PAYMENTS

GLOBAL PAYMENTS COMPANY LAUNCHES U.S. CROSS-BORDER WALLET FOR ECOMMERCE RETAILERS AND ENTREPRENEURS

LianLian Global | June 27, 2022

GLOBAL_PAY_MENTS
LianLian Global, a leading global cross-border payment service provider, announced the launch of its multi-currency Cross-Border Wallet after securing licenses to operate in all 50 states. The cross-border digital wallet is designed to make payments faster, more accessible and cheaper than the traditional cash and bank transfers for U.S.-based retailers and merchants that sell their products internationally on marketplaces such as Allegro, Amazon, Cdiscount, Fruugo and Kaufland.de.

Data Catalyst found that almost 70 percent of U.S. SMEs use third-party online marketplaces or their web store, with most firms opting to use multiple online markets. However, despite having such a significant digital presence and many selling to multiple countries, cross-border payments remain a significant challenge for U.S. businesses, especially small and medium-sized organizations looking to make payments in less familiar, emerging market currencies in Africa, Asia and the Middle East.

For instance, the evolving international regulatory requirements and capital control policies concerning the transfer and movement of funds in local currencies adds a considerable compliance burden for many U.S. ecommerce businesses. This is particularly true in relation to China, Vietnam and other vital Asian supply chain hubs. Such supplier payment challenges can significantly impact the supply of goods and services from those regions. LianLian Global's Cross-Border Wallet is designed to address these concerns by enabling U.S. businesses to make and receive payments or convert U.S. Dollars to certain regional currencies quickly and compliantly.

The introduction of LianLian Global's Cross-Border Wallet virtually eliminates the bureaucratic burden of facilitating payments between Western businesses, customers and suppliers in China and other emerging markets worldwide. LianLian Global allows ecommerce customers of all sizes to make payments up to U.S.$1.5 million at a time. Additionally, the wallet can hold multiple currencies, including U.S. Dollar, Canadian Dollar, Hong Kong Dollar, British Pound Sterling, European Euro, Chinese Yuan and Polish Złoty.

We are delighted to have launched our fully-licensed Cross-Border Wallet in the United States, and see the positive response from US businesses. This is an evolution of our globally trusted platform that our customers around the world have come to rely on, Our new cross-border wallet helps businesses of all sizes grow, by making it easy to manage multiple currencies on a single platform and do foreign exchange (FX) conversion at fair and transparent rates. Our aim is to help our U.S. customers better navigate the complexity of cross-border payments and the volatility of FX."

David Messenger, Executive Chairman, LianLian Global.

Unlike other prominent providers in the market, customers can use LianLian Global's Cross-Border Wallet without committing to an annual fee or (in certain countries including the U.S., U.K. and China) paying to open an account or receive payments. Instead, LianLian Global charges a fixed 0.5% rate for FX conversion, with even more competitive rates available to high-volume customers.

LianLian Global is a global cross-border payments provider with offices in 12 different countries that helps more than 1.2 million ecommerce stores grow their cross-border businesses. LianLian Global owns over 60 licenses worldwide, with full coverage in all 50 U.S. states. The company has also partnered with leading financial institutions such as Citi, Deutsche Bank, and J.P. Morgan to power their solutions.

About LianLian Global
LianLian Global is a leading cross-border payments company that connects local sellers to global opportunities. We make it easy for ecommerce merchants to do more international business. So when sellers need to receive international payouts, get financing, solve shipping logistics, manage foreign exchange, or pay tax obligations abroad, we simplify the complexity of operating in other countries, giving merchants and sellers the freedom to do business seamlessly. Part of LianLian Digitech, and with licenses and offices in the Americas, Europe and throughout Asia, LianLian Global is integrated into mainstream ecommerce platforms worldwide, with services covering more than 100 countries and regions.

Spotlight

Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the trade-off between public and private provision, and the tradeoff between e-money and a central bank's existing liabilities like bank notes and reserves. The tradeoffs depend on i) the technological setup of the e-money system.


Other News
FINTECH

Fintech and Cleantech Win as Global Venture Capital Investments Become More Focused

KPMG International | July 26, 2022

According to the Q2’22 edition of Venture Pulse — a quarterly report, published by KPMG Private Enterprise, that analyzes key VC deals and trends globally — fintech, cybersecurity, supply chain management and alternative energy and energy storage opportunities are continuing to attract significant interest from investors. This is despite global VC investment dropping to $120.2 billion across 8,420 deals in Q2’22. The Americas attracted $66.2 billion in VC investment — over half of the total global VC investment — during Q2’22, with the US accounting for $62.3 billion of this amount. Europe’s market showed strong resilience during the quarter, attracting $27.2 billion in investment during Q2’22. Despite the second successive quarter of decline, VC investment in Europe remained high compared to pre Q2’21. Q2’22 was the most subdued in Asia, dropping to an eight-quarter low of $24.5 billion across 2,206 deals. 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While the top one or two or three companies in a particular space might continue to be attractive to investors, the rest will likely see a pullback. This will likely drive consolidation as companies run out of cash.” About KPMG International KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 144 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

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CORE BANKING

Treasury Prime Partners with Bangor Savings Bank to Expand Network

Treasury Prime and Bangor Savings Bank | September 30, 2022

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FINANCIAL MANAGEMENT

PNC ANNOUNCES ACQUISITION OF POINT OF SALE AND PAYMENTS SOLUTIONS FIRM, LINGA

PNC | September 27, 2022

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FINANCIAL MANAGEMENT

WeLab and Astra Complete the Acquisition of Bank Jasa Jakarta

Astra | September 20, 2022

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Astra wishes to contribute to the strength and resilience of the Indonesian economy while supporting an inclusive and prosperous society. Astra has a strong record of public and social contributions through four pillars, which consist of health, education, environment, and entrepreneurships as well as nine foundations to contribute to the growth of the Indonesian economy while encouraging a more inclusive and prosperous society. Established in 2010, Astra's Semangat Astra Terpadu Untuk (SATU) Indonesia Awards programme, has recognised the contribution of 493 young Indonesians across each of these focus areas, including 81 national level recipients and 412 provincial level recipients. The SATU Indonesia Awards programme is integrated with Astra's wide range of community activities through 170 Kampung Berseri Astra and 1,060 Desa Sejahtera Astra initiatives in 34 provinces throughout Indonesia.

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Spotlight

Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the trade-off between public and private provision, and the tradeoff between e-money and a central bank's existing liabilities like bank notes and reserves. The tradeoffs depend on i) the technological setup of the e-money system.

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