UnionPay & LianLian partner to speed up remittances

 

In a bid to simplify cross-border remittances, LianLian Global and UnionPay International have made a strategic partnership to upgrade cross-border money transfers and digital financial connectivity between mainland China and Hong Kong.

The joint effort combines LianLian's deep global payment infrastructure with UnionPay's Money Express platform. What ensues is a smooth, secure, and near real-time fund transfer product that will accrue value to consumers and businesses alike.

Besides remittance, the alliance will also target building out opportunities such as global merchant acquisition, digital card services, and electronic payments.

Key highlights:

• LianLian Global and UnionPay International partner to enable near real-time, secure cross-border remittances between Hong Kong and mainland China
• The collaboration aims to expand beyond remittances into global merchant acquisition, digital card services, and e-commerce payments
• UnionPay’s extensive network of 2,600+ institutions and LianLian’s 7.9 million users strengthen financial inclusion and B2B growth across borders

Shen Enguang, the CEO of LianLian Global, stated that the alliance "Underscores LianLian's unrelenting focus and delivery on improving the payment experience for partners and customers. Customers can now transmit funds across borders to China recipients with near real-time speed and convenience."

UnionPay International, with a network in 183 countries and over 2,600 partner institutions, regards this as a significant expansion. "Partnering with LianLian marks an important milestone for UnionPay as we further develop our cross-border remittance business in Hong Kong," said Li Penglin, UnionPay International Regional General Manager for Hong Kong, Macau, and Taiwan.

Also Read: How Fintech Companies are Simplifying Cross-Border Remittances

LianLian Global, a brand of Hong Kong-listed fintech company Lianlian DigiTech, has more than 7.9 million users in e-commerce, education, and global trade segments. Since obtaining its MSO license in 2017, the company has provided cross-border payments from its base in Hong Kong to customers across the globe.

The alliance is likely to boost financial inclusion, accelerate B2B growth, and spur integrated payment flows across the border.