OBOOK NASDAQ: OWLS outlined its strategy to build a regulated, stablecoin-enabled cross-border payments infrastructure during a fireside chat at the Lytham Partners Consumer and Technology Summit.
Darren Wang, founder and chief executive officer of OwlTing Group, said the company’s central goal is to make international money transfers faster, less expensive and easier to use through stablecoins. OwlTing is an operating brand of OBOOK Holdings.
Wang said the company began pursuing U.S. and international regulatory licenses about six years ago, with licensing efforts extending to Europe, Japan and other markets. He described regulatory compliance as a core component of the company’s operating model, particularly for fintech clients that may not have the resources or time to obtain licenses independently.
OwlPay Harbor Targets Enterprise Payment Flows
The company’s flagship product, OwlPay Harbor, is designed to facilitate the conversion of traditional currencies into stablecoins and the subsequent conversion of stablecoins into local currencies. Wang compared the platform to a harbor that manages the underlying technology and compliance processes involved in moving funds between fiat currencies and digital assets.
According to Wang, the platform can off-ramp stablecoins into local currencies in more than 60 countries, while its fiat-transfer capabilities cover more than 250 regions. The company works with Circle on the use of USDC and has banking relationships intended to support fiat on-ramp and off-ramp services.
Wang said OwlPay Harbor provides clients with access to licensing, anti-money-laundering controls and know-your-customer standards. He said the platform can allow smaller fintech companies to onboard customers in as little as two weeks, compared with the years needed to establish licensing infrastructure independently.
He also said the company has reduced enterprise onboarding times as its processes have matured. While onboarding initially took approximately four weeks, Wang said the shortest recent onboarding process took three days, followed by transaction testing before a client begins moving live funds.
Focus on Speed, Liquidity and Emerging-Market Corridors
Wang contrasted stablecoin settlement with traditional cross-border payment processes that can take days and involve higher fees. He cited an example of a payment from Nigeria to Cyprus that was converted into euros within two minutes, though he did not provide further details on the transaction.
The executive said customers generally do not want to manage the complexity of different blockchain networks or stablecoins. Instead, they prioritize the cost of a transfer and the time it takes for funds to arrive. OwlTing’s role, Wang said, is to manage the underlying settlement infrastructure while presenting a simpler experience to enterprises and users.
A major competitive factor is the availability of local-currency liquidity, according to Wang. He said enterprises moving large volumes need the ability to convert stablecoins into local currency quickly, and that OwlTing has partnered with banks and Visa Direct to support liquidity across markets.
The company sees near-term opportunities in several cross-border payment corridors, including:
- United States-to-Africa, particularly Nigeria;
- Africa-to-Hong Kong;
- Japan and Southeast Asia;
- United States-to-Latin America; and
- India, where Wang said the company has partnered with local participants.
Growth Metrics and Revenue Model
Wang said OwlPay Harbor had reached 79 enterprise clients in July, while payment volume more than doubled from June and increased for a sixth consecutive month. He characterized the business as having elements similar to a software-as-a-service model, in which existing customers generate recurring activity while newly onboarded fintech clients add volume to the platform.
He said growth may be nonlinear because larger enterprise clients can add substantial transaction volume after connecting to the infrastructure. Wang cited an example of a client whose monthly transaction activity rose from $3 million to $15 million, without identifying the client.
The company generates revenue primarily through transaction fees, Wang said. He described fees as generally ranging from 15 basis points to 50 basis points depending on the payment corridor, while foreign-exchange-related economics may vary by country. He said overall pricing can range from roughly 50 basis points to 1% or 2%, depending on the destination market.
Looking ahead, Wang said investors should focus on OwlPay Harbor’s transaction and customer-growth metrics. He said the company’s earlier investment in licensing, engineering and operations was intended to establish infrastructure that can support increased volumes, with the global stablecoin settlement business representing its primary future focus.
About OBOOK (NASDAQ:OWLS)
Our mission is to use blockchain technology to provide businesses with more reliable and transparent data management, to reinvent global flow of funds for businesses and consumers and to lead the digital transformation of business operations. We believe in the power of blockchain technology and have focused on leveraging it to optimize and in some cases transform the way enterprises operate. Established in 2010 in Taiwan, we operate as the OwlTing Group and have delivered solutions to various industries and are expanding actively into multiple markets including the United States, Japan, Singapore, Hong Kong, Malaysia and Thailand, as well as jurisdictions in South America and the EU.
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