Taiwan's mobile payment "RE Red Envelope" suddenly shuts down after 9 years of operation! Ten thousand users' funds frozen, funds burned, seeking acquisition

Taiwan cross-industry consumer reward app “RE Red Envelope (RE·X)” has been operating for nearly 9 years but unexpectedly announced its shutdown last month. The company claims that geopolitical turmoil has severely impacted fundraising efforts, drained finances, and frozen tens of thousands of user accounts with no withdrawal options. The company has now entered liquidation procedures.
(Background: Financial regulatory official Peng Jinlong stated that Taiwan’s stablecoins will be issued by “financial institutions” and are expected to launch by June 2026.)
(Additional context: Clarifying payment terminology? Analyzing seven concepts including electronic payments, third-party payments, cryptocurrencies, tokens, etc.)

According to multiple Taiwanese media reports, the mobile payment platform “RE Red Envelope (RE·X),” operated by Hong Kong-based Al Yi Co., Ltd., has recently officially announced the cessation of all operations.

Since its launch in September 2017, the platform has focused on “cross-industry, cross-platform” cash-back rewards, claiming to integrate multiple stores and offer up to 100% cash back. It served over 8,000 partner merchants and tens of thousands of users. Now, it has unexpectedly come to an end.

In an official statement, RE·X admitted: “Due to the severe turbulence in the geopolitical environment, our originally planned fundraising efforts were severely impacted.” To sustain operations, the team stated they were “willing to incur debt just to survive the winter,” but ultimately, they could not withstand reality. Financial resources have been exhausted, leading to the decision to cease all operations.

User account balances frozen, creditor claims only 12 days remaining

After the news broke, many users expressed distress on social media. Some reported that they still had “more than a month’s worth of revenue” in their accounts that they couldn’t withdraw. Others reflected that “there’s still money inside, but they can’t log in anymore.” The sudden closure prevented users from immediately withdrawing their funds, and accumulated shopping credits and bonus points were all invalidated.

Currently, Al Yi has stated that it has legally entered into dissolution and liquidation procedures and is actively seeking “business transfer” or “strategic acquisition” opportunities. The official website states that users can fill out a “credit claim registration form for shopping credits/bonus points” before March 15, 2026. The company will base its liquidation on the “full backup data” taken before the system shutdown.

However, whether users will receive compensation and the final distribution ratio will depend on the remaining assets after the company’s liquidation.

Upgraded payment system just six months ago, now completely shut down

In fact, RE·X was still actively planning before its collapse. In September 2024, the platform launched a comprehensive payment system upgrade, announcing support for third-party payment integrations like Apple Pay and Google Pay, aiming to expand usage scenarios. Now, less than two years later, it has declared bankruptcy, catching many users and merchants off guard.

This incident also highlights potential risks in Taiwan’s digital payment platform user fund protections. Compared to electronic payment providers under strict regulation by the Financial Supervisory Commission (such as JKoPay, LINE Pay Money, etc.), RE·X, as a “cash-back app” rather than a licensed electronic payment institution, has weaker user fund safeguards. If the company’s finances falter, users often become the last creditors to be settled.

Building trust in the digital payment ecosystem and establishing robust user protection mechanisms will be an unavoidable challenge for regulators and industry players alike.