Kiwi online payments provider Latipay took out the Tech Startup Award at the 2016 Australia New Zealand Internet Awards (ANZIAs).
The financial tech company is the only one of its kind that allows purchases of Kiwi products to be paid for in Chinese yuan - while also enabling New Zealand vendors to receive payment in Kiwi dollars.
It does so with a cloud-based platform that bolts onto 19 Chinese banks, and e-wallets including Alipay, WeChat and JDPay.
Megan Baker, ANZIA co-organiser, says the win is well deserved.
“Winning an ANZIA award is testament to showing real innovation and being ahead of the game in today's technological era,” she says.
Latipay has been in business since January this year and is available to any Kiwi organisation that does business with China, focuses on the travel and education markets or e-commerce providers.
Leigh Flounders, chief executive of Latipay, says they’re really grateful for the award.
“We’re helping these businesses make the most of the opportunities China offers them,” he says.
As well as offering a technical solution, Latipay has also worked with the Chinese government and key accreditation agencies to ensure its platform is safe, reliable and compliant with regulations of both countries.
“Our technology offers a reliable mechanism for Chinese consumers to buy New Zealand’s highly valued goods and services in their own currency,” explains Flounders.
“Only a quarter of China’s population have a credit card and about 40 per cent of its online purchases are made via e-wallets,” he says.
Flounder adds that they’ve worked pretty hard with key agencies to make a safe and compliant platform.
“By ticking the regulatory boxes and offering an agile technical solution to the problem of receiving payment from China, we’ve made trading with New Zealand’s second largest export market all the easier.”