11 hours ago
- Business
- South China Morning Post
Hong Kong-based LianLian Global bridges China-Middle East payment gap with fintech tool
Hong Kong-based LianLian Global is reaping the dividends of its foray into the Middle East, as the digital payment provider's solutions have made life easier for the region's small and medium-sized enterprises (SMEs) to deal with partners in mainland China.
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Foreign companies can process payments quickly through LianLian Global's network that caters to about 6 million Chinese suppliers, manufacturers and exporters. LianLian Global is the international unit of Hong Kong-listed LianLian DigiTech.
'What we see is that [business] in Dubai will contribute at least 10 per cent of our total transaction volume in the first year [of its operations],' said Michele Fung, general manager of LianLian Global Hong Kong, adding that the company was setting its sights on Africa by using Dubai as a gateway.
The company has found a niche as it identified payment challenges faced by SMEs sourcing goods from mainland China in the Gulf Cooperation Council region – the six-nation bloc comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).
Michele Fung, general manager of LianLian Global Hong Kong. Photo: Handout
'There is no direct settlement because many are unbanked, so they can't even use the Swift financial messaging system,' said Fung, referring to the secure global messaging network financial institutions use to facilitate worldwide money transfers.
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