SINGAPORE, Nov. 16, 2023 /PRNewswire/ — Digital technology leader LianLian DigiTech’s subsidiary, LianLian Global is expected to once again take centre stage at the Singapore FinTech Festival, one of the largest events in the global fintech community. The important gathering is scheduled from 15 to 17 November at the Singapore EXPO Convention & Exhibition Centre.
The cross-border payments provider will showcase its comprehensive and efficient one-stop financial service system to the world, and engage in discussions about new possibilities in the fields of fintech and financial services with global partners.
In September 2021, STARLINK, LianLian DigiTech’s Singapore subsidiary, was granted a Major Payment Institution licence by the Monetary Authority of Singapore. With the Singaporean payment licence in hand, coupled with LianLian’s robust compliance framework and innovative technological infrastructure, the company developed a comprehensive, one-stop cross-border trade service platform, offering a suite of essential functionalities:
Cross-border Funds Collection: LianLian collects and safeguards funds from multiple e-commerce platforms and marketplaces, including Amazon, Shopify, and Allegro. It accommodates transactions in 11 major currencies, facilitating direct payment collections from consumers and SMEs. Additionally, LianLian partners with top-tier financial institutions, among them, Citibank, DBS Bank, Deutsche Bank, and JP Morgan Chase, to provide customer support. LianLian Virtual Card: LianLian’s virtual Visa and Mastercard cards extend its reach across the global payment landscape, enabling clients to minimize transaction fees and lower operational costs. Global Acquiring: This feature offers clients tailored integration solutions and customizable interface designs, meeting a range of acquiring demands. Cross-border Payment: LianLian’s international account holders can rapidly execute payments to merchants in China and worldwide, ensuring expedited fund transfers.
Looking ahead to 2024, LianLian Global plans to deepen its collaboration with local banks and financial institutions, aiming to create more advanced solutions for the market.
As of the end of 2022, LianLian held 64 payment licences and related accreditations across Singapore, all US jurisdictions, the UK, mainland China and Hong Kong. The company has established an extensive global business network spanning over 100 countries and regions, serving an estimated 1.8 million customers. In 2022, the total payment volume (TPV) for its digital payment services surpassed 1.153 trillion yuan. According to Frost & Sullivan, when measured by TPV, LianLian DigiTech is the largest independent digital payment solutions provider in China in 2022, holding the top spot with a market share of 9.1%.