Blockchain technology company that connects people around the globe with cryptocurrency remittance
Applicant name: TripleA
Innovation Name: TripleA – Crypto Remittance
Innovation Type: Product
Mission: Blockchain technology company that connects people around the globe with cryptocurrency remittance.
Innovation Description: TripleA works directly with remittance companies to offer cryptocurrency as a sending option to their customers and to allow recipients to receive the money in local currency directly in their bank account. The acceptance and conversion process is directly managed within TripleA technology to offer the easiest and most seamless experience for the remitter, recipient, and remittance company.
We are building TripleA around 5 Key Value Propositions:
– CONNECT: Our technology connects people all over the world, crypto and non-crypto users.
– STABILITY: Our conversion system from crypto to local currencies allows people to avoid any volatility risk linked to cryptocurrency.
– EASINESS: The integration of our technology is easy and fast with optimal user experience in mind.
– SECURED: Our technology complies with MAS (Singapore Central Bank) along with the highest international standards for AML and KYC.
– INNOVATION: We are constantly developing new products and solutions to improve how people are connected.
Innovation Inspiration: With currently more than 170mio active users and estimation of 20-50% adoption rate of the worldwide population in 2030, cryptocurrency is booming. People are using crypto as a commercial purchasing means (more than USD 4 billion Bitcoin payment in 2019) more and more every year and not just as a speculative instrument anymore.
One of the main reasons for a “not faster” adoption of cryptocurrency as a payment and remittance method, is the concern of price volatility. Due to its decentralization nature, price fluctuation risk is quite high for digital currencies.
Considering the above, TripleA is developing a technology that allows the growing crypto community users to utilise their cryptocurrency and send it to their relations across the globe while avoiding any price volatility risk for the recipient.
Who benefits from the innovation most? Population from emerging markets are currently the most impacted by the cryptocurrency revolution. Having no access to regular financial institutions and being confronted with an unstable local currency, they have no choice but to look for digital alternatives. The ASEAN region represents more than 35% of the total active users while countries like Nigeria, Pakistan, Bangladesh see double-digit growth in cryptocurrency adoption.
By allowing crypto remittance, we are allowing these emerging market populations, remitters and recipients, to make full use of their cryptocurrencies.
Through TripleA technology, remittance companies are equipped to reach out to this unbanked population (more than 20% of the adult world population in 2019) which are looking for alternatives to transfer money to their relations.
TripleA is working to partner with governments that are currently developing their cryptocurrency and integrate it as a supported crypto remittance sending option.
What are you most proud of about your innovation? Key advantages of TripleA compared to what’s out there in the marketplace:
– MAS regulated. We are regulated by MAS (Singapore Central Bank) which makes us the first crypto remittance and payment gateway company in Singapore to be regulated by this authority.
– Compatible. We support all types of crypto wallets, and not only tight to a few. This allows TripleA and its partners to be highly scalable and attract more users.
– Instant confirmation. We are enabling all our solutions with instant confirmation, which allows ~97% of transactions to be confirmed without the need to wait for 10 minutes or more to obtain blockchain validation (which is currently one of the most common pain points).
– New products. We are always looking to build new solutions that would solve specific market needs. Along with our remittance solution, we have developed a payment gateway that allows crypto users to use their digital money to purchase products and services, both online and offline.
Status of Innovation: In-market
Innovation Active Since: 11/01/2019
Applicant Type: Private Company
Headquarter City: Singapore
Headquarter Country: Singapore
Year Founded: 2018
Main Category Choice: B2B Solution
Why do you think you should win this category?:
TripleA empowers remittance companies to accept crypto as any other currency. The integration is easy, secured and fast. It does not require any extra developing resources which helps these companies to quickly expand their business to the new crypto user segment without too much complexity.
The market size and impact are huge. Not only the crypto usage is currently high (+170mio active users) but the adoption is booming (projected 20-50% adoption rate worldwide in 2030). Adding crypto as a sending option and allowing real-time conversion to local currency, allow remittance companies to leverage this trend and grow their business.
Eric Barbier, founder of TripleA, has more than 15 years experience in building and leading B2B companies (board member of Sleek, Ameex Mobile and Paytop; founder of TransferTo, Thunes and Dtone). The rest of the team is composed of talents from various backgrounds and nationalities. It helps to better understand market needs and develop innovative B2B solutions.
Secondary Category Choice: End-user Experience
Why do you think you should win this category?
Our remittance product is completely built to offer an optimal experience. The product has been developed to empower the end-user and the remittance company without adding any other complexity.
On the remitters side, the possibility of sending cryptocurrencies is as seamless as sending any other local currencies. No extra information or extra steps has been added to the sending process. The conversion process, from crypto to local, is completely managed by TripleA.
On the recipients side, nothing changes. They will receive the money in the exact same way as it was transferred with a local currency.
We understand that the cryptocurrency industry is complex and might be scary for non-initiated and savvy people. In addition, the risk of price volatility has created adoption barriers and made cryptocurrencies perceived as a speculative asset in the collective unconscious. With our seamless remittance solution, we not only aim to empower the current user base, but our goal is to help the expansion of crypto usage around the globe.
Full Name: Eric Barbier
Role: Executive Chairman
Full Name: Willy Vanneste
Role: Head of Marketing
Full Name: Andy Hoebeke
Role: Product Developer Lead
Full Name: Zack Koh
Role: Business Developer
Pitch deck: https://www.docdroid.net/
Full Name: Eric Barbier
Role: Executive Chairman