This article was originally posted by Ferry Tenka, one of our advisors, you can find the original article below:
https://medium.com/@ferry_53015/the-e-commerce-payment-solution-for-asia-4853dfef3d3b
MEGAX — a joint venture between iFashion Group and MC payment that are both profitable, million-dollar revenue generating companies. iFashion Group consists of reputable retail and event companies.
These companies have brick and mortar stores and services with a total of 16 years of combined experience in the retail industry. MC payment is an established company with reliable services for traditional online and in-person payments.
Having experience in the e-commerce space of SEA for the last 8 years, I foresee MEGAX to be the breakthrough, not only in the e-commerce but also in retail space. Across different countries in SEA, I myself have experienced the challenges on doing cross-border transactions, One of these key issue when is cross-currency conversion. When companies and consumers transact in different currencies, they pay a premium for exchange rates through payment processors, most of these costs are borne by merchants, who indirectly pass these costs to end consumers, this is done in addition of the processing fees the payment processors charge.
However, with MEGAX, we can reduce the currency exchange rate charges for the transactions, and possibly support atomic swaps with other cryptocurrencies to even further reduce this cost in the future for both consumers and merchants. Running a large e-commerce company cross boarder, we have to navigate around different policies and regulations, there are limited payment processors who support these countries and currencies you operate in, very often we find ourselves integrating country-specific payment processors. This makes it difficult for us to deliver a consistent user experience as well as keeping terms consistent and competitive for our merchants.
MEGAX will become an international payment gateway for all countries at a lower transaction cost compared to other solutions. In Asia alone, there are over 50 different currencies commonly used. With their retail network and payment systems, I am confident that MEGAX will solve all these issues in a fragmented Asia and become the currency for millennials and merchants.
