Founder’s Golden Sentence • Don’t think about spending a year adjusting the product and launching it. It’s impossible to know at first.• Make a product that is suitable for the local area and, on a macro level, constantly compare with other countries.On the micro level, we must go to the local slums.• Only the most extreme execution efficiency can not be afraid of any competitors.• Local competition must find its own advantages, and finance is not something that can come out immediately.There is a word called “long-term patience.”• It is important to be a business overseas, which will affect the combat effectiveness and strength of local employees.From left: source code capital Yuan Di, PowerUp Yu Bin, Blue Chen Rui, OPay Fang Han, PanPay Zhou Jian recorded the Q1 source code capital Yuan Di: In the past year and a half, more and more outstanding entrepreneurs joinedThe code will be a big family. The market will extend from Europe, America and Southeast Asia to Latin America, Africa and the Middle East. The business will also start from games and tools to the fields of finance and e-commerce.First of all, please introduce your company, especially some stories about the target market and business direction.PowerUp Yu Bin: Before I founded PowerUp, I had 18 years of industry experience in the US and US financial fields.I and my partners hope to establish a digital bank in a developing country with potential.One reason for the selection of Mexico is that the country has a relatively large population, relatively good development, and various basic conditions. However, because banks are relatively monopolistic and conservative, a large number of customers are not well served.Blue Chen Rui: I started my business in 2015. At the beginning of the company, I was a Southeast Asian company. I personally have been working here and I am very familiar with the market.Southeast Asia needs electronic payment tools like Alipay.We started with vending machines because it solved the problem of offline infrastructure and offline access.Our core group is a blue-collar group that is closely integrated with the manufacturing industry in Southeast Asia. We hope to help them eat more clean, use them more conveniently, and live more decent.This is the market that is getting bigger and bigger, and it is also a huge blue ocean, worthy of deep cultivation.OPay Fang Han: OPay’s founding team came from Kunlun Wanwei. Starting from the early days of Kunlun Wanwei, one of our strengths is the ability to acquire overseas traffic, and use this advantage to make overseas acquired assets such as Opera bigger and stronger.Opera’s traditional areas of strength include Africa and India, and we have found through research that mobile payments in Africa are blue oceans.We acquired a mobile payment license in Nigeria, and we achieved the mobile mobile market share first from August last year to March this year.I started to take a taxi in April this year, and now the market share is far ahead of Uber and Taxify.Our company is based in Nigeria and promotes financial and transportation services in third world countries through mobile payments and intelligence.OPay Co-founder & CTO Fang Han PanPay Zhou Jian: Before I founded PanPay, I have been engaged in international bank settlement and globalization for ten years and have lived in Europe for many years.The EU is the most stringent place for global financial supervision and legal supervision. From 2015, I began to think about whether I can use the EU’s good regulatory and legal system to serve China’s foreign trade groups in a compliant manner, and thus created PanPay.We are a relatively young company, but in the past few years, we have developed very fast. After obtaining the digital banking license of the European Union, we launched the liquidation of the euro in June 2018. In March 2019, we realized the liquidation of the US dollar and spent a lot of time doing it.Financial infrastructure, compliance, the next stage to think about is how to manage the liquidity of offshore capital.Q2 Source code capital Yuan Di: Chinese companies go to sea to fight, how to better understand the needs of users/customers in a cross-cultural situation, and meet this demand with appropriate products and operating systems, do a good job of PMF, and thus obtain businessLanding?PowerUp 谌bin: When the project starts, it is necessary to clearly understand which customer groups in this market, which customer group has the biggest pain point, and our company has the strongest advantage in product design, delivery and execution.After the big direction is right, the next execution is a localization process.After the product is launched, it is necessary to make fine adjustments relatively quickly, and it is necessary to have the awareness of MVP (Minimum Feasible Product).Don’t think about spending a year adjusting the product and launching it. It’s impossible to be perfect at first.Complete the survey as soon as possible, then go online faster, fine-tune after the line, and optimize the speed and efficiency of the entire line.PowerUp Co-founder & CEO Yan Bin The situation in the United States thirty years ago is similar to that in Mexico today. It is possible to sum up the product design points of that period and then think about what to do in Mexico.At the same time, we also understand how Chinese banks have developed new credit cards and bank users more than a decade ago. These two experiences have been applied to 80% of our practices in Mexico.Many of the experiences of doing risk control can be used for reference.In terms of implementation, it is necessary to make fine adjustments based on culture and other factors.Blue Chen Rui: The first part of our company’s core values is customer-centric, and all innovations are centered around the localization needs of Southeast Asian customers.We also have a deeper understanding of the differences between the Southeast Asian market and the Chinese market than other companies.For example, in the field of mobile payment, the popularity of bank cards in Southeast Asia is low, and the IT facilities and interfaces that banks use to tie cards are very backward and the charges are relatively high.The mode of payment through offline vending machines is not available in the Chinese market. This approach has been highly valued by users and regulators.In the field of e-commerce, the penetration rate of e-commerce in Southeast Asia is very low, and the payment and the last mile of logistics are not developed. This infrastructure is very different from China. In the future, it will affect the efficiency of e-commerce penetration and design business.These localization factors need to be considered when working with patterns.We hope to combine the advantages and long-term advantages of China’s e-commerce, retail and mobile payments to make up for the shortcomings that other companies in the local market and other friends can’t solve.OPay Fang Han: To be a local product, there are two dimensions of macro and micro considerations.Macroscopically, it is constantly compared with other countries.The most successful countries in the mobile Internet, except Europe and the United States, are typically China and India.There is a window at the time of their outbreak. We study the starting point of this window, what is the income of the residents in this country, what is the popularity of smartphones, and then what kind of market we are going to do.So we think that Nigeria, like India, went to the eve of the mobile Internet outbreak, which is a macro judgment.The microscopic judgment is relatively simple, and it is necessary to go to the slums to go to the local area.What to ask in the slum?Just ask the user how much it costs to eat and wear, and maybe find a good opportunity from the answer.First, the bank outlets are underdeveloped, and the banknotes with the largest denomination are equivalent to 20 yuan, but the price is only about 20% cheaper than China. It is often inconvenient and unsafe to go out with a very thick stack of money, so financial servicesvery important.From these observations, we can be keenly aware of which local high-frequency applications are, and which products can be made in a logical way.In terms of talents, the poorer countries can also find the best people who are in line with international standards.80% of our financial business product managers are locals, and you can find this group of people to do business more grounded.Combining these two points, from micro to macro, you can make products that suit your local needs.PanPay Zhou Jian: The factor we consider when choosing a scenario is where we have the advantage of doing local business in Europe.In the days of the land and the three people, the people “do not agree” because the team is not all Chinese.But I found an opportunity, even in a highly mature system like the European Union, to do To B’s financial innovation is very small, from the retail side to do more To C, such as Revolut.For me, the core entry point for doing PanPay business is To B.In terms of location, China has huge export markets and offshore financial services needs, so we are positioned here.Q3 Source code capital Yuan Di: The next topic we talk about competition, when we are away, what are the advantages and disadvantages of local companies, European and American companies?In the process of competition, how can we do our best to avoid weaknesses and establish our dominant position?PowerUp 谌bin: Because the entry barriers of digital banks are relatively high, relatively new, the ability of local companies in Mexico is obviously different from our team, so we are not worried about local competition.European and American companies are less in Mexico, and the main problem is that localization is not enough.Over the course of more than a year in Mexico, the accumulated data, the products we produced, and the results of risk control will be better than those of European and American companies that have been there for a few years.Another point is time investment. Although our founder team is in the United States, more than 60% of the time will be in Mexico, which is a big difference from the team sent by developed countries.Our founding team worked together to build the entire cross-regional team, and at the same time personally do the most important part of the product, which is one of our great advantages.Blue Chen Rui: When it comes to competition, I am more excited and answer this question in three aspects.The first is strategic judgment.Market competition can analyze the matching degree of core area, core group, core category, core appeal and core long board, core positioning and customer demand.At key strategic points, we must dare to compete.Second, not only analyze the same business and products, but also analyze the competition brought by similar formats.For Blue, we have to consider the competition between local retail and local e-commerce.The competitive culture of the team.Competition is a very good external factor for the internal organization, which can increase the team’s combat effectiveness, passion, and end-to-end efficiency by an order of magnitude.When the competition comes, when the wolf comes, it is the most cohesive time inside, which can make the small universe of the team break out.Competition is the first priority, and such culture and orientation should be established within the organization.Building a moat of competition.What is the biggest moat in the long run?Personally think that it is Dujiangyan’s philosophy, “deep scouring the beach, low work.”My service to my customers is better and the operating costs can be lower. This is the deeper the beach.I can achieve higher operational and expansion efficiency, and my competitors can’t do it. This is the long-term biggest moat.These are the long-term construction of internal strength.Blue Co-founder & CEO Chen Rui OPay Fang Han: Local competitors definitely know more about the local market and culture than we do, but they have a weakness, that is, the technical research and development strength of African local Internet companies is very weak.At present, the fastest changes in the mobile Internet are China, the United States and India. It is really high-dimensional and low-dimensional to move many mature methods to Africa.When we acted as a mobile payment development agent, we directly moved the mature Chinese sales model that was verified by multiple industries. This is a high-dimensional low-dimensional.Compared with local companies, they need to replace their less advanced methods with more advanced production methods.For the competition in Europe and America, they have relatively no Chinese companies to endure hardship, and the response speed is not as fast as the Chinese team.In Africa, the biggest competition is definitely from Chinese counterparts.OPay is not the first Chinese company to take a taxi business in Nigeria. When the start-up time is five months behind the competition, our research and development speed is six to seven times faster than the opponent. It is just that we can put the other party online.Fighting very quickly, only by the most extreme execution efficiency can you not be afraid of any competitors.PanPay Zhou Jian: PanPay is doing a very professional field of cross-border finance.For us, the hardest part in the early days is to resist the temptation, especially when a large amount of customer funds come, there must be very clear discernment and professionalism.Banking is not a temporary business, banks have audits and agency inspections, and long-term things must establish core barriers.With this core barrier to compliance, you will find that you don’t have to care about how other people in the market subsidize.For the customer, the choice of which offshore financial product to use depends on the function of the product, and the product is convincing.Local competition must find its own advantages, and finance is not something that can come out immediately.There is a word called long-term patience, which I think is very suitable.After establishing compliance barriers, we found that another business could be extended in Europe. Many Chinese companies went to European banks to open accounts, but European banks did not know how to do KYC and review corporate information materials from China.We have built a set of products around this demand to meet EU taxation and EU central bank regulation.Therefore, many bank customers are looking for us and hope to split this business into a SaaS module, which will charge a service fee of 100 euros per call.Find your core strengths and empower them for different markets.40% of commercial banks in the EU cannot handle the dollar business, especially in Eastern Europe and the Nordic countries.Because Russia is a sanctioned country near Russia, many small European banks come to us for clearing business.To some extent, we are competing with local banks in Europe, but from a large liquidation perspective we are also partners.Q4 Source code capital Yuan Di: For the sea-going enterprises, a common feature is multi-regional, multi-office, often with the needs of transnational management and cross-border communication.From CEO to management to every department, there are many decisions to make every day.In the process of decision-making and execution, how to think about the proposition of organizational construction and organizational evolution?Blue Chen Rui: Our company does not specifically distinguish between Chinese, Thai, Indonesian and Malaysian.We use core values and visions to unify employees of different nationalities, languages, and religions.Our vision is to serve 200 million users in Southeast Asia, so that they can eat healthier, use more convenient, and live more decent.Our core values are customer-centric, teamwork, embrace change, integrity, and continuous struggle.Such visions and values are regardless of nationality, religion or language.Of course, we also have a good version of the English version and the localized language. This is something that needs to be built at a fundamental level.Vision and values are very empty, but they are very important.In the first two years of entrepreneurship, I didn’t have such a deep understanding. After all, the company is small.Now that the company has evolved and the business, team, and people have become more complex, I have come to realize that this is the best path and method.Only the core values and visions can build a team that has long-term cohesiveness, efficiency, common understanding, behavioral rules and value orientation. This is our most profound view.PanPay Zhou Jian: Our team is still relatively early and lean.Our European team is around 15 people, and there are also some people and partners of the central bank I know in the EU, through which they help PanPay to land the financial industry related operations.One thing I know myself is that the most important thing to communicate with European employees is respect.For example, at present, the EU is a negative interest rate, with an annualized price of five thousand, and depositing money in the bank to pour money, while the Fed is about 1.35% after the interest rate cut, and the bank will give you about 2%.So we need to switch the US dollar business to the US bank.If you just tell him that he has cut his business because of low interest rates in Europe, his resentment will be great.But if you explain to him at the company level, from the long-term development and survival of the company to explain to him, his attitude will be more peaceful.PanPay Founder & CEO Zhou Jian Another point to be aware of is Flexibility.You are doing business in China, and don’t use your expertise to measure diversified trade scenarios.I often send some colleagues from Europe and the United States, especially those who have the potential to become core employees, to let them know what is happening in China’s trade. This can better formulate some strategies and better promote the business.development of.PowerUp Yan Bin: Organizational construction is a matter that I spent a lot of time.The first point of thinking is to find a more senior person, to be personally involved.The words you hear during the interview process cannot be fully believed, because some people are naturally able to speak.It is best to find a candidate recommended by a friend. It is easier to know the truth.After going abroad, you will realize that many countries outside the United States and China have different attitudes toward work.There is a demand for how to bring dedication and love for the cause to local employees.When you recruit people from the first day, you should try your best.See if he has some good performance in the past to support this work attitude.The second is to cooperate with some cultural construction.The founders should set an example in the company. Our executives are usually the last batch of people who walked 9-10.After doing this for a few months, you will find some subtle changes. Some core employees will realize that at some key points, they need to work overtime with the founders to get things done.After these people are getting more and more, they need to solve the problems of transportation, eating, etc., so that they not only like this business, but also have various conditions for doing a good job.OPay Fang Han: It is very important to be a business overseas. It will affect the combat effectiveness and strength of local employees.One of the biggest feelings I went to Africa was that I was so lucky to be born in China.The biggest problem in Africa as a whole is not just poverty or war. The main problem is that local public services and infrastructure are much worse than China.The initial focus of our mobile payment is to make up for the lack of local public service capacity through advanced productivity and provide better convenience to the public.This is also an important reason why we don’t dislike us when we talk to local politicians. They know that if you go to do these things, you can benefit the people.As long as your business is based on this initial intention and communicated to the local employees below, the local staff will actually be proud of my work in such a company, not just to get a high salary or a job in this company. This is a fundamentalSex factor.As long as you guarantee a heart for the local people to create benefits and truly do things, your company can have a long-term development locally.The best and most successful Chinese companies doing overseas are undoubtedly Huawei. Our entire organizational system should be built in accordance with Huawei’s thinking.The easiest thing is to let people who can hear the guns call the gunfire resources.As a CTO, I am asking the rear of the production and research to complete all the needs in front of the company without any conditions.This makes the people in front of us very comfortable, all his needs are unconditionally satisfied, and the whole organization is very efficient.The problem of front and rear splitting must be solved by special frequent meetings, video conferences and business trips.I went to Africa a lot, so the two sides ran to make up for the difference in information..