HANGZHOU, China, Oct. 30, 2024 /PRNewswire/ -- The 2024 edition of Hong Kong FinTech Week, a premier financial technology event in Asia, was held on October 28 at the AsiaWorld-Expo in Hong Kong. Themed "Illuminating New Pathways in FinTech," the event attracted over 30,000 attendees from more than 100 economies. It brought together key stakeholders from across the banking, securities, investment, insurance, and technology sectors to discuss the future intersections of finance and technology, as the industry enters a new era.
LianLian Global, a subsidiary of Hong Kong-listed Lianlian DigiTech, participated in the event as a Gold Sponsor and as a representative of the digital technology industry. The company showcased its pioneering solutions and innovative offerings in the global payment sector to an international audience.
At the outset of the conference, Lianlian unveiled its groundbreaking LianLian Global Accounts Service (LGAS). Designed for international trade merchants in Hong Kong, Southeast Asia, and beyond, LGAS provides a unified account for managing multi-currency funds and seamlessly addressing the complexities of global receipts.
LGAS enables merchants to receive sales payments in multiple currencies directly into their local accounts, eliminating the need for numerous international bank accounts. This guarantees rapid, secure, and cost-effective fund transfers, significantly reducing operational expenses and enhancing international competitiveness.
In recent years, global trade has experienced a resurgence, driven by the expansion of key economies such as China. The World Trade Organization's Global Trade Outlook and Statistics report anticipates a 7.4% growth in Asian exports for 2024, outpacing other regions. Hong Kong and Southeast Asia have become favored destinations for traders due to their strategic locations and increasing consumer demand. However, foreign trade merchants, particularly small and medium-sized enterprises (SMEs) with frequent transactions, are confronted with a range of internal and external challenges. These include complexities related to multi-currency settlement, difficulties in opening accounts, delays in payment processing, and exchange rate risks.
Lianlian's LGAS revolutionizes the conventional approach to foreign trade receipts:
Unified Account for Global Fund Management
Previously, foreign trade companies were required to open several international bank accounts in multiple currencies, resulting in considerable management costs. LGAS's unified account for streamlined global fund management supports all major currencies, enabling companies to handle multi-currency fund settlements through a single account, reducing administrative burdens and cutting management costs.Improved Cost-Efficiency and Payment Speed
LGAS enables foreign trade companies to receive payments directly into their local accounts, eliminating the need for multiple currency conversions. This feature results in reduced foreign exchange losses, lower handling fees by circumventing multiple intermediary banks, simplified cross-border payments, and accelerated repatriation of funds.Enhanced Security and Compliance
Lianlian holds over 60 payment service licenses and qualifications, in addition to proprietary anti-money laundering and fraud prevention systems. These capabilities enable us to provide reliable, compliant, end-to-end cross-border financial services, enhancing the safety and reliability of international transactions.
LianLian Global also announced its recent membership in the Cyberport Technology Network (CTN). As a part of the Cyberport community, Lianlian will work with the platform to offer exclusive discounts of up to HK$900,000 to CTN members during FinTech Week. These discounts apply to a range of products and services, including Lianlian's recently launched B2B receipt solution, LGAS. This initiative allows Cyberport community members to access Lianlian's payment solutions at reduced rates, providing Hong Kong-based foreign trade companies with seamless, reliable, and cost-effective fund management and global payment experiences, and assisting them in tapping into broader global market opportunities.
As a leading player in cross-border trade, Lianlian has established close partnerships with top global e-commerce platforms and licensed institutions by leveraging its multi-jurisdictional licensing qualifications, robust technology capabilities, and extensive resources. By providing an integrated digital solution encompassing collection, payment processing, merchant services, currency conversion, digital marketing, and operational support, Lianlian has facilitated the access to domestic and international funding channels. This addresses the challenges faced by cross-border e-commerce entities, foreign traders, service providers, platforms, and institutions as they scale internationally, particularly in areas related to financial transactions and account management. In addition, Lianlian has served over 4.9 million clients, establishing a robust foundation for cross-border firms seeking to expand their global footprint. The company's contributions to international trade are a testament to its commitment to advancing prosperity and growth in the global economic landscape.
Cyberport is Hong Kong's digital technology flagship and incubator for entrepreneurship with over 2,100 members including over 900 onsite and close to 1,200 offsite startups and technology companies. Managed by Hong Kong Cyberport Management Company Limited, a wholly owned entity of the Hong Kong SAR Government, Cyberport aims to serve as a pivotal hub for digital technology and a new economic driver for Hong Kong. The facility is committed to nurturing a vibrant tech ecosystem by focusing on talent development, fostering youth entrepreneurship, supporting start-ups, and facilitating industry growth through strategic partnerships with local and international partners. It also integrates new and traditional economies by accelerating digital transformation initiatives in public and private sectors.
Shen Enguang, co-CEO of LianLian Global, noted that Hong Kong, as an international financial center and global super connector, serves as a bridge for companies to access the global market and a crucial platform for facilitating the flow of capital, innovation, and technology. In the process of globalization, Lianlian has consistently viewed Hong Kong as a key gateway for expanding into the Asia-Pacific market and establishing a global business ecosystem. Our strategic alliance with Cyberport to jointly market the LGAS product suite will enable foreign traders to leverage the robust resources and payment capabilities of both entities, expanding their global reach and capitalizing on opportunities with greater assurance. "Looking ahead, Lianlian will continue to prioritize user needs for value innovation and creation, optimizing and enhancing our product matrix. In line with our ecosystem approach to value sharing and co-creation, we will work with leading global partners to develop a new international payment ecosystem, ensuring that cross-border payments and international transactions are safer, more convenient, and barrier-free."
Dr. Rocky Cheng, CEO of Cyberport, said, "Cyberport is pleased to welcome Lianlian to the 'Cyberport Technology Network' (CTN), a testament to our longstanding efforts to nurture a dynamic ecosystem. Lianlian's expertise in payment solutions and extensive experience in digitizing global trade will grant Cyberport community members access to a wide range of financial innovation solutions, enhancing cross-sector collaboration and contributing to the local fintech innovation ecosystem. As Hong Kong's largest fintech and Web3.0 community, Cyberport's CTN connects more than 40 leading technology service companies, offering technical training and dedicated support for Cyberport startups. Looking ahead, Cyberport aims to partner with leading financial institutions to drive transformation and implementation, fostering digital economy growth and reinforcing Hong Kong's standing as an innovation hub.