P2P跨國匯兌與其商業模式之個案研究-以TransferWise為例

Abstract

金融科技是指以科技為背景的新創公司與市場新進者，以創新的方式提供傳統金融業者所掌握的金融服務，並造成傳統產業價值鏈改變的動態過程。以支付領域為例，傳統由金融業者所把持的跨國匯兌業務，近年也出現了新進入者，如英國的P2P跨國匯兌公司－TransferWise透過創新的支付路徑，降低了跨國匯款所需的手續費，目前已累積轉帳超過三十億歐元，佔英國整體市場的2%。而P2P跨國匯兌的運作有哪些特殊之處？TransferWise如何吸引投資人與使用者的青睞？因此，本研究擬透過對TransferWise的個案研究，了解P2P跨國匯兌的運作方式與其商業模式後，並探討其價值創造之來源，最後給予未來發展之建議。 透過對TransferWise進行個案研究後，本研究發現其在商業模式上透過顧客價值主張、關鍵資源、關鍵流程、利潤公式等四項要素的彼此連結與強化，成功降低跨國匯款所需的手續費及資訊不對稱性。且在價值創造上，滿足了效率性、定著性、與創新性，且未來可朝互補性的部分延伸加強。而TransferWise需持續關注的問題包含顧客獲取成本是否太高，造成行銷成效不彰；顧客再使用率的多寡，影響營收大小；以及隨著營業範疇擴張對毛利率的變化，反映商業模式的可行性等。 最後，P2P跨國匯兌與P2P借貸相比是個相對嶄新的概念與商業模式。若想在台灣發展P2P跨國匯兌，雖然於市場需求面的部份有一定基礎，但仍需視主管機關之態度而定。即便主管機關目前積極推動台灣金融科技之發展，仍應盡量避免違反《銀行業辦理外匯業務管理辦法》之規定或觸及主管機關之底線。

Fintech is a dynamic segment at the intersection of financial services and technology sectors where technology-focused start-ups and new market entrants innovate the products and services provided by the traditional financial services industry. Payment, for example, which is dominated by the traditional financial services industry has been inroaded by PayPal, Apple Pay etc. There have been some new entrants in the transnational money transfer business in recent years. For example, British company – TransferWise, with its P2P transnational money transfer, it reduces the required fee, and currently accumulated transfers over three billion euros, accounting for 2% of the whole UK market. What’s the special of P2P transnational money transfer? How TransferWise attract investor and users? Therefore, the thesis will use an in depth case study approach to understand how P2P transnational money transfer works and recognize its business model. This thesis also investigates the source of value creation, and finally to give some recommendations for future development. With case studies, we found that TransferWise successfully reduced the required transfer fee and information asymmetry, due to the interaction and strengthen from the four elements of business model. Meet the efficiency, lock-in, innovative, in its value creation, and future may be extended to complementary products. There are some problems that TransferWise needs to concern, however, such as high customer acquisition costs may result an ineffective marketing, customer repurchase might be too low to affect the total revenue, and as the expansion of its business scope, gross margin may be eroded. Finally, compared with P2P lending, P2P transnational money transfer is a relatively new concept and business model. Although the demand side of Taiwan market has favorable environment to duplicate its model, however, it still depends on the attitude of the government toward this new business model. Even if the authorities are actively promoting the development of Fintech in Taiwan, it still has a lot of limitations and regulations on the viability of this model in Taiwan.