May 28, 2015 – David Horner
The last 24 hours have been very eventful from an overnight train to Shanghai to meeting with a major Chinese financial corporation. Taking the 14-hour train ride from Guangzhou to Shanghai went more smoothly than originally expected. All 20 group members, with luggage in hand, successfully fought the crowd packing onto various train cars WITHOUT leaving anyone behind. After this, we split up into different rooms throughout the train that each had 6 six beds. These Asian size built rooms/beds were small, but cozy. In addition, the rooms were shared with Chinese locals, thus adding another layer to the train experience.
Once in Shanghai, we were amazed at the enormous, unique towers located throughout the city. After checking into our hotel, we made our way to AllinPay Network Services Corporation to hear a presentation by a former student of Dr. Usrey, named Norman Wei (Asst. President), about AllinPay’s operations within the financial sector of China and the world. Consequently, AllinPay is a financial solution provider for personal and business arenas ranging from bank card acquiring business to prepaid cards to internet and mobile payments to finally payment services for financial institutions domestically. It’s a gigantic company with 33 provincial branches and 270 secondary branches located throughout China and all over the globe, rivaling PayPal and Visa. One interesting fact about AllinPay is it’s 1 of 22 Chinese companies that are allowed to conduct financial business across borders. China’s highly regulated financial sector economy by the central government puts a limit on the number of Chinese companies that can perform cross-border business payments in order to keep capital tightly controlled within the country. The meeting with Mr. Wei gave valuable insight into the current financial payment-processing systems domestically in China and abroad in Europe and North America while also revealing what they project for the future – a very different world of managing wealth with the Yuan as a primary currency. After the meeting, Mr. Wei took our group to the river walk, which again allowed everyone to experience the magnificent towers in Shanghai along the famous Bund and Pudong.