For BitRock Capital’s latest “Meet the Founder” episode, we sat down with Qbit’s founder Michael Wu.

Q: What inspired you to start Qbit? Was there a particular problem in cross-border payments that you were determined to solve?

Michael: The original motivation behind founding Qbit stemmed from my own experiences and insights into the payments industry. During my time at Stanford, the fertile entrepreneurial environment and strong geek culture ignited my passion for starting a business. I previously launched projects such as Palm Drive and AiLingual.

Throughout my entrepreneurial journey, I personally encountered the cumbersome processes and high costs associated with traditional financial payments—especially steps like foreign exchange settlement and account opening, which were both time-consuming and labor-intensive. As a developer myself, I began to think about how technological innovation could improve the financial experience. That’s what led me to found Qbit in 2019.

During this journey, my team and I spoke with many cross-border sellers. For example, a merchant friend in Yiwu complained to me that they have to manage payments in dozens of currencies each month. Just the fees and exchange rate losses eat up a large portion of their profits—not to mention the hassle of visiting banks in person and filling out endless paperwork.

These challenges reveal a deeper issue: traditional financial payment systems and experiences are no longer keeping up with the pace of global business expansion. Our goal is to use technology to break down these barriers, so businesses can stop being distracted by complex financial processes and instead focus on what they do best—ultimately making "borderless business" a reality.

Q: Can you share the story behind the name "Qbit"? What does it represent for your company?

Michael: The name "Qbit" actually carries two layers of meaning. The first comes from physics: the Quantum Bit, or qubit, which is the smallest unit of quantum computing. Despite its tiny size, it can exist in multiple states simultaneously—a property that breaks the limitations of traditional computing. This reflects our own philosophy of "seeing the big in the small": Qbit starts from what may seem like a minor aspect—payments—and redefines how businesses manage global funds.

The second layer is that “Q” stands for “Quick,” which reflects the core value we aim to deliver—enabling global payments that are as fast and seamless as quantum processes. The name Qbit is both a tribute to the underlying philosophy of advanced technology and a vision for what we aim to achieve: minimizing financial friction to unlock exponential business value.

On a personal level, the name also reflects a bit of geek sentiment. Coming from an engineering background, I’ve always enjoyed using technology to solve real-world problems. The breakthrough thinking behind quantum computing inspired me—I hope to harness this kind of “quantum power” to break down barriers in global payments through innovation, and help businesses access opportunities in global markets.

Q: What is Qbit’s mission, and how does it differentiate itself from other players in the global payments industry?

Michael: Qbit’s mission is to lead the transformation of global enterprise financial management.

In an era of globalization, business expansion should not be hindered by high financial and payment barriers. Card payments, in particular, have become a vital tool for enterprises to efficiently manage their finances—for instance, paying suppliers, covering employee travel expenses, or subscribing to services. Moreover, institutions like e-wallet providers can also issue cards to their end users, enabling broader spending scenarios and improving asset liquidity.

However, traditional card issuance often requires submitting cumbersome application materials and waiting weeks for qualification reviews and card production. To address this, Qbit has launched a CaaS (Card-as-a-Service) API solution that enables organizations to complete card deployment in as little as two weeks and gain the ability to issue cards in bulk.

Compared to traditional payment companies, Qbit differentiates itself with three words: Simple, Inclusive, Grounded.

In addition to the CaaS API, Qbit also simplifies the process of opening a USD account. Unlike traditional banks that may require extensive documentation and weeks of waiting, Qbit users can open an account by submitting materials online. Through a single Qbit platform, users can manage multiple currencies, conduct foreign exchange, transfers, and other transactions—greatly improving the efficiency of fund handling and usage.

For example, our Quantum Card supports various use cases such as ad spending, cross-border business travel, and international logistics. It also works with digital wallets like Apple Pay.

These product innovations and technological upgrades stem from our continuous conversations with clients. We strive to ensure every product iteration and upgrade solves real business challenges. This grounded innovation is what truly defines Qbit.

Q: What were the biggest challenges you faced in building Qbit, and how did you overcome them?

Michael: I didn’t really have the ‘biggest’ one.  There were different major challenges in each stage. For example, how to find the product market fit in the niche market was the biggest challenge for us in the early stage. I was the developer but at that moment I had to find and talk to some potential target customers, learn their pain points, and brainstorm the solutions. Trial & error and to be lean was quite critical in this stage.

Q: Cross-border payments involve a lot of regulatory hurdles. How did Qbit navigate compliance in multiple countries?

Michael: Qbit’s compliance strategy can be summarized as a combination of “global licensing framework + technology-driven approach”:

First, licenses come first. We have obtained key financial licenses in major markets such as Hong Kong, the United States, and Europe—for example, the Hong Kong MSO and TCSP licenses, the U.S. MSB license, and the Luxembourg EMI license. These licenses form the legal foundation for our operations in local markets, ensuring that our business is fully compliant in different jurisdictions. At the same time, our users can leverage our regulatory qualifications when expanding their own operations, significantly reducing their compliance costs.

Second, strong risk control technology. Qbit’s products and solutions are designed with built-in intelligent risk control, compliance screening, and user identity verification. We’ve established a comprehensive anti-money laundering (AML) and counter-terrorist financing (CTF) compliance framework, with embedded KYC (Know Your Customer) and KYT (Know Your Transaction) checks. Our systems comply with the highest security standards, including PCI DSS Level 1 (financial-grade encryption) and end-to-end encryption to ensure full protection of data during transmission, safeguarding both user privacy and the security of funds.

Q: Looking back, is there a key moment or decision that significantly shaped Qbit’s journey?

Michael: To be focused on the card issuing is the key decision making. Back to 2020 Qbit tried to develop the strength of card issuing. It makes Qbit to have distinguished product, differentiating from other products in this industry.

Q: The payments space is evolving rapidly. What trends do you see shaping the future of global payments?

Michael: First, the proliferation of embedded finance.

Payments are evolving from standalone functions to default configurations within business scenarios. For example, merchants now embed multi-currency payment options directly at checkout. Qbit, through API-driven modular services (such as CaaS/BaaS), progressively equips merchants with embedded financial capabilities, enabling businesses to quickly access global payment solutions without building their own financial infrastructure. For instance, with the CaaS API, businesses can issue custom-branded corporate cards in as little as two weeks, whereas traditional banks typically take several months to do the same.

Second, more efficient fund management.

Today, cross-border payments must meet both globalization and localization demands. We observe that many businesses suffer profit losses when collecting payments overseas due to exchange rate losses and delays in fund settlement. Qbit addresses this by offering a "global account + local clearing network," allowing businesses to perform transfers, payments, and currency exchanges with a single account. Companies can also open local currency accounts (e.g., USD, EUR) directly, enabling them to receive payments like a local business and avoid the hidden costs of multiple currency conversions.

Third, AI-driven security and risk management.

With advances in AI, security and risk control are increasingly being handled by machine learning — assessing risks in real time based on transaction patterns, IP addresses, device fingerprints, and other factors. This is also the direction in which Qbit is upgrading its security and risk management designs.

Q: How does Qbit leverage technology to enhance security, speed, and efficiency in transactions?

Michael: The core of payment security lies in "prevention" and "response."
 From the user’s perspective, the primary concerns are "Is my money safe?" and "Can legal risks be avoided?" Qbit’s real-time risk control and transaction monitoring system provides customers with comprehensive 24/7 card security protection, capable of quickly identifying abnormal behaviors such as irregular payment amounts or unusual transaction frequencies. In addition, Qbit offers card spending limit settings, allowing users to monitor account activities in real time and set single-transaction or daily spending caps according to their needs, thereby reducing transaction risks.

Moreover, during the payment process, Qbit implements multi-factor authentication and strict identity verification to prevent unauthorized activities. Qbit also regularly sends users security notifications, such as single sign-on alerts and strong password recommendations, helping enhance users' cybersecurity awareness.

Since its inception, Qbit has proactively embraced global regulatory standards, strictly adhering to international anti-money laundering (AML) conventions and relevant legal and regulatory requirements. Currently, Qbit holds key licenses, including the Hong Kong MSO and the U.S. MSB, and has achieved PCI DSS Level 1 certification — the highest standard for payment security — ensuring every transaction complies with local regulations.

Q: Can you tell us about the Quantum Card and how it benefits businesses managing global transactions?

Michael: Quantum Card is a new payment solution launched by Qbit, offering enterprises and individual users a rich configuration of card types combined with a fast and seamless payment experience. It is designed to address two major pain points: the fragmentation of payment scenarios and the complexity of financial processes.

For companies managing global transactions, one of the biggest headaches is the scattered management across multiple currencies, multiple scenarios, and multiple accounts. Take a gaming company, for example — it often needs to pay suppliers or partners dispersed across different regions: U.S. cloud service fees, Southeast Asia KOL commissions, employee travel expenses abroad, and so on. Traditional remittance methods involve handling multiple currency accounts and interfacing with different banking systems, making end-of-month financial reconciliation tedious across various platforms. Quantum Card achieves "all-in-one card integration" through the following innovations:

• Direct Payments in 40+ Currencies: Supports direct transactions in major currencies such as USD, EUR, and HKD, eliminating the need for repeated currency conversions. For example, when paying in Mexican Pesos, the system automatically settles through a local node, achieving faster delivery times and lower fees compared to traditional SWIFT transfers.

• Scenario-Based Budget Management: Qbit offers over 30 card segment options, enabling enterprises to match cards to specific business needs. Companies can set independent budgets by department or project — for instance, a “$5,000 daily ad budget” for the marketing team, a “cloud service-only” payment card for the tech team, or allow employees to use Quantum Cards via Apple Pay for overseas business expenses, with every transaction clearly traceable.

• Smart Reconciliation: All transactions are synced in real time to the company’s backend, automatically generating visualized reports segmented by currency and business scenario. This enables smarter financial oversight and significantly reduces the burden of funds management.

• Embedded Risk Control and Compliance: Real-time transaction monitoring (e.g., flagging large transfers to high-risk regions) is combined with a compliance framework based on key licenses such as Hong Kong MSO and U.S. MSB, meaning enterprises don’t need to allocate additional resources to handle regulatory reviews.

Thus, Quantum Card is not just a payment tool, but a productivity multiplier for enterprises expanding globally — companies can stop being distracted by cross-border funds management and focus on their core business instead. When payments shift from a "cost center" to a "competitive advantage," globalization truly becomes a growth engine for SMEs.

Q: How do you maintain a balance between innovation and stability in a fast-moving industry?

Michael: From our team's practical experience, innovation and balance are really about finding the pivot point between "breaking tradition" and "respecting risk."
 As a Neobank, Qbit must break free from traditional financial thinking when designing products and pursue bold innovation. At the same time, we place a strong emphasis on craftsmanship — in Fintech, extra caution is required. While a 70%-ready product might be functional, our team insists that only a 99%-polished product is good enough for customers. Therefore, we typically follow these principles:

• First, modular innovation: Financial architecture is like a tightly interwoven machine — any small change can have wide-reaching effects. That’s why we designed our system with a "Lego-like" modular structure, where core components like payment engines, risk control modules, and multi-currency clearing can evolve independently. Even if new feature testing encounters issues, it won’t impact the stability of existing services.

• Second, compliance by design: Financial innovation often falls into the trap of "develop first, comply later." However, due to the special nature of financial products, compliance must come first. Our tech and compliance teams work in parallel — for example, when designing APIs, we embed anti-money laundering (AML) frameworks at the outset to avoid costly rework later.

• Third, validating innovation through users: At Qbit, new features are usually first rolled out to a small group of users for A/B testing. Only after gathering real user feedback do we release upgrades at scale. This "small steps, rapid iteration" model allows us to control risks while ensuring that innovation remains tightly aligned with genuine customer pain points.

Q: What advice would you give to aspiring fintech entrepreneurs looking to start their own company? If you could go back in time, what advice would you give yourself when you were just starting Qbit?

Michael: Apply early for the licenses. Investing resources for the license application is worthwhile and the process may take much longer than you expect. So start early!

Q: What’s next for Qbit? Are there any upcoming innovations or expansion plans you can share?

Michael: Qbit will enhance the product features from card issuing to global accounts in different countries, treasury etc. Also with more licenses obtained in various jurisdictions Qbit will expand more businesses in the emerging markets.