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Transin – Introducing Hong Kong to hassle-free & interesting savings platform

Transin, a FinTech Smart-Space company from Hong Kong, is taking things a few steps further.

 

The company’s innovative solution helps people save when they spend, turn their receipts into cash, and, while doing so, earn perks from partner shops.

 

Transin’s concept is pretty nifty. Whenever a user makes a purchase at cooperating shops and scans the receipt with the Transin app, users can receive cash back once the receipt is verified. The money in Transin wallet can be transferred into their bank account via Faster Payment System (FPS) or Bank transfer.  Transin also accepts the receipts out of the cooperating merchants list where users gain T-Points instead of cash back. T-Points can be used for redeeming Flight tickets, cosmetics, fitness equipment and even snacks. By analysing the data on all of the receipts that it collects, Transin can also extrapolate insights on such trends as spending hotspots and trending products and advise retailers to improve their customers’ experience.

Transin is scheduled to launch this Christmas, and it is working with dozens of leading retailers and restaurants on cashback programmes.

 

The FinTech start-up is also planning to launch an Ad Rebate programme in the first quarter of 2019, which will allow users to earn cash when they watch advertisements in the app.

 

Transin also owns patent of round-up savings & micro-investing in Hong Kong. Micro-saving and micro-investment apps, like Acorns in the US, have been revolutionising how people, particularly young people, save and invest. When users link their debit or credit card in Transin App, the amount of the purchase will automatically be rounded up, and the “spare change” will be saved in the user’s Transin account and invested in investment portfolios.

 

Say, when a user buys a coffee for HK$34.5, Transin will round up the amount to HK$35, charge the user’s debit or credit card for HK$0.5 and save it in the user’s Transin account. The money saved can be withdrawn or invested. By doing so, users can save money unconsciously and invest in the proper portfolios.

 

Facing a market that is valued at over US$1 billion in Australia and the US, Transin is already setting its sights on Asia-Pacific expansion, including Mainland China, Singapore, and Malaysia.

 

Transin’s business model is already attracting investors. Mr Allen Lau, CEO of Transin, said that they has secured investment during the recent Cyberport Venture Capital Forum. “CVCF offered Cyberport start-ups an excellent platform to meet worldwide VCs. We are now in talks about investing for over HK$15.00 Million in evaluation.”