Source: Media OutReach
SINGAPORE – 8 November 2024 – The 2024 Singapore FinTech Festival took place from November 6 to 8 at the Singapore Expo, gathering central banks, regulatory authorities, industry leaders, entrepreneurs, investors, and innovators from around the world to discuss how to shape the future of the global financial ecosystem through coordinated regulation, innovation, and technology, with a focus on the potential of artificial intelligence and quantum computing in reforming financial services and achieving sustainable, inclusive economic growth.
This year, Lianlian DigiTech, a global digital payment company, showcased its “dual booths” at the Singapore FinTech Festival. Lianlian DigiTech and its brand LianLian Global were located in Halls 3 and 4, respectively, allowing for a comprehensive display of LianLian Global layout and achievements in digital payment services. This marks LianLian Global’s participation in this global event for the third consecutive year.
Simultaneously, Tim Shen, Senior Vice President of Lianlian DigiTech and Co-CEO of LianLian Global, was invited to attend the “Global Innovation: Insights from China” forum, where he discussed the impact of mobile technology, social networks, and diverse domestic markets on financial innovation alongside industry leaders, sharing how LianLian Global helps clients achieve capital flow with the Chinese market on a global scale.
As a new round of technological revolution and industrial transformation accelerates, the global trade landscape is being reshaped. Mature markets in Europe and America are becoming increasingly competitive, while emerging markets are gradually rising, providing new growth space and opportunities for cross-border enterprises.
Since its establishment, Lianlian DigiTech has closely followed market dynamics and customer needs, steadily advancing its globalization strategy. While deeply cultivating major mature markets such as Europe and America, it has also focused on new opportunities brought by initiatives like the “Belt and Road” and RCEP, actively expanding into emerging markets in Southeast Asia, Latin America, and the Middle East. By obtaining local payment licenses in various countries and establishing localized service teams, Lianlian DigiTech provides tailored payment solutions for different types of enterprises, supporting cross-border businesses to navigate complex international environments and embrace a new wave of globalization.
As of June 2024, Lianlian DigiTech has established a portfolio of 65 payment licenses and related qualifications, covering several key markets including mainland China and Hong Kong, Singapore, the United States, the United Kingdom, Thailand, and Indonesia. Additionally, it has set up 16 overseas offices in nine countries and regions, building more capable localized teams.
Singapore, as an outstanding representative of the Southeast Asian fintech hub and an important link between domestic and Southeast Asian markets, has become the strategic headquarters for Lianlian DigiTech in the region. Established in 2018, Lianlian Singapore serves as a pivot to reach countries such as Indonesia, Malaysia, and Vietnam, where it has also set up subsidiaries. In September 2021, Lianlian DigiTech’s Singapore subsidiary, STARLINK, obtained a major payment institution license granted by the Monetary Authority of Singapore. This license has become a core support point for Lianlian’s operations in Southeast Asia.
A representative from Lianlian DigiTech stated, “In Singapore, we have been working hard over the past few years to leverage our advantages in technology, compliance, and global networks to establish our brand and services in the local Southeast Asian market. We have continuously partnered with collaborators to launch cross-border fund collection, acquiring, and payment services for merchants, corporate clients, and SMEs, providing solid support for our clients’ global expansion. In the future, we will further leverage our licensing advantages, strengthen our service capabilities, and build more powerful comprehensive payment solutions to provide deeper services for Chinese enterprises and local businesses in Southeast Asia.”
It is noteworthy that against the backdrop of rapid advancements in big data, artificial intelligence, and blockchain technologies, the financial services industry is undergoing unprecedented transformation and opportunities. Financial service institutions are continuously innovating to provide more diversified and personalized products, enhancing the global effectiveness of financial services to quickly and flexibly meet various needs as users expand into global markets.
The representative stated, “With the continuous advancement of new technologies like AI, we are confident in creating a more inclusive financial service system. By offering a range of innovative products, we aim to serve clients from various sectors, including cross-border e-commerce, foreign trade, and service trade, as well as large platform and institutional clients.”
According to the representative, LianLian Global has innovatively created the “Smart Payment+” product matrix, including the Global Payout Service (referred to as “LGPS”), launched in July this year, which empowers overseas PSPs (cross-border payment service providers), banks, and other licensed financial institutions to achieve payments to China and other regions through a unified API. Notably, globally recognized institutions, such as Guavapay, have already integrated the LGPS product. In October, LianLian Global launched the Global Accounts Service (referred to as “LGAS”), aimed at providing comprehensive support for multi-currency needs of businesses in the Asia-Pacific region, Europe, the Middle East, Africa, and countries along the “Belt and Road.”
Furthermore, the advent of the digital age has made trade relationships among countries increasingly complex, and establishing strategic mutual trust with international partners is also key for enterprises to advance globalization.
In this regard, Lianlian DigiTech stated that it will continue to build a more integrated payment ecosystem through in-depth application of cutting-edge digital technologies and open innovative collaborations with major banks, card organizations, e-commerce platforms, financial service providers, and other stakeholders. This will provide fast, secure, and cost-effective payment solutions for international trade, helping more enterprises navigate the “new blue ocean” of digital trade and usher in a new era of digital commerce.
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