TAIPEI, July 14, 2022 /PRNewswire/ — Global market value of stablecoins is over 150 billion USD, according to CoinMarketCap, and international businesses are interested in exploring digital currencies for payments. As the interest in stablecoins increases, global digital currency market awareness is growing with it. OwlTing Group is filling the need of stablecoin settlements for international businesses by tapping Circle’s payment solutions to power one of the cross-border payment solutions offered through OwlPay. This payment integration allows businesses to make payouts in USD Coin (USDC) while using secure digital wallets for both the business and their vendors. Through blockchain technology, payment clearance and settlement can be completed within a few seconds. This creates a seamless flow of funds across geopolitical borders and throughout the world. To start, OwlPay will target businesses in the U.S. that have international payout needs.
USDC is a fully-reserved dollar digital currency with over $55 billion in circulation as of July 12, 2022, and has supported more than $5 trillion in on-chain transactions to date. OwlPay will enable businesses to pay their vendors with USDC, regardless of business or vendor location. These transactions can occur on different blockchains, including Algorand, Avalanche, Ethereum, Flow, Hedera, Polygon, Solana, Stellar and Tron to help improve payment times and reduce costs. OwlPay will provide the business and vendors with a secure wallet to exchange their fiat currency for USDC to easily send and receive payments.
“We are excited about the potential of USDC as a digital currency with high liquidity, so we are very pleased to work with Circle. As the digital currency market continues to expand quickly, the congruent use of stablecoins and fiat currencies is what will certainly happen. It is likely that fiat currencies may be replaced by leading digital currencies like USDC in the future.” Andrew Carpenter, Senior Sales Manager of OwlTing Group, explains. “With OwlPay, payments in USDC sent and received are all completed on the blockchain. Users can enjoy all the advantages of digital currencies utilizing OwlPay: fast transactions, affordable fees, transparency, and no worries about the business hours of financial institutions. We recommend that our business users initiate and receive payments in USDC to get the full benefits of our next generation payment service. We are initially focusing on businesses in the U.S. market.”
Darren Wang, Founder and CEO of OwlTing Group, shares, “When the U.S. Office of the Comptroller of the Currency (OCC) announced that regulated financial institutions are allowed to use stablecoins, we discovered new business opportunities. After in-depth research, we chose to work with Circle. We think USDC is the most reliable and transparent dollar digital currency to date, and we believe stablecoins will play an important role in the FinTech industry and a crucial step to changing global finance. OwlTing strives to solve business pain points and upgrade various industries with innovative technologies, and OwlPay is our new solution for the FinTech industry. With global cross-border transactions using stablecoins, OwlPay is well-prepared to set a milestone in the global payment industry. On top of that, for the 1.4 billion adults who remain unbanked, hopefully new FinTech services, like OwlPay, will help solve that problem and contribute to inclusive financing.”
“The regulations concerning financial and payment services in the U.S. are relatively stringent. Before OwlTing’s integration with USDC, we consulted our U.S. counsels to ensure that we comply with the requirements to obtain the relevant licenses. We completed Circle’s prudent KYC process as well and we look forward to future developments.” Jackal Ting, Chief Compliance Officer for OwlTing Group, adds. “Despite being a new FinTech service, OwlPay meets the regulatory requirements in various countries. We implement measures including KYC, AML and CFT. With assistance from Chainalysis, the blockchain data platform, we are able to track transactions and perform risk assessments. Listed in the “RegTech 100″ in 2022, Chainalysis is a trusted partner for international organizations and government agencies such as the United Nations Office on Drugs and Crime (UNODC). We are committed to prevent illicit funds transfers, comply with relevant regulations, and ensure the safety of users’ funds.”
OwlPay provides a one-stop integration payment service for global enterprises. Through developer-friendly APIs, OwlPay integrates functions including reconciliation, mass transfers, auto payouts and supports multiple payment options, fiat currencies, and a stablecoin USDC to innovate B2B cross-border transactions for real-time settlement and clearance. OwlPay significantly enhances efficiency and transparency to offer a faster and cheaper payment solution tailored to the needs of global enterprises. OwlPay aims to create a new FinTech experience to help enterprises enhance operational efficiency and save labor cost.
Founded in 2010, OwlTing Group covers B2B, B2B2C, and B2C services. As a Taiwan-based company, OwlTing has branch offices in the U.S., Japan, Thailand, Malaysia, Hong Kong, and Singapore, and seeks to expand globally. In 2018, OwlTing announced an eight-figure USD investment from the Japanese financial giant SBI Group. In recent years, OwlTing has formed partnerships with government agencies, industry, and academia globally and applied the blockchain technology to the FinTech industry, medical industry, automotive industry, defense industry, food industry, forestry, agriculture, etc. OwlTing aims to build blockchain services for various industries to solve pain points and improve industry ecosystems.