NEW JERSY – 11/29/2017 —
Late In 2012, Angela Shan, a Chinese first-year master student from New York University, was waiting for her tuition fee sent from China to US via a digital money transfer platform. She did not receive the money until the due date, and found out this transfer cost her over US$100.
Three years later, Jing graduated from NYU, and was recruited by the Wall Street IPO Consultation Corporation. Soon she realized none of the digital remittance platforms can provide a cost-effective method to send money overseas.
Global money transfer business is a hot field, whose market-size is steadily growing. In 2017, one in seven people in the world have sent a total of US$450 billion.
However, last year, Britain is reportedly to dawdle almost US$100 million on the remittance fees; while on the other side of the Atlantic, state-of-the-art financial technologies from the Wall Street have barely boosted money transfer services with the aim of less remittance time or lower remittance fees .
“Immigrants in the U.S. are diligent. It is unfair for them to waste money on sending money back to their motherland.” Shan’s goal is to revamp cross-border remittances by introducing a novel trading model.
Founded in 2016, LineMoney, a financial services company, is dedicated to provide a secure, quick and convenient global money transfer service. Using intelligent data analytic tools, LineMoney is able to match remittence requests from different countries, and achieve money transfers within local banks.
Take an example of a Sino-US remittance. When an American sends US$100 to a Chinese bank, and a Chinese transfers 650 yuan (US$100) to an American local bank, LineMoney can transfer money directly between local banks.
One of the major advantages of using LineMoney is reduced costs. For less than $2,000, LineMoney’s remittance fee takes only 0.8 percent of the total amount, capped at $8.8.
On the speed side, LineMoney enables real-time remittances from the U.S to China; while takes a business day to transfer money from China to the U.S.
LineMoney also adopts an instant exchange rate to minimize the exchange loss.
Besides, the remittance on LineMoney does not take up the amount of China’s remittance limit, which is US$ 50,000 for each person.
Different from old-fashioned financial platforms, which are notorious for snail’s paces at which it adopts innovation, LineMoney leverages big data to extract values from users’ remittance habits.
“The key in global money transfer is to accurately match user requests from different countries, which requires enormous amount of data,” says Jun Zhang, Co-founder and CTO of LineMoney, who is the former Vice President of Application Architecture at Standard & Poor’s with 15 years’ experience in software engineering. Accordingly, LineMoney’s weekly trading volume is rising by 76%.
After LineMoney has acquired enough amount of data, its intelligent data analytic tool will translate the data to useful patterns, including users’ remittance frequency, preferred exchange rate, and the amount of remittance. To achieve the goal, LineMoney has registered technical patents on global remittance platforms in the United States.
On the legal side, LineMoney follows rules from different countries. The company is now the licensed holder of FinCEN in the U.S. and the licensed platform of New Jersey Banking and Insurance Department. While the U.S. has launched a series of strict rules in cash transactions, LineMoney does not yield to such rules because the platform is not involved in any cash transaction or any other financial derivatives.
“LineMoney is not simply a foreign exchange company. Our vision is to provide financial technology platform for various financial institutions such as global payment companies, or international banks around the world,” says Shan.
Says Shan, LineMoney takes aim at IPO on the NYSE or Nasdaq in three years. “Once listed, LineMoney will reach at least the average price-earnings ratio of 40-50, like other companies.”
This means LineMoney is urged to launch many more services, including large-amount remittance in the next month, pending orders for VIP users, financial services, and money transfer network.
Meanwhile, LineMoney is expanding its service areas. In addition to the Sino-US cross-border remittance, next year, LineMoney will provide services in more than 20 countries and regions, including Asia, Europe, the Americas.
LineMoney’s team, consisting of top-tier financial experts, is led by Founder and CEO Warren Wang, an EMBA from Tsinghua University with more than 20 years’ experience in the financial field. The remaining founding teams and members have previously worked from S&P, Google, Verizon and other world leading companies.
Powered by a novel trading model and data analytic tools, LineMoney is seen as a disruptive force to the global money transfer market. Shan expects hundreds of thousands immigrants can benefit from LineMoney, and be relieved from inconvenient cross-border remittance.
Company Name: LineMoney, Inc
Contact Person: Snow Wang
Country: United States