Extraordinary Genius

Chapter 1124 – Internet Bank

“Brother Ki, this payment software is what makes me confident in competing with other MNCs. You know about the finance industry, but do you know what Internet Bank is?”

In Feng Yu’s previous life, Ma Yun’s Alipay is the world’s third-biggest Third-party payment platform. Its scale and number of users are the highest, and at the same time, they had many competitors. That means many people can see the high profits from third-party platforms.

In this life, Third-party payment platforms will appear earlier. They will be used on eBay, Amazon, Alibaba, and Polar Bear Internet companies. Feng Yu will have the opportunity to gain control over three major markets, North America, China, and Eastern Europe. His payment software will be much better than the payment platforms in his previous life.

In Feng Yu’s previous life, Yahoo, Softbank, and Ma Yun’s team jointly developed Alipay’s technology. When Ma Yun was the CEO, he separated this Alipay and transferred to his own company. This decision was controversial and caused a dispute between the three parties.

Yahoo’s share prices fell, but Alibaba’s share prices continued to rise because of Alipay. Alipay’s estimated worth is much higher than Alibaba’s group of websites and became its most valuable asset.

Kirilenko thought to himself after hearing Feng Yu mentioned Internet Bank. What’s so difficult to understand about it? It’s just online banking.

“Feng, I know about this. It is just like Nasdaq, where all the transactions take place electronically. Stocks are also financial instruments. Then the stocks on Nasdaq are all Internet Bank, right?”

Feng Yu took out two cigars and passed one to Kirilenko. He took a puff and said. “What is said is also considered Internet Bank. But the Internet Bank I am talking about is very different. Internet Bank is not only using internet technology on traditional financial instruments. Our Internet Bank will take place online. Regardless of the market, services, products, regulations, etc. will all be online. There will not be any physical counters, and everything will be online. There will be no face to face interaction, and even if you hire a broker, all communications will be conducted online.”

“Feng, this is not right. If I hired a broker and the communications are online, how will I sign the contract? How am I going to pay for his salary, and how can I trust him?” Kirilenko retorted.

“This is the time where our Third-party Payment Platform comes in. We will provide a credit guarantee and conduct credit ratings. The contracts can be downloaded from the internet, and both parties can verify through videos. Of course, both parties will need to print out the contract during the initial stage and signs it. But they will not need to do that in the future.”

When the real-name system is implemented, many agreements and contracts no longer require signatures. They only need to click the confirm button, and it will be completed. For example, a stock trading mobile app only requires the user to take a video of themselves and upload a picture of their identification card. No signatures are required, and it is legally binding.

“Using videos to confirm?! The video quality is not good.” Currently, online video quality is not good because of internet speed. Some ordinary users have no access to this technology.

“The internet is developing very fast, and you cannot use the technology now to judge the products three years later. Mobile phones can take pictures now. Have you thought about what mobile phones can do three years later?” Feng Yu waved his Wind and Rain Phone and said.

“You are right. Does that mean online videos will become common three years later?”

“In developed countries, it will not be a problem. Even the countries without good internet can allow the majority of their people to go online. Also, after this Internet Bank is introduced, internet development will speed up. It might be faster than what we expected.”

“Then what do this Internet Bank services comprise of? What products are there?” Kirilenko asked.

“We will offer whatever traditional financial institutions offer. For example, investing and financial planning, savings, withdrawals, loans, currency exchanges, etc. We can also provide services that traditional financial institutions cannot offer. For example, crowdfunding.”

Crowdfunding? What is that? Asking everyone to provide funds to one person? What’s so special about this? The traditional financial institutions do have this service.” Kirilenko replied with a ‘don’t think I don’t know about this’ expression.

“You are right. The traditional financial institutions do have this service. But let me ask you. Can a traditional financial institution raise 1 million from 1 million people?”

“What? 1 million USD from 1 million people? That means each person has to contribute 1 USD? Who is so free to travel to donate 1 USD?”

“That’s right. No one in their right mind will travel to the bank to invest 1 USD for a company. But what if it is online now? All you need to do is to click on your mouse and enter the third-party payment code. Everything will be completed within a minute.”

Feng Yu is not making up this ‘1 million shares to raise 1 million USD.’ In his previous life, a writer wants to publish a book. But no publisher is willing to publish it as the contents are too sensitive, not appealing, etc. But at that time, the writer started crowdfunding. The writer’s fans contributed 1 RMB each and funded this writer to publish this book.

To the fans, 1 RMB is nothing, but with all the fans giving 1 RMB each, that is a big amount. Some authors even used this method to turn their novels into video games and TV series.

It is too troublesome to go to the bank to donate 1 dollar. But if this transaction is conducted over the internet, it will be much easier.

Some small-time singers want to release their albums, new directors asking for funding for their new movies, and even roadside stalls asking for funds to set up a shop. Many failed, but many others succeeded.

This proves that Internet Bank can do what traditional financial institutions cannot.

These are only the tip of an iceberg. There are too many ways of making money through this Third-party payment platform. Just look at those bankers from traditional financial institutions. Which one of them had lost money?

The MNCs from China and all the major banks in the world are on the top of the list. But this Third-party payment platform will be an institution that can rival and even exceed them!

“Brother Ki, Internet Bank is more convenient than what you can imagine. For example, if you want to get a loan and have good credit ratings on our platform. Our platform can issue the loan immediately. We can even introduce Internet Bank instruments for the ones who like to invest and profit from there…”

As Feng Yu describes what Internet Bank can do, Kirilenko’s eyes got brighter. This Internet Bank is like a treasure cove. This Third-party payment software must be developed immediately!

Translator’s notes:

Real-name system