Tremendous potential of resale market in Hong Kong
There is tremendous potential of resale market in Hong Kong. Despite several P2P resale platforms, there is lack of a resale platform designed for the B2C market. Joseph Yuen and his team has identified such potential and established Swapifly, a Hong Kong based classified online marketplace, in 2022, with a primary focus on the resale of limited-edition items, luxury goods, electronics, life and beauty products consumer modeling and loyalty rewards, cars, and properties. It allows buyers and sellers worldwide to sell or source limited edition items and their favourites easily. Powered by robust artificial intelligence technology, Swapifly enables merchants to reach out to target buyers precisely and to optimise their business operations effectively.
Corporate identity verification for development of a trustworthy marketplace
As a platform primarily for the resale of limited edition items, luxury goods, cars and properties, Swapifly recognises the importance of “trust” to both buyers and sellers. Therefore, Swapifly established a merchant registration system, allowing sellers with valid corporate identity to register as merchants and enhance buyers’ confidence.
RD ezLink is a fully digitised corporate identity verification solution that verifies the corporate identity of a business in accordance with the prevailing regulatory banking standards for banks, financial institutions, and various organisations. Verifying the corporate identity in accordance with the regulatory banking standards is more effective than some platforms which only perform simple verification via email or phone number.
Every single business verified by RD ezLink will be issued a unique verification number. Swapifly and other organisations can simply conduct a company search using the RD ezLink verification number and confirm that the corporate information provided is trustworthy; they can also have access to registration documents with the consent by businesses. The use of RD ezLink verification number saves the additional costs of numerous company searches and shortens the time required for corporate identity verification.
In addition, RD ezLink features “one click to share”. Merchants with verified corporate identity may easily share their corporate information with various institutions via the RD app with just one click, which accelerates the company search process and shortens the approval time of the application for corporate and financial services.
Immediately available for use, RD Wallet supports e-commerce merchants with payments at lower costs
RD Wallet under RD Technologies, a licensed Stored Value Facility in Hong Kong, is the first business-focused mobile wallet in Hong Kong, offering deposits, local and cross-border payments, as well as foreign exchange services to businesses.
Swapifly believes that RD Wallet will provide the registered merchants of Swapifly with a secure, fast, and cost-efficient payment tool for businesses, especially the start-ups and SMEs. Joseph commented that in recent years, a number of newly established e-commerce businesses open an online store at different marketplaces as a trial for the purpose of observing the market responds to their products. These businesses are often just established, as such they have to face many challenges in application for bank accounts, including tedious approval time. In order not to miss business opportunities, some of them may consider using their personal bank accounts for business purposes. In fact, this may involve substantial risks. With RD wallet, businesses can easily handle deposits, local and cross-border payments, as well as foreign exchange services without a bank account.
In addition to free account opening and immediately available for use, RD Wallet also features wallet-to-wallet transfer. This allows merchants on Swapifly to make payments by transfer between business mobile wallets, which enables instant settlement, especially for start-ups and SMEs with higher liquidity requirement.