A new eWallet for Chinese students studying abroad in the U.K. has been developed by FTFT UK Limited, the subsidiary of blockchain application technology developer and FinTech service provider Future FinTech Group.
To promote its Orbit eWallet app, FTFT UK participated in eight orientation meetings in Beijing, Shanghai, Hangzhou and Shenzhen for Chinese students heading to the U.K. to study, according to a Thursday (Aug. 25) press release. The meetings were organized by the University of Manchester and 21 other universities in the region.
The Orbit app will offer account opening services as soon as it officially launches. Student applicants who open accounts before coming to the U.K. can get a free account preapproved by FTFT UK, per the release.
See also: UK FCA OKs Future Fintech’s Purchase of London Money Transfer Firm
Orbit operates similarly to Alipay and WeChat Pay, and FTFT UK’s initial version will allow users to send money and shop.
FTFT UK said its eWallet has the majority of the central services people expect from traditional banks, including international remittances, payment transfers, physical debit cards and bill payments.
“The UK study abroad orientation meetings provided an excellent platform for us to promote the FTFT Orbit E-Wallet app which was wholly developed and designed by our FTFT UK team,” said Bo Sun, CEO of FTFT UK. “We believe that our unique ‘know your customer’ and our account opening process will make adoption of the app easy, and the Orbit app will provide unprecedented convenience as well as a spectrum of services for Chinese students who are entering the UK.”
By the end of this year, the Orbit app plans to give users the ability to chat with friends, remit red envelopes (monetary gifts) and start a group buying program with merchants.
The eWallet aims to offer the conveniences necessary for overseas Chinese students and newcomers who will settle in the U.K. while also solving the issue of cross-border remittances.
Read more: Card Is King in UK Payments Landscape, but Digital Wallet Usage Soars
The company expects that the Orbit app will be the first eWallet in the U.K. to provide free account openings and integrated remittance services for Chinese students and expatriates in Britain, according to the press release.
For all PYMNTS EMEA coverage, subscribe to the daily EMEA Newsletter.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More