HEYCOINS is a chain kiosk that tackles the hassle and inconvenience of using physical coins. HEYCOINS Kiosk collects coins from general people and converts them into the digital currency that can be used for various purposes, including e-wallets recharge, transportation/cash cards top-up, e-cash coupons purchase and charitable donations.HEYCOINS is able to bring economic benefits and positive social impacts by recycling coins, removing coins from unwanted circulation and, the same time, reducing the massive manufacturing cost of coins for Government by controlling the return of the stored coins back into circulation.
Jack Chen, General Manager of Heycoins, has told us why their idea is innovative and has a signifcant social impact.
We came up with this coins recycling idea back when serval of our founders were still at college in Hong Kong. We had a friend in common, who was an exchange student from France. After spending a semester with us he was heading back to France in Christmas. Upon his departure, he gave us a barrel of coins that he stored over the half year from daily grocery shopping. He gave it to us as a gift as he thought it was just a small amount of money (around 200 something Hong Kog dollars). Later on, we brought the coins to the bank. Much to our surprise, there were more than HK$1200(around 150USD) inside the barrel. So we found out three things from this of our personal story. First, it is very difficult for people to handle to spare changes. Second, people often times underestimate the value of coins. Third, people do accumulate a lot of coins on a daily basis, and since coins are not easy to carry, they will leave them at home. So we decided we are going to design a smart kiosk terminal that helps people to digitize their coins to various form of electronic money and charitable donations.
Currently, HEYCOINS has deployed 15 kiosks in Hong Kong. Over the past 6 months of operation, our kiosks network has recycled around 1 million USD of coins in Hong Kong. With more than 31000 users used our kiosk to handle their spare changes, and 43% of the user have made charitable donation through our kiosk. HEYCOINS has been completed over HK$5 million seed round financing in HK. In HK, HEYCOINS has become a fundamental part of the market of coin recovery, processing, and recycling. Also, HEYCOINS is expanding to neighboring countries, including Macau, Taiwan, and Singapore, establishing a close relationship with the local government, large banks, as well as telecommunications operators.
We believe that our participation at GSVC has increased our presence in the global context and will continue to do so. Apart from that, what makes our relationship with GSVC so special is that our company's goals are very consistent with GSVC's overall mission: to develop innovative solutions to address social challenges. And at HEYCOINS, what we are doing is to address the city's deep-rooted coins circulation challenge.