LAS VEGAS, Nov. 3, 2016 /PRNewswire/ -- "The right level of partnership and the right level of communication is what make you successful in China," said Ken Zheng, COO and Head of BD and Global Strategy of Cross-border Payments, Lianlian Pay, in a session themed "The rise of China Fintech: Challenges & Opportunities for Western Players" on the opening day of Money 20/20 2016 in Las Vegas. With 10,000+ attendees, including more than 1,000 CEOs, from 3,000 companies and 75 countries, Money 20/20 is the largest global event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology, exploring disruptive ways in which consumers and businesses manage, spend and borrow money.
Lianlian Pay, the 4th largest mobile payment service provider in China, has become an up and coming major force in connecting China with the world through fast, cost-effective money transfers and optimized user experience. By partnering with market leaders like PayPal, World First, Uber, Apple and Citi, Lianlian Pay has a proven record of offering customized and competitive products and services that cater to the needs of efficient cross-border fund flows and satisfy foreign regulations.
A second-time sponsor of the Money 20/20 event, Lianlian Pay made elaborate presentations and displays of its products, business models and case scenarios on the show, which attracted much attention from those who are engaged in facilitating money flows in and out of China.
Due to vast differences in regulatory requirements in different countries, relatively isolated and independent clearing networks and varied user habits, FinTech companies in cross-border payment face daunting challenges in making their ways into various markets. As a regulated cross-border RMB and foreign currency service provider, Lianlian Pay is committed in serving incumbent RSPs, PSPs, marketplaces and other businesses to facilitate their money transfers in China-related corridors. When it comes to capabilities and competitiveness, Peng Xu, SVP and Head of Cross-border Payments, speaks highly of their comprehensive and reliable bank network, sound compliance structure and operation system, risk control and information security system that are up to the highest possible international standard. "We are a market leader domestically. That gives us an unparalleled edge to guarantee the best service capability and we also have an elite cross-border team specialised in providing one-stop payment solutions to substantially enhance efficiency and cost-effectiveness of cross-border money transfers."
The existing cross-border payment solutions present obvious shortcomings and entry barriers, thus bringing enormous opportunities for innovative and disruptive first-movers. Lianlian Pay is well-positioned to make the best use of the explosive growth of online export from China and global sharing economy while on track of establishing its global network and product structure.
Lianlian Pay became the exclusive official partner of PayPal for RMB withdrawal in China and has since been providing secure, fast and compliant cross-border collection, FX and local disbursement to Chinese sellers on international e-marketplaces like eBay, Amazon, PriceMinister, Newegg, Etsy and Cdiscount. Year to date Lianlian Pay has served millions of Chinese businesses and individuals collecting cross-border sales proceeds amounting to tens of billions RMB. With seasonal sales and year-end shopping spree approaching, the total transaction volumes is poised to witness an even faster growth.
About Lianlian Pay
A leading mobile payment service provider in China, Lianlian Pay is licensed by SAFE and PBOC with both cross-border RMB and foreign currency approvals, specialised in offering cross-border payment, FX, settlement and disbursement solutions to Chinese and foreign businesses and marketplaces. Lianlian Pay is also one of the first partners working with China (Hangzhou) Cross-border E-commerce Comprehensive Pilot Area, the first national level cross-border e-commerce pilot area approved by the State Council.
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SOURCE Lianlian Pay