Sunny Lu is the co-founder and COO of BITSE, head of VeChain business units, and has business development and partnerships with LV, PWC and etc. He was also the CIO for Louis Vuitton China where he led the IS&T team in supporting the business growth of over 65 locations including Global/Regional compliance deployment and roll-out. He also has experience in business development for Blockchain applications. He got his Bachelors in Electronics and Communication Engineering from Shanghai Jiaotong University. He is attracted to new technology like the Internet and Blockchain, spending endless nights learning more about it. With 12 years of experience behind him, he isn’t shy about stepping onto a new path as he aims to change the world as a startup entrepreneur.
Sachi Mulmi (SM), researcher with Frost & Sullivan, had an opportunity to conduct a Movers & Shakers interview with Sunny Lu (SL) – Co-Founder and COO of BITSE.
SM: What is your company’s greatest challenge, and what strategy is in place to overcome it?
SL: We are in the territory of cutting-edge technology – Blockchain – and the greatest challenge we are facing is to educate the market and customers. We are expecting more and more people to understand Blockchain technology, which is not only able to innovate the Finance industry but is also able to transform every other industry.
Our “go-to market” strategy has three major steps:
- Build up highlighted references (meaning the cases with big names or well-known enterprises who are the leaders of the market; the case with them will be very good promotion to our blockchain solutions) 3-5 typical industries such as Luxury Retail, Wine, Automobile, and Agriculture.
- Build up partner channels to target different industries
- Full business expansion of VeChain platform with partners
SM: What do you want the company to accomplish in the next couple of years and how would you define its success?
SL: Our targets for next couple of years:
- Build mature channels with more than 100 partners
- Achieve a managed ID volume of more than 100 million
- Obtain trusted services to support the business of more than 1 billion dollars
SM: What consumer trends do you consider the most relevant for the FinTech market and how are you addressing them?
SL: VeChain’s customers are located in the Luxury Retail, Wine, Automobile, and Agriculture markets. We are focusing on applying Blockchain technology to product lifecycle management, supply chain management, anti-counterfeiting and any business collaborations involving multiple parties.
SM: What are the relevant drivers and restraints for this market?
SL: We believe the new level of business collaborations which Blockchain can facilitate for customers are definitely drivers with the benefits of low cost, high efficiency and automation of trusted collaborations.
The constraints are how to quickly achieve business consensus and agreements to use the unified Blockchain platform among multiple players.
SM: What is the potential impact of FinTech on traditional financial services?
SL: What we are doing is going to change the foundation of traditional financial services – a trust-free collaboration ecosystem and the trusted data from which will be generated. It will offer the finance industry new opportunities if they are able to integrate Blockchain into the traditional framework and system, which will transform the Finance industry.
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