BBPOS Announces Winners of the 2nd WiseFriends Competition

BBPOS, along with the Hong Kong Science and Technology Park (HKSTP) and the Hong Kong Electronics and Technologies Association (HKETA), proudly announced the winner and top competitors in the 2nd WiseFriends Competition. The competition, now in its second year, challenges college students to develop innovative new tools and services that have the potential to dramatically change or advance technology in the payments industry. The competition has served BBPOS, the industry, and the government well as a way to identify, encourage, and test up-and-coming technology talent and encourage entrepreneurial thinking.

Can youthful enthusiasm and vision be translated into award winning technology? Alex Choi, President and CEO of BBPOS, now an industry leader in cutting-edge mPOS technology, knows it can. He, along with co-founder Ben Lo, conceived BBPOS’ mPOS technology as twenty-something friends. “Our idea for mobile payment technology—the heart of BBPOS—was created during a late-night brainstorming session in a coffee shop. Although we scribbled our thoughts and plans on napkins, we knew our ideas would change the payment industry. These young people are no different—they are the next generation of innovators—I encourage them all to think big and persevere.”

Top competitors brought their ideas for technology products to the multi-phase competition. Initial entries were narrowed by concept and marketability. Teams that met or exceeded the competition’s threshold for innovation and potential to sell, developed and submitted a business plan further detailing the product/service. Ultimate Grand Prize winner, Team AlphaVend, secured the award with an app that allows mobile vending and payment in amusement park crowds, lines, and parking lots.

“Teams had the opportunity to have their ideas reviewed by a hand-picked panel of distinguished judges from the payments industry; the top three teams’ efforts stood out among the other competitors,” said BBPOS CTO, Ben Lo. “Competitors certainly aim for the top prize, but placing among the top teams earns all competitors recognition as technology innovators; opportunities will no doubt find them!”

The top three 2nd WiseFriends Competition teams received their awards August 18, in a formal ceremony at the Hong Kong Science and Technology Park, in Shatin—a well-known incubator for innovative technology companies. As the competition sponsor, HKSTP provided the perfect venue for the award ceremony. BBPOS plans to continue the annual competition in 2018, with expansion into greater China.