What is the name of your solution?
Offline Payment solution for retail CBDC
Provide a one-line summary of your solution.
Support payment transaction without the Internet
Film your elevator pitch.
What specific problem are you solving?
One of the key goals of the prevailing Central Bank Digital Currency is to address financial inclusion for the 1.7 billion unbanked population with poor Internet Infrastructure.
The ability to make offline payments without the Internet has been a challenge for central banks in the world.
With over 20 years of offline payment experience, we offer the only mobile offline payment solution in the world.
Business Development Milestones
2020: Integrated with Paypal wallets using Braintree
2020: Sandbox of e-CNY with HSBC Bank
2021: Bank of Thailand on cross-border CBDC
2022: Plan for CBDC pilot in the Greater Bay Area 2022: Candidate for CBDC development of e-HKD by HK Monetary Authority
What is your solution?
Solution:
We enable the existing QR code payment to work offline without the Internet.
Who does your solution serve, and in what ways will the solution impact their lives?
Our key target is the 1.7 billion unbanked population with poor Internet Infrastructure.
Retail CBDCs can establish a more inclusive financial ecosystem. They can decrease the cost of transactions, eliminate barriers to lending, and power microfinance initiatives. At the same time, CBDCs should aim to help un- and underbanked individuals create financial identities.
How are you and your team well-positioned to deliver this solution?
In 2001, we are a hardware and solution supplier to the Octopus system. We found out that there is a simple and accurate way to recalculate missing transaction records due to damage or loss of readers and we created the iBonus card payment system. Our system was used by US Army in Iraq and Afghanistan in 2007, the Electronic voucher system for the refugees by UNWFP in Syria in 2014, and the Canteen applications for the Bank of China (HK) since 2014. This is a solid fact that our offline system is the best in the world.
In June 2014, we saw this opportunity and established iBonus Limited from a management buyout of the smart card offline payment business with 14 years of history.
Using a proven offline payment backend core, we can easily move from a smart card to a smartphone payment solution.
Which dimension of the Challenge does your solution most closely address?
Make it easier and more affordable for individuals and MSMEs to make investments and transfer payments, across geographies and across different types of platforms
In what city, town, or region is your solution team headquartered?
Hong Kong
In what country is your solution team headquartered?
What is your solution’s stage of development?
Growth: An organization with an established product, service, or business model that is rolled out in one or more communities
How many people does your solution currently serve?
2 million users
Why are you applying to Solve?
Get funding
Join a powerful network of impact-minded leaders across industries and sectors
Access leadership coaching and strategic advice from experts
Receive monitoring and evaluation support
Gain exposure in the media and at conferences.
In which of the following areas do you most need partners or support?
Who is the Team Lead for your solution?
Keith Lau
What makes your solution innovative?
Most of all digital payment technologies focus on online payment and we are contrary to focusing on offline without the Internet.
What are your impact goals for the next year and the next five years, and how will you achieve them?
Next Year - involve in the development of CBDC in Hong Kong
Next 5 Year - to be the leading solution provider of offline payment for retail CBDC's
Which of the UN Sustainable Development Goals does your solution address?
How are you measuring your progress toward your impact goals?
It can easily handle multi-trillions of small-value transactions without energy-hungry online servers and emits zero CO2, an ESG goal of climate protection for the cashless world.
The indicator is the % of cashless payments achieved.
What is your theory of change?
The unbanked population is highly related to poor Internet infrastructure. We provide a payment solution that does not rely on Internet access.
Describe the core technology that powers your solution.
Patent-PendingTechnologies
1/ QR-BLE-QR
An NFC replacement with a combination of QR code & BLE with a fast transaction speed of a second and can support all smartphones (iOS and Android OS)
2/Offline DLT
Offline DLT is a user ledger carried by each user. The user information and the remaining balance can be verified on the user ledger before a transaction takes place. It will avoid so-called double-spending.
Cryptographic securities are used to ensure the user information and the transaction history cannot be illegally modified. Tokenization is used to reduce the risk of illegal content cloning.
US Patent Pending 16/681,365 (filed 2019)
China Patent Pending 201910340975.1 (filed 2019)
Which of the following categories best describes your solution?
A new technology
How do you know that this technology works?
Business Development Milestones
2020: Integrated with Paypal wallets using Braintree
2020: Sandbox of e-CNY with HSBC Bank
2021: Bank of Thailand on cross-border CBDC
2022: Plan for CBDC pilot in the Greater Bay Area 2022: Candidate for CBDC development of e-HKD by HK Monetary Authority
Please select the technologies currently used in your solution:
If your solution has a website or an app, provide the links here:
https://offlinedlt.com/
In which countries do you currently operate?
In which countries will you be operating within the next year?
What type of organization is your solution team?
For-profit, including B-Corp or similar models
How many people work on your solution team?
7
How long have you been working on your solution?
8 years
What is your approach to incorporating diversity, equity, and inclusivity into your work?
Diversity: We appreciate and leverage the many differences of Solve staff and Solve’s larger community, and we involve and reflect the various communities we serve through partnership and open innovation.
Equity: We design our policies, practices, and resources with the goal of providing people of all backgrounds a genuine opportunity to thrive.
Inclusion: We strive to create an environment in which everyone feels valued and respected. Solve specifically seeks to support social entrepreneurs who use human-centered, inclusive technologies to solve world challenges. We know that when solutions are designed with the most underserved populations in mind, they benefit everyone.
What is your business model?
We target customers such as P2P or QR-code payment providers or large social media service providers who have a large number of users and license our offline solution to them.
Do you primarily provide products or services directly to individuals, to other organizations, or to the government?
Organizations (B2B)What is your plan for becoming financially sustainable?
Get government grants
Sales of existing smart card based offline solution for transit ticketing markets.
Solution Team
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Mr Keith Lau CEO, iBonus Limited
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Our Organization
iBonus Limited