2013 National Day Golden Week 7 days, Chinese outbound consumption luxury goods accumulated about 4.1 billion euros, combined with incomplete statistics outside the invisible consumer and luxury services consumption, the total consumption should be more than 6.5 billion euros. China's gold Zhou is the most important consumption cycle in the overseas luxury market.

And now the foreign consumption model is not satisfactory. Not only 50,000 U.S. dollars in the annual swap limit, but also because the payment channel is not smooth, many consumers have to hold a large amount of cash outbound travel. Therefore, UnionPay rapid access to overseas payment channels is imperative. This provides comconn companies with entrepreneurial opportunities.

In fact, as China's only card organization, UnionPay "Sea" is not a new topic. Two years ago the industry discussed the hot topic is UnionPay "sea" encounter international card organization giant visa ban. Visible, the giant "sea" road is not smooth sailing. 2013, UnionPay debit card transactions amounted to 2.7 trillion U.S. dollars, but most international businesses do not handle UnionPay debit card transactions. But with the rapid rise of the Cross-border payment market in the past two years, UnionPay has never stopped "sailing".

It is well known that UnionPay has a relatively strict control over the global receipts agencies. Since 2004 UnionPay International since its inception, has only authorized 5 companies with global business development qualification, Comconn is fortunate to become the 6th, and is the only 6 of the only one franchise UnionPay China background Enterprises (the other 5 are Visa, MasterCard partners). This exclusive UnionPay model provides Comconn with a unique competitive advantage.

Why does UnionPay choose Comconn?

The core members of the Comconn team led by Wang Yuanbo are the people of the whenever. The company actually did not start from scratch, as early as 2011 has set up a Chinese company-Shanghai Nine surplus. Holding Comconn shares of nine surplus company is responsible for the expansion of domestic business, the scope of business including overseas card receipts. When they saw the opportunity for Chinese consumers to spend abroad, they began to set up an overseas team, the current American Comconn company.

Look at the Comconn company's U.S. team, has from the former UnionPay senior engineer, the Bank of China senior project manager. Technical director for China to pay the elders and figures, has served in a well-known Chinese commercial bank.

Comconn's Advisory Group also has a strong background, including former California Finance Commissar, U.S. federal Reserve Bank members and others. In addition, Comconn's early-stage investor team had early practitioners in the areas of payment from companies such as Facebook, EBay, Paypal, and Netflix. They provide strong resources and experience for comconn development in the industry.

In order to facilitate the expansion of overseas businesses, comconn for the United States Electric dealers pioneered a one-stop service from the next single to pay UnionPay, and then to the overseas direct mail one-stop service, and with the promotion of the platform to create a U.S. electric dealer direct promotion platform.

At the same time, Comconn and the United States to direct mail to the company with the storm, Newgo and other distribution companies to reach an agreement for the U.S. Electric Company to provide the United States to the one-stop electronic direct service. Allow Chinese consumers to shop directly in the U.S. shopping website, pay with UnionPay and support 10-day arrival. "China's Promotion + UnionPay payment + 10 days Arrival", which is an unprecedented breakthrough in the overseas goods direct mail.

The team has developed the payment products, but also developed a POS billing, mobile payment and other products. In addition, compared with the other 5 partners of UnionPay International licensing, the uniqueness of Comconn is that the team is a Chinese-backed entrepreneurial company, so the international communication with UnionPay is smoother. And because the team long lived overseas, knows the rules of the game overseas market, can quickly and accurately insight into the local business dynamics of the United States, with overseas merchants negotiate success rate higher. This is another important reason why Comconn can gain the trust of UnionPay.

What are the challenges ahead?

Wang Yuanbo said that the Comconn has not yet officially operated to get 1.25 million of dollars in angel investment. Its global business license has allowed the company to value at 15 million dollars. He said that the next Comconn will enter Europe, Japan, South Korea and Southeast Asian markets, various regional branches are being prepared.

Comconn that China is an economy that cannot be neglected in the world. On the platform of UnionPay International, how to quickly expand more merchants and seize the global market will become the biggest challenge for Comconn next.