Beyond Ventures Becomes First Co-Investment Partner to Buyback Shares from Hong Kong’s ITVF

“Beyond Fund 1” IRR Soared to 58% after the Buyback

HONG KONG, July 27, 2021 /PRNewswire/ — Beyond Ventures, a Hong Kong based venture capital firm and a co-investment partner with the Innovation and Technology Venture Fund (ITVF), had a 58% internal rate of return (IRR) on its Fund I from September 2017 through June 2021, thanks to the strategic buyback coupled with subsequent funding rounds of our portfolio companies.

Since its inception in 2017, Beyond Ventures has committed itself to the local ecosystem of budding startups across Hong Kong, facilitating the growth of home-grown unicorns through impactful venture funding. Beyond Venture’s GPs and serial entrepreneurs were all born or raised in Hong Kong, and have a deep personal interest in the success of the local startups.

The ITVF is a HK$2 billion fund established in 2017 by the HKSAR Government to co-invest in local start-ups with selected venture capital funds at a matching investment ratio of approximately 1 to 2, with the goal of creating a more vibrant innovation and technology ecosystem in Hong Kong.

Beyond Ventures is the most active and prolific co-investment partner of the ITVF, both in terms of investment amount and number of joint investment projects. Together, they have invested in ten of Hong Kong’s dynamic startups, including YOHO and enabot. The ITVF invested US$7.9 million in these companies, representing 52% of the ITVF total invested amount of US$15.29 million as of today on co-investment projects.

Lap Man, Co-Founder and Managing Partner of Beyond Ventures, commented on the venture fund’s recent success: “The ITVF is one of the most successful startup programs initiated by the HKSAR government to support the innovation and technology ecosystem in Hong Kong. The program can encourage VCs like Beyond Ventures to take additional risk in investing in Hong Kong-related startups and hence help those potential Hong Kong startups that are in the early stages, especially when they are in need of life-and-death capital.”

Continued success across Beyond Ventures’ portfolio companies

Some of the companies Beyond Ventures and the ITVF invested in have advanced to subsequent funding rounds, even potential public listings. The book value of the ten co-invested ventures has increased to 265% of the investment cost. Thus, the buyback from the ITVF brought in over 150% book profit for Beyond Ventures Fund I.

Beyond Ventures exercised the buyback option and only paid the ITVF investment cost plus the accrued interest for ten co-invested startups. The prescribed interest rate was 3.7% last year, and 2.9% in 2019. Alongside subsequent funding rounds from our portfolio companies, Beyond Fund I attained an unprecedented 58% IRR. 

Smartsens and YOHO were the two portfolio companies that applied for IPOs with the Shanghai Stock Exchange Science and Technology Innovation Board (STAR Market) and the Hong Kong Main Board while Prenetics plans a US$1.3 billion merger with Artisan Acquisition, a special purpose acquisition company (SPAC) backed by Adrian Cheng, the CEO and Executive Vice Chairman of Hong Kong-listed conglomerate New World Development. This provides Beyond Ventures with a potentially lucrative exit strategy for three companies in the coming 3 – 12 months.

“We were so glad to have Beyond Ventures and the ITVF as our series pre-A investors, because their funding helped us walk through the valley of death,” said Hong Zhu, Co-founder of family robot supplier enabot. “The funding enabled us to launch our first product – Ebo via Kickstarter. And revenue generated made it possible for us to pursue R&D and market expansion, while attracting talent to our management team. All this, along with a concrete product roadmap, then enabled us to attract tier-1 venture capital firms such as Sequoia Capital and LFC to be our Series A investors.”

About Beyond Ventures
Led by Lap Man, Alex Fang, and Marvin Hung, Beyond Ventures is a Hong Kong-based venture capital firm. Started in 2017, Beyond Ventures became renowned from its support by well-known Hong Kong listed companies like Hop Hing Group, Far East Consortium, and Chinney Alliance Group, and leading PE investment management companies Hony Capital and GAW Capital.

The name “Beyond Ventures” originates from the popular Beyond rock-and-roll band in early 1990s Hong Kong. We aspire to revitalize and transform the city’s innovation ecosystem by being Hong Kong’s most impactful venture capital firm. By uniting venture capital experts and local conglomerates with visionary entrepreneurs, we provide startups with the capital and guidance needed to thrive.

Our portfolio companies include unicorn startups like SenseTime, Smartsens, Prenetics, YOHO, etc.

Please go to for more information on Beyond Ventures.

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Greencity Acquisition Corporation Announces to Extend Deadline to Consummate Business Combination

SHANGHAI, July 27, 2021 /PRNewswire/ — Greencity Acquisition Corporation (the “Company” or “Greencity”) (NASDAQ: GRCY) (the “Company”) today announced that the Company’s sponsor, Cynthia Management Corporation (the “Sponsor”), has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $133,334, representing $0.033 per public share of the Company, in order to extend the period of time the Company has to consummate a business combination by one month to August 28, 2021.

The Sponsor plans to extend such period of time additional eight times to complete its initial business combination as necessary, each by an additional one months, up to April 28, 2022, by depositing an aggregate of an additional $1,066,666 into the Trust Account, representing an additional $0.267 per public share, in connection with such additional extensions. 

About Greencity Acquisition Corporation

The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or sector, the Company intends to focus on businesses that have a connection to the Asian market.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the offering filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

2021 China Wealth Forum Held in Qingdao

QINGDAO, China, July 26, 2021 /PRNewswire/ — A news report by Qingdao Daily on 2021 China Wealth Forum:

This year’s China Wealth Forum themed “New Era, New Wealth, New Management” was held on July 24- 25 in Qingdao, East Chinas Shandong Province.

The forum brought together scholars and experts on China’s financial industry from home and abroad to discuss issues such as economic recovery and risks in the post-pandemic era, financial opening-up and cross-border cooperation, as well as future derivatives and shipping trade innovation. 

Attendees included leaders from the Peoples Bank of China, China Securities Regulatory Commission, China Banking and Insurance Regulatory Commission, senior executives from renowned financial institutions and corporate groups, and over 70 guests from famous universities and think tanks. The 2001 Nobel Prize Winner in Economics, A. Michael Spence, participated in this conference through video link.

Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission, stressed that China has been fostering a new development paradigm. The economy would transition toward high-quality development. Therefore, Chinas future growth momentum mainly lies in technology, green industry, advanced manufacturing, and infrastructure construction.

The deputy governor of the Peoples Bank of China, Chen Yulu, pointed out that Chinas asset management market has gradually moved from rapid growth to standardized development and is expected to serve the healthy development of the real economy. During this process, the Qingdao’s Comprehensive Financial Reform Pilot Zone for Wealth Management has played an essential role in financial innovation and standardization.

Fang Xinghai, vice chairman of the China Securities Regulatory Commission, also praised Qingdaos leading role in financial reform and innovation. In recent years, Qingdao distinguished itself in exerting industrial agglomeration, promoting coordinated development, and boosting the real economy, which sets a prominent example to the nation.”

During the forum, Shandong Gainsense Futures Co. Ltd. jointly formed by Qingdao Port (Group) Co. Ltd., Qingdao Conson Financial Holdings Co. Ltd. and Qingdao SCODA Development Group Co. Ltd. officially announced its opening. It is the first approved national futures company since China restarted the approval of futures companies for over 20 years and is the first legal person futures company in Qingdao.

The 2021 China Wealth Forum is a flagship event of Qingdao’s Comprehensive Financial Reform Pilot Zone for Wealth Management, as well as a resourceful platform for the entire financial industry. 

INX Makes History With The Listing Of The World’s First SEC-Registered Digital Security, Collapses Trading Fees

NEW YORK, July 26, 2021 /PRNewswire/ — INX Limited (“INX”), the owner of blockchain-based platforms for trading digital securities and cryptocurrencies, announces that the INX Token, which was previously offered in the world’s first public offering of a digital security registered with the US Securities and Exchange Commission (“SEC”), will be listed on the INX Securities trading platform at on July 28th at 9:00am EDT.

In addition, INX announces it is reducing the trading fees on the INX Securities platform to only 0.2% for all digital securities listed on the platform, down from 2.5%.

INX’s vision is to be the preferred global regulated hub for digital assets on the blockchain, offering technology and related services for both primary and secondary markets. INX’s overall mission is to bring communities together and empower them with financial innovation. INX’s journey started with its initial public offering of the INX Token and continues with the development of regulated trading platforms for blockchain assets. INX is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the SEC and FINRA.

Co-founder and CEO, Shy Datika commented, “This listing of our registered digital security, trading on the blockchain, makes history. Blockchain securities are the future, and INX is leading the way. In my opinion, digital security trading fees have been at ridiculously lofty levels in this space. For digital securities to gain true acceptance, they have to be accessible to all, with low fees.”

In April, INX closed its IPO with $83.6 million in gross proceeds from over 7,300 retail and institutional investors. 92.9 million INX Tokens were sold in the IPO at a price of $0.90.  It took INX over 950 days to bring the INX Token to market. It was then sold in a registered public offering and now finally opens for trading on its platform.

Since closing the IPO, the company has opened its cryptocurrency trading platform to the public and finalized its acquisition of Openfinance Securities, LLC (which has changed its name to INX Securities, LLC). It also purchased ILS Brokers, an interdealer broker, with $5 billion in monthly volume, to expand INX’s global institutional reach while focusing on lead generation, OTC trading, and the development of Bitcoin and Ethereum Non-Deliverable Forward contracts. In addition, the coming listing of the Japanese financial giant GMO Trust’s regulated Japanese Yen stable coin (GYEN) on the cryptocurrency trading platform further expands INX’s position in the growing blockchain ecosystem.

About INX Limited
INX Limited provides regulated trading platforms for digital securities and cryptocurrencies, combining traditional markets expertise and an innovative fintech approach. INX is led by an experienced team of business, finance, legal and blockchain technology experts unified by the vision of redefining the world of capital markets via the leveraging of blockchain technology following a regulatory path.

Forward Looking Statements
Some of the statements in this press release constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “project,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “intends,” or “continue,” or the negative of these terms or other comparable terminology. These forward-looking statements may include, but are not limited to, statements relating to our objectives, plans, and strategies; statements that contain projections of results of operations or of financial condition; statements relating to the research, development, and use of our products; and all statements (other than statements of historical facts) that address activities, events, or developments that we intend, expect, project, believe, or anticipate will or may occur in the future. Forward- looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. These statements are only current predictions and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels of activity, performance, or achievements to be materially different from those anticipated by the forward-looking statements. We discuss many of these risks in greater detail in our Annual Report on Form 20-F for the year ending December 31, 2020, filed with the Securities Exchange Commission on April 29, 2021, including under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable as of the date hereof, we cannot guarantee future results, levels of activity, performance, or achievements. Except as required by law, we are under no duty to update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Press Inquiries:
on behalf of INX Limited
Denise Weaver
Pistol x Stamen
Tel: 310-721-6710

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FountainCap Wins Asset Management Company of the Year Award for the Fourth Year

FountainCap Wins Asset Management Company of the Year Award for the Fourth Year

HONG KONG, July 26, 2021 /PRNewswire/ — FountainCap Research & Investment (Hong Kong) Co., Ltd. (“FountainCap”) has won its fourth Asset Management Company of the Year – China Offshore Equity Highly Commended award from The Asset magazine’s Triple A Sustainable Investing Awards. While every year has its share of challenges, 2020 was truly extraordinary: the pandemic, economic recessions, Brexit, election, and a slew of other calamities. Despite all the challenges, FountainCap successfully navigated through 2020 generating one of the best performances since the company’s inception and saw its AUM grow to US$1.5 billion by end of 2020.

FountainCap Wins Asset Management Company of the Year Award for the Fourth Year
FountainCap Wins Asset Management Company of the Year Award for the Fourth Year

The Asset awards are meticulously reviewed by a panel of professional investors and analysts based on a series of qualitative and quantitative factors such as investment returns, assets under management, investment strategies, and market insights. This year, the panel placed a particular emphasis on the following areas when evaluating institutions: the ability to adapt and react to a volatile market; technological integration for the business; investment acumen in helping investors navigate through the pandemic; investor communication; and the ability to grow the business under a new normal.

In addition to winning The Asset award, FountainCap was also appointed as one of two China equity managers in 2020 to jointly manage the China equity portfolio for the Border to Coast Pensions Partnership, one of the largest public sector pension pools in the UK with over £49 billion in AUM. The milestone reflects FountainCap’s years of hard work and commitment to building a premium China-focused asset management company.

Founded in 2014, FountainCap is an equity long-only investment manager with an All China investment strategy that identifies and invests in listed companies which will substantially benefit from China’s transformation and on-going growth. Since inception, FountainCap has delivered consistent results for global investors through its in-depth fundamental research and long-term investment philosophy. Its investor base includes globally recognized sovereign wealth funds, pensions, endowments, corporates, and family offices. 

About FountainCap Research & Investment (Hong Kong) Co., Ltd.

Led by veteran China investor, Frank Ding, the investment team are sector/industry specialists with a combined China investment experience of over 60 years and across seven global market cycles. All investment professionals in FountainCap are equipped with both global investment knowledge and expertise and have a deep understanding of China’s economy and market. The company’s objective is to consistently generate superior long term investment results and provide the best services to its clients. 

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Dominica Completes $2m Bypass Project to Safeguard Community During Hurricane Season

LONDON, July 26, 2021 /PRNewswire/ — As cities across the world face unprecedented floods and other climate catastrophes, the Commonwealth of Dominica is doing everything in its power to curb the crisis. Last week, the Government of Dominica announced the completion of the Berekua Bypass Project in its ongoing efforts to build more climate-resilient communities. The building of the bypass took five months and cost over two million EC dollars. This included constructing a twelve-metre box culvert, the upper and lower wing walls and drain channels.

According to Parliamentary Representative for the Grand Bay constituency, Hon. Edward Registe, the bypass was motivated by 2017’s Hurricane Maria, which caused large-scale landslides and floods in the area. “Quite a few people were employed there, and right now, I am very proud of what we have been able to accomplish together,” he said. “This is going to mitigate against major flooding in the area.”

The Berekua bypass and other sustainable infrastructural projects in Dominica are significant towards the government’s commitment to becoming the world’s first climate-resilient nation. Some of these developments include rebuilding roads, over a dozen health centres, and constructing 5,000 weatherproof houses across the island that annually face the threat of harsh rains and storms. The country’s Citizenship by Investment (CBI) programme provides much of the funding for these projects.

The CBI programme grants vetted applicants and their families citizenship within a matter of a few months. This enables successful investors to apply for a second passport, allowing increased visa-free travel prospects and the ability to live, work, and study in Dominica. In exchange, applicants are expected to monetarily contribute to a government fund that channels the revenue into projects like the Berekua bypass or other education or health-related ventures.

As the most popular citizenship programme in the Caribbean, Dominica requires a contribution of USD 100,000 to its Economic Diversification Fund or USD 200,000 in eco-tourism real estate. There are no residency or visitation requirements to become a Dominican citizen. The Dominica passport issued under CBI is valid for ten years, and the citizenship acquired can be passed on for generations to come.

Due to COVID-19, Dominica also made post citizenship additions acceptable and expanded the definition of dependants, making the programme more accessible for family members., 

DFI's Revenue Ranks Third in Taiwan's Industrial Computers for The First Half Of 2021

DFI’s Revenue Ranks Third in Taiwan’s Industrial Computers for The First Half Of 2021

TAIPEI, July 26, 2021 /PRNewswire/ — Industrial computers have always been an industry in which Taiwanese manufacturers enjoy an advantage; with a total annual revenue of nearly 8 billion U.S. dollars. According to a research report released by TrendForce[1] in July, in the first half of 2021, DFI, specializing in smart manufacturing, smart healthcare, and intelligent transportation systems/infrastructures, ranked third with a revenue of NT$5.28 billion (equivalent to 186.7 million U.S. dollars). DFI also have an 25.2% YoY increase, only behind Ennoconn (the parent company of the S&T Group and Kontron) and Advantech.

DFI's Revenue Ranks Third in Taiwan's Industrial Computers for The First Half Of 2021
DFI’s Revenue Ranks Third in Taiwan’s Industrial Computers for The First Half Of 2021

TrendForce is a global leader in providing in-depth market intelligence and professional consultation services for clients across a diverse range of industries, including the famous DRAMeXchange, and is the world-leading semiconductor researcher. With a worldwide membership base of more than 500,000 subscribers, TrendForce has built strong relations with clients engaging in major and newly emerged technology fields.

DFI joined the Qisda Group in 2017. In 2019, DFI acquired AEWIN to expand into cyber security business, and Ace Pillar to expand diversified & comprehensive solutions.

Leveraging the strengths of the group’s affiliations, DFI has already taken its supply chain management and manufacturing productivity to a whole new level. DFI‘s embedded computing capabilities and solutions have since extended and found its niche in smart applications and automation across industries globally now that it has received merits from the group’s resources.

“Regardless of revenue ranking, we have been on the journey towards motherboard and embedded computers manufacturing for more than 40 years. The achievements are always an incentives for us to pursue excellence,” said Steven Tsai, President of DFI.

Founded in 1981, DFI is a global leading provider of high-performance computing technology across multiple embedded industries. With its innovative design and premium quality management system, DFI‘s industrial-grade solutions enable customers to optimize their equipment and ensure high reliability, long-term life cycle, and 24/7 durability in a breadth of markets including factory automation, medical, gaming, transportation, smart energy, mission-critical, and intelligent retail.

[1] Source: TrendForce

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“JERITEX operates on BSC protocol and leverages NFT technology”

Singapore-based WEIFENG TECHNOLOGY plans to launch JERITEX in August, leveraging NFT technology with the aim to revolutionalize e-commerce.

SINGAPORE, July 26, 2021 /PRNewswire/ — WEIFENG TECHNOLOGY, a Singapore-based technology company, believes that the true power of NFT is in e-commerce and international trade because it empowers to all supply-chain participants.

“JERITEX operates on BSC protocol and leverages NFT technology”
“JERITEX operates on BSC protocol and leverages NFT technology”

Traditional assets such as money are “fungible”. For instance, if you lend someone one hundred dollars, you don’t need the borrower to return that exact one-hundred dollar bill. On the other hand, if you lend a unique piece of collector’s oil painting to someone, then you expect the same exact oil painting to be returned, and in such a case, that oil painting is described as “non-fungible”.

NFT, which stands for “Non-Fungible Token”, is a breakthrough class of non-fungible digital assets. NFT allows holders to prove the authenticity and ownership of the digitalized assets. NFT unlocks boundless opportunities for innovation, although most NFT marketplaces currently focus on digital art, games, and music, fashion, and sports collectibles.

WEIFENG TECHNOLOGY plans to launch JERITEX in August 2021, which will be integrated with partner e-commerce platforms through NFT gateways. A number of e-commerce platforms specializing in fashion, comestic, smartphone, sports goods and other luxury goods have expressed interest to partner with WEIFENG TECHNOLOGY so they may offer wider choice of payment gateways to their users beyond the current options such as: VISA®, Mastercard®, PayPal®, AliPay®, VNPay®, etc.

WEIFENG’s NFT technology enables e-commerce users to seamlessly exchange for goods and merchandize in USDR, which is a stablecoin pegged to the US dollar and can trade on E-comercial site . The list of partner e-commerce platforms of WEIFENG TECHNOLOGY will be unveiled in Quarter 3 this year.

JERITEX, which debuts in August, is one of the solutions in the WEIFENG TECHNOLOGY ecosystem. JERITEX operates on the Binance Smart Chain (“BSC”) protocol, in addition, it is developing NFT (“non-fungible token”) payment gateways and payment applications through stable coins, with the aim to revolutionalize e-commerce. JERITEX aspires to become one of the top 5 trading exchanges within the next two years.

User of Kaohsiung Metro’s ‘Unlimited Rides Plan’ enjoy additional iPASS deals.

iPASS Benefits from Triple Stimulus Vouchers, Reverses the Impacts of the Pandemic on Physical Consumption

TAIPEI, July 26, 2021 /PRNewswire/ — Since its establishment, iPASS Corporation has been committed to integrating the various e-tickets used in public transport and extending their use throughout Taiwan. Public transport includes metro systems, Taiwan Railways, buses, BRT systems, long-distance buses, ferries, public bicycles, etc. Starting in 2017, iPASS collaborated with LINE Pay to expand into the P2P digital payment market. LINE Pay stands as a third-party payment service. Due to regulatory issues, users are unable to transfer funds or reload using LINE Pay. However, LINE Pay Money can fill this gap.

As of now, iPASS Corporation has issued more than 30 million iPASS smartcards. In Taiwan, it is ranked second originated from the Taipei Metro. iPASS is keenly aware that EasyCard has the advantage of being first in the market and that the public transportation network in the North is four-times the size of Kaohsiung’s metro system. Daily ridership figures in Taipei are fifteen times larger than in Kaohsiung. Therefore, as the latecomer, iPASS’s has always focused on differentiation. By launching iPASS Pay with cash reload services in the four largest convenience store chains and introducing iPASS Pay into Taiwan’s current leading retailer, Pxmart, iPASS has gradually built its own smart card business ecosystem.

User of Kaohsiung Metro’s ‘Unlimited Rides Plan’ enjoy additional iPASS deals.
User of Kaohsiung Metro’s ‘Unlimited Rides Plan’ enjoy additional iPASS deals.

When the pandemic broke out in 2020, ridership in the Taipei metro system decreased by 30%. In the Kaohsiung metro system, it dropped 40%, severely impacting the e-ticket revenues for iPASS. As the pandemic situation worsened, consumers reduced visits to physical stores and gradually switched to online shopping. In the face of sales declines at physical sales channels, in April 2020, iPASS focused its deal promotions and marketing activities on digital payment services offered in online sales channels, online bill payment platforms, and more. In the same month, the company’s digital payment business grew in spite of the pandemic, reaching $680 million monthly transaction volume. Following the distribution of Triple Stimulus Vouchers in July 2020, the company launched promotions such as offering credits or LINE POINTS when people tie their vouchers to LINE Pay Money. Membership registrations grew rapidly, increasing by 20% each day. This led to a stable monthly growth of 20%-30% in the first three months after the Triple Stimulus Vouchers were issued.

iPASS Vice General Manager Wang Chih-chun believes that Triple Stimulus Vouchers had a synergistic effect with iPASS’ business endeavors.
iPASS Vice General Manager Wang Chih-chun believes that Triple Stimulus Vouchers had a synergistic effect with iPASS’ business endeavors.

Triple Stimulus Vouchers had a synergistic effect with iPASS’ business endeavors. Compared with the number of the transaction volumes in the second half of 2020, the number in the first half of 2020 increased from 621 million to 1.96 billion per month, nearly a 300% growth rate According to statistics from the Financial Supervisory Commission, the value of mobile payment transactions for the year 2020 grew by 132% compared with 2019. Transactions using mobile e-wallet applications (O2O payments) saw a severalfold increase, surpassing transactions using credit cards tied to mobile wallets for the first time. Tying Triple Stimulus Vouchers to digital payment apps has encouraged people to use mobile payments increasingly energized Taiwan’s mobile payment transactions.


Ximending Commercial District attracts a large number of international tourists with regular creative events, global street-dance competitions, and online media exposure with multi-language support.

Triple Stimulus Vouchers Combined with Digital COVID-19 Pandemic Prevention Efforts Generate NT$4.6 Billion in Revenues in Taipei’s Ximen Commercial District since the Epidemic Outbreak

TAIPEI, July 26, 2021 /PRNewswire/ — With Taipei City’s Ximending Commercial District being is popular among international tourists, Taipei Ximen Pedestrian Area Development Association has responded to the government’s policy of promoting mobile payment by introducing the “TaipeiPass” mobile app and payment platform and offering special discounts and creative marketing activities in combination with the government’s Triple Stimulus Vouchers. Despite that fact that international tourists are still unable to come to Taiwan due to border controls, the district has still turned in an impressive report card with NT$4.6 billion in revenues in the second half of 2020.

Ximending Commercial District attracts a large number of international tourists with regular creative events, global street-dance competitions, and online media exposure with multi-language support.
Ximending Commercial District attracts a large number of international tourists with regular creative events, global street-dance competitions, and online media exposure with multi-language support.

In the past, only 20% of visitors to the Ximending Commercial District were international tourists. However, in terms of spending power, they contributed as much as 80% of revenues, a clear indication that Ximending is not a strong market when it comes to domestic demand. As a result, the district was the first to bear the brunt when the coronavirus first hit. When the epidemic was at its peak, sales and crowds in the commercial district both dropped by 80%. As noted by Liu Chia-Hsin, chairman of the Ximending Pedestrian Zone Development Promotion Association, “When the epidemic first occurred, the decline in sales couldn’t even be calculated in terms of percentages. For example, souvenir shops were earning less than NT$1000 per day. Even worse, they had stocked a lot of goods because of the Lunar New Year, which all passed their expiration dates and had to be thrown away since no one came.”

The Association works to transform and revitalize the district to ensure its continued growth. During the epidemic, Ximending cooperated with the Taipei City Government by signing onto the “TaipeiPass” mobile application and payment platform and encouraged increased spending by local customers through special discounts offered by designated merchants in the commercial district for customers using a combination of Triple Stimulus Vouchers and mobile payment. At the same time, the identification function in the TaipeiPass mobile application has made it possible to implement a real-name registration system for improved pandemic prevention during this period. Thanks to the Triple Stimulus Voucher offers, the mobile payment rate has increased significantly. “In the past, there was no incentive to use mobile payment because there were too few discounts, and even when additional discounts were on offer, people still went back to using cash after the campaign ended. The implementation of the COVID-19 real-name system really did boost mobile payment usage,” said Liu Chia-Hsin, chairman of the Association.

In addition to stimulating spending through mobile payment, the Ximending Commercial District also launched marketing events such as the Revitalize the Economy, Double Your Returns Friendship Festival and XIMEN PLAY and BUY in the second half of 2020. These, together with increased spending driven by the government’s Triple Stimulus Vouchers and additional discounts offered by merchants led to a rebound in Ximending foot traffic from 26,000 visitors per day during the epidemic to 50,000 to 60,000 now. Ximending successfully captured the domestic market and accelerated the recovery of the commercial district through promotions that brought in increased local spending.