HANGZHOU, China, April 12, 2024 /PRNewswire/ -- LianLian Global has recently announced its participation in Money 20/20, the premier global fintech exhibition that will soon take place in Bangkok, Thailand. The company is set to showcase its unique products and innovative solutions designed to assist Chinese companies in expanding their operations abroad and to support the digital transformation and globalization efforts of local businesses.
As a leading provider of cross-border trade services, LianLian Global (a brand of LianLian) has, over the years, developed a profound understanding of industry trends and customer challenges. The firm has also consistently pursued innovation in technology, products, and business models by securing global licenses, forging in-depth partnerships with financial institutions, and establishing localized operation teams. These efforts are aimed at delivering a comprehensive array of secure, compliant, and integrated digital payment solutions that meet the expectations of its customers for global cross-border financial services. This commitment underpins the company's ambitious growth plans in Southeast Asia and beyond.
In recent years, as globalization has deepened the economic and trade ties between countries, there has been a corresponding increase in the movement of people across borders for travel, education, and employment. This shift has significantly heightened the demand for cross-border remittances, affecting both businesses and individual consumers.
Data show that cross-border remittances are conducted through a variety of channels, including bank transfers, bank cards, e-wallets, money transfer companies, and third-party remittance platforms. Among these, bank transfers are commonly used for international remittances. Moreover, cross-border remittance providers are gaining popularity due to their faster transaction times, lower fees, and competitive exchange rates. Generally, they provide cross-border remittance services through banks or designated agents. These agents may then rely on third-party service providers in the recipient's country to complete the transfer process. However, there are risks associated with these third-party services, especially if they fail to adhere to local laws. Involvement in activities such as underground money laundering can lead to serious consequences, including the potential for both the third-party service provider and the recipient's account to be frozen during an investigation.
For many years, LianLian Global has partnered with UnionPay International (UPI) to offer cross-border remittance services. Through Lianlian accounts, individuals in Singapore as well as in other countries and regions can easily execute cross-border fund transfers to UnionPay cards. These cards are issued by several prominent banks in China, including the Industrial and Commercial Bank of China (ICBC), the Bank of China (BOC), China Construction Bank (CCB), the Agricultural Bank of China (ABC), and the Bank of Communications (BOCOM).
Lianlian's cross-border remittance service boasts several key advantages:
1) Safety and Compliance: Lianlian has secured 64 payment licenses and related qualifications globally. These include the Payment Business Permit issued by the People's Bank of China, the qualification for cross-border RMB settlement business, and the Major Payment Institution Licence from Singapore. All remittance transactions on the platform are conducted under stringent oversight and the funds are transferred directly to the domestic recipient's UnionPay card account after a thorough verification of the information provided;
2) Speed and Affordability: the service features rapid transaction processing with funds quickly credited in RMB, making the money readily available for use;
3) Transparency: the platform offers real-time tracking of remittance status, giving users peace of mind when transferring funds internationally.
With a long-term commitment to the cross-border remittance industry, Lianlian has amassed a wealth of experience and technologies in cross-border services. By collaborating with ecosystem partners, the company has established a comprehensive and digitally-intelligent cross-border service solution that encompasses cross-border payments, global acquiring, fund distribution, and remittance services. As of September 30, 2023, Lianlian had established a presence in over 100 countries and regions worldwide, supporting transactions in more than 130 currencies and serving approximately 3.2 million customers.
LianLian Global has emphasized the critical importance of compliance in its foundational strategy and ongoing expansion. The company is actively working towards creating a global payment and financial network by utilizing its extensive array of licenses, coupled with its notable achievements in compliance and technological innovation. As part of this strategy, Lianlian is set to collaborate with leading financial institutions at home and abroad, as well as with major global e-commerce platforms. These partnerships will enable Lianlian to provide merchants and consumers with payment services that are not only safer and faster but also more convenient, including options for both local transfers and international remittances. By offering these services, Lianlian aims to support its clients in their efforts to grow their businesses globally and to contribute to the broader development of international trade.
