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Itspayd Financial Techonlogy How Financial Technology, ItsPayd, Disrupts Traditional Bank and Finance Environment TewYu: Digital Payment Between Vietnam and the United States MBA Capstone Project California State University San Marcos Thu Huynh 1 Table of Contents 1. EXECUTIVE SUMMARY ........................................................................................................................... 3 2. THE OBJECTIVES & METHODS ................................................................................................................ 4 3. ABOUT ITSPAYD ................................................................................................................................... 5 4. FINANCIAL TECHNOLOGY LANDSCAPE....................................................................................................... 7 5. TRADITIONAL BANK VS FINANCIAL TECHNOLOGY ...................................................................................... 11 5.1 Unbundling Traditional Services ................................................................................................... 11 6. ITSPAYD DISRUPTS TRADITIONAL BANKING ENVIRONMENT ....................................................................... 14 7. HOW TRADITIONAL BANKS RESPOND TO THE THREAT OF DISRUPTION ......................................................... 15 8. ABOUT TEWYU? ................................................................................................................................ 18 8.1 SWOT Analysis of TewYu ....................................................................................................... 20 9. WHY VIETNAM IS A POTENTIAL MARKET FOR TEWYU? .............................................................................. 21 9.1 Productive Land ..................................................................................................................... 21 9.2 Vietnam Fintech Startups ...................................................................................................... 23 9.3 Remittance to Vietnam ......................................................................................................... 24 9.4 The increasing of Vietnamese students in the United States ................................................ 25 10. FOREIGN PAYMENTS IN VIETNAM ..................................................................................................... 26 11. DEVELOPING THE STRATEGY FOR TEWYU TO EXPAND THEIR GLOBAL TRANSFER MONEY SERVICE BETWEEN THE UNITED STATE AND VIETNAM ........................................................................................................................ 30 11.1 SWIFT Wire Transfer .............................................................................................................. 30 11.2 Digital currency and blockchain technology ......................................................................... 32 11.3 Peer to Peer Currency Matching and Payment ..................................................................... 35 12. CONCLUSION AND RECOMMENDATION .............................................................................................. 36 13. REFERENCES .................................................................................................................................. 38 2 1. Executive Summary Technology is perpetually disrupting and changing the view of many industries from conventional communication into the age of financial services, typically in the banking and finance environment in the United State. In tradition, most banks and financial companies had hold the most important role in operating the end to end procedure of loaning, investing, and banking. However, the explosion of financial technology has altered the traditional methods that people used to make payment. The new financial technology products have transformed how personal and business transactions are processed. According to the report by Citigroup, citing in The New York Times, in the article “Fintech Start-Up Boom Said to Threaten Bank Jobs,” investment in financial technology has skyrocketed in the past decade, from $1.8 billion in 2010 to $19 billion in 2015. Also, financial technology caused up to 30 percent available employees may lose their jobs in the banking industry. It reflects that the number of customers walking to a branch for their bank service demands is less and less, Americans now rely on technology services which is easier and more convenient, now online and mobile banking has become a part of Americans’ daily life. Additionally, financial technology companies can help personal or company with a cheaper way to transfer money, invest and achieve a loan without any interaction with a traditional finance environment, such as Paypal, Moven, Credit Karma, LendingHome, and Wealthfront, etc. Another field of banking that is increasing dramatically is peer-to-peer payment (P2P), which let financial technology companies actively release more creative peer-to-peer payment to compete with the traditional finance and banking operation. Also, financial technology company provides cheaper investment loan; for example, financial technology companies only do business in billions of dollar while banks do in trillions. The bloom of financial technology puts traditional banking in competitive environment where their 3 conventional rules are disrupting and challenging, as well as push traditional banks joining more technology. Catching the rising attraction of financial technology, CEO Ken Green opened his business with ItsPayd, financial technology company, known as a web application with the power to automate payments and eliminate the need for collections. With the effort of the company team, ItsPayd does not stop at a base automated invoice payment platform, but expanding a new platform, such as ItsPayd2u, affectionately called TewYu, a friendly social peer-to-peer lending application, which bring people easier to borrow and pay back money just by one click from the application. Understanding the dramatically growing of financial technology in Asia, for example Vietnam, CEO Ken Green with a future vision, plans to expand TewYu, which is used not only for American but also for foreigners living in America, and further bringing TewYu oversea to Asian countries in the future, and Vietnam is a potential candidate that Tewyu is targeting. However, with the bloom of financial technology from everywhere not only in the United States but also in Vietnam, how TewYu competes in financial technology market, and how Tewyu will suitable for Vietnamese environment. This paper will highlight how financial technology, typically ItsPayd, works and affects traditional banking and finance environment. Also, developing strategies to improve and bring TewYu oversea to Vietnam, concentrating on transferring money internationally between Vietnam and the United States, as well as exchange rate issue, to compete in the competitive financial technology market. 2. The Objectives & Methods The primary goal of this capstone project is to describe a financial technology industry, which ItsPayd participates. The project will attempt to determine how financial technology, typically ItsPayd platform, disrupts the traditional banking and financing environment. Also, the project will develop the strategy to expand TewYu service to Vietnam, which is considered a potential 4 market in Asia environment. To achieve a goal, this project will analyze financial technology industry in the U.S, as well as in Asian to highlight the explosion of advanced technology in banking and financing service. There also will be a comparison between traditional banks and fintech startups. Furthermore, ItsPayd platform and TewYu functions will be illustrated clearly to determine how ItsPayd is effecting and changing traditional banks. The highlight point of the project will be the strategy to develop TewYu oversea between Vietnam and the United States. To obtain this, the project will bring out the Vietnamese financial technology environment, including the number of people using smartphone, Vietnamese people payment behavior, and the development of Vietnam fintech startups, as well as the remittance regulations and policies. Additionally, there will include the picture of Vietnamese immigrants or students who live and study in the United States. Follow that, the paper will offer different methods and technologies working for TewYu to expand into Vietnam market. The report is used in white papers, surveys, interviews, CSUSM lectures, articles, case studies, and other online sources. The project is processing follow specific objectives that have been discussed and agreed upon by CEO and founder of ItsPayd Ken Green, California State University of San Marcos project advisor David Grooms and myself, Thu Huynh. 3. About ItsPayd ItsPayd started in June 2015, opening headquarters in Temecula, CA. Ken Green, a CEO and founder, with ItsPayd members are excited and ready to release their platform. CEO, Ken Green reveals that, “ItsPayd was born to help people manage their finances, take control back of their lives, and give them a peace of mind knowing that payments will remain affordable. The recession hurt a lot of Americans, leaving them very few options to manage their finances, ItsPayd provides them with the flexibility to manage and satisfy their obligations.” ItsPayd is introduced as a startup technology company that allows control back to vendors and end-users by 5 providing an automated invoice payment platform. The
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