Mobile Payments Service iBoxPay is the first company that has passed security accreditation of China UnionPay and Banking Card Test Center; More than 1 million deals have been sealed on iBoxPay platform with a turnover of RMB 1 billion

Mobile Payments Service iBoxPay Secured $10 Million Series B Financing

By Emma Lee on July 25, 2013


iBoxPay, a Square-like mobile payment solution and platform provider, announced $10 million of Series B financing from SMITGSR Ventures and Atomic (announcement in Chinese). The company received 14 million yuan financing (about $2.3 mn) from GSR Ventures in 2011. iBoxPay features RFID reader, barcode scanner, the Square-function, USBKey for secure, e-signature etc, as described on the company’s official website. It stands out in the competitive domestic market as the first company that has passed security accreditation of China UnionPay and Banking Card Test Center. Acquiring accreditation from China UnionPay means that the POS devices of iBoxPay have reached the national financial security standards. It is so far the only company that won a China UnionPay accreditation for handset POS machines. More than 1 million deals have been sealed on iBoxPay platform with a turnover of 1 billion yuan.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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