Recognized for Outstanding Service and Dedication to Hong Kong's Financial Ecosystem by Metro Finance
HANGZHOU, China, March 7, 2024 /PRNewswire/ -- Lianlian Global received the "Excellent Brand of Corporate Payments Platform Award" at the award ceremony for the Hong Kong Leaders' Choice 2024 held in Hong Kong on March 4. This marks the first for cross-border payment companies to receive this distinguished honor. As a prestigious annual event for the financial and business communities, the ceremony aims to recognize brands known for delivering superior lifestyle services or products.
The Hong Kong Leaders' Choice has been held by Metro Finance annually since 2007. Through competitions and award ceremonies, the distinctions serve to acknowledge and celebrate the achievements of companies across all sectors in establishing brands and enhancing brand management. Judging criteria include brand awareness, brand/corporate management, marketing strategy, market recognition, and product/service satisfaction. The winners are determined by votes from business leaders, corporate executives, and management professionals.
As a premier international financial hub and the largest offshore renminbi market in the world, Hong Kong has become the destination of choice for numerous foreign trade companies looking to expand into the global market. This is largely due to the city's free trade policies, low tax rates, comprehensive financial system, and well-developed capital market. In his budget speech on February 28, for the fiscal year 2024/2025, Paul Chan Mo-po, the Financial Secretary of the Hong Kong Special Administrative Region, highlighted Hong Kong's significant advantages, both quantitatively and qualitatively, as an international financial center. He noted the vigorous growth across most financial sectors. The HKSAR government is actively pursuing initiatives on multiple fronts to draw in more businesses and capital to leverage the local market, Mr. Chan added.
Lianlian's brand, Lianlian Global, is committed to facilitating cross-border commerce worldwide by creating a digital payment and service collaboration network for businesses, organizations and individuals. The aim is to assist companies in enhancing their international competitiveness. Lianlian has consistently viewed Hong Kong as a strategic hub in the expansion of its global business ecosystem, underscored by its early acquisition of the Hong Kong Money Service Operator (MSO) License, a pivotal payment license.
As of December 31, 2023, Lianlian had secured 64 payment licenses and related qualifications spanning seven major markets, including mainland China, Hong Kong, Singapore, the United States, the United Kingdom, Thailand, and Indonesia.
Leveraging its payment-related qualifications in Hong Kong, Lianlian Global streamlines the process of remitting global funds through its subsidiary in the region. The funds are subsequently settled to Lianlian's Chinese cross-border e-commerce business clients via our fintech system, facilitating secure, efficient and convenient global payments and collections. Additionally, Lianlian Global offers services to local businesses in Hong Kong, facilitating them with cross-border remittances, cross-border collections, and international credit card acquiring.
Utilizing traditional offshore accounts in Hong Kong has been a prevalent strategy for small and medium-sized enterprises engaged in foreign trade to manage their payments. Nonetheless, this method faces several obstacles: the risk of account freezes jeopardizing fund security, erratic transfer speeds affecting operational liquidity, and considerable losses due to currency conversion. Currently, foreign trade companies are grappling with various payment issues, including the difficulty in opening offshore accounts, high transaction fees, the risk of account freezing due to non-compliant payment channels, prolonged periods for payments and collections, and the burdensome process of currency conversion. Addressing these issues, Lianlian Global offers a more streamlined, secure, and cost-effective solution for cross-border transactions. By eliminating the need for offshore company setup and associated fees, and by supporting a broad spectrum of currencies with real-time exchange rates, Lianlian Global significantly reduces exchange costs and enhances transaction efficiency. The establishment of a global fund processing network minimizes intermediary delays, enabling funds to be settled within as little as two hours, facilitating rapid capital turnover. Moreover, Lianlian's commitment to safety and compliance is evidenced by its possession of over 60 domestic and international payment licenses, complemented by a robust anti-money laundering and fraud prevention framework.
With a long-standing commitment to the cross-border commerce sector, Lianlian has garnered the trust and confidence of a vast customer base, thanks to its secure, efficient, and cost-effective services. By the end of September 2023, the company had extended its services to approximately 3.2 million clients across more than 100 countries and territories.
The accolade of the "Excellent Corporate Payments Platform Service Brand" awarded to Lianlian Global at the Hong Kong Leaders' Choice 2024 serves as a testament to the company's reliability and efficacy as a payment solution provider. This recognition fuels Lianlian's determination to further refine and elevate the quality of its offerings to meet the diverse needs of its clientele. Looking ahead, Lianlian is poised to deepen its engagement in the Hong Kong market, continually innovate its technological capabilities and product suite, and empower its customers to thrive in the global marketplace. This strategic focus not only enhances Lianlian's service portfolio but also supports Hong Kong's integration into broader national development plans, paving the way for new breakthroughs and a prosperous future.
