LAS VEGAS, Nov. 10, 2017 /PRNewswire/Korea IT Times -- A representative of Chinese enterprises, LianLian Pay joined Money 20/20 which opened on October 22 in Las Vegas, sharing leading advantages in product innovation and customer service which was praised by all the participants.
Arthur Zhu, President of LianLian Pay, remarked with the Belt and Road Initiative moving forward, the cross-border payment industry entered a new era, with more development opportunities and challenges to China's third-party payment companies.
China's rapid developing economy and continuous growth importing and exporting trade volume has driven the cross-border payment industry into a golden period. The fast-developing Belt and Road Initiative also signifies the industry will develop at top speed for an extended period.
"For LianLian Pay, the Belt and Road Initiative brings two positive factors, 'Go Global' and 'Bring In'" Arthur Zhu said. "Better export opportunities for China's leading manufacturing industry, infrastructure construction and trade and investment, and effective opportunities for China's emerging technology enterprises including e-commerce and financial services to enter international markets."
Chinese products and services "Going Global"
As a leader, LianLian Pay has initiated pilot projects of cross-border Renminbi revenue and expenditure operations since 2013. Through in-depth market research and continuous innovating product solutions, LianLian Pay's cross-border business customers reached over 100,000.
In the first half of 2017, LianLian Pay helped Amazon China's sellers cut the time of Renminbi settlement and deposit withdrawl down to seconds while reducing the cost by 30 percent, helping e-merchants to sell China's products worldwide and raising Chinese brands' values. LianLian Pay also exports new technologies, sharing product experiences with Belt and Road countries to accelerate the development of fintech institutions.
The "Bring In" strategy on the global platform to connect the world
China's "Bring In" strategy aims to attract competitive foreign resources like international brands and financial service enterprises and technologies into China so that Chinese companies and individuals can utilize more comprehensive products and services.
In 2015, LianLian Pay as PayPal's official partner in China, provided quick Renminbi withdrawl services for Chinese cross-border e-merchants. In February 2016, LianLian Pay, as one of the first partners of Apply Pay, brought Chinese users new payment experiences.
On October 23, Ascential, organizer of Money 20/20, announced that 2018 Money 20/20 will be hosted in China for the first time, which will provide stepping stones for more international financial institutions to understand and enter the Chinese market.
China accumulated significant competitive advantages in Internet technologies and financial services. Arthur Zhu noted that cross-border payment, the most important link for the international trade, its models will reduce the barriers of man to man, company to company, country to country in the future.
"LianLian Pay will seize the historic opportunities presented by Belt and Road Initiative and continue to make efforts in establishing globally integrated payment networks promoting global economic development."
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