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This article covers the core update that Lianlian Digital, a leading Hangzhou-based cross-border payment institution, has completed the regulatory filing for its Hong Kong IPO, and outlines Hangzhou’s industry layout to build the world’s first cross-border payment and settlement center. Key takeaways are as follows:

1. Core Event: On February 18, Lianlian Digital obtained the approval for overseas offering and listing from the China Securities Regulatory Commission (CSRC). It plans to issue up to 206 million overseas ordinary shares for listing on the Hong Kong Stock Exchange. Obtaining this filing is a mandatory critical step for Chinese mainland companies pursuing a Hong Kong listing.

2. Industry Layout: As China’s leading cross-border payment hub, Hangzhou has gathered multiple top industry players including PingPong and Lianlian International, with service networks covering the globe. PingPong offers integrated services spanning three trade formats, while Lianlian International connects to 190 global cross-border e-commerce platform sites and serves more than 2 million cross-border stores.

3. Industry Status: Industry analysis indicates the cross-border payment sector still holds substantial growth potential. In the first three quarters of 2023, Lianlian Digital posted 736 million yuan in revenue, up 38.4% year-on-year, with more than 1.1 million active Chinese cross-border merchants, showing strong overall growth. The development of the payment industry also provides more convenient financial support for cross-border trade.

This article outlines the latest development trends and cooperation opportunities in the cross-border payment space for Chinese brands going global, offering actionable insights for outbound brands. Key takeaways are as follows:

1. Industry Demand Trend: As an increasing number of Chinese brands expand into global markets, demand for efficient, low-cost digital cross-border payment services continues to rise. Comprehensive digital payment solutions covering the full operation cycle are particularly favored by outbound brands.

2. Pain Point Solutions: Leading compliant payment providers can effectively resolve common pain points for outbound brands, including the difficulty and high cost of opening offshore accounts, slow fund settlement, high exchange rate risk, and insufficient anti-fraud capabilities. They also offer value-added services to help brands expand into more overseas markets.

3. Benchmarking Leading Providers: China is home to top payment players including PingPong and Lianlian Digital, which support global multi-currency operations and settlement for minor currencies in emerging markets. Lianlian Digital in particular holds 64 global payment licenses, and is the only Chinese payment company that holds money transfer licenses in all U.S. states. Outbound brands can partner with compliant leading providers to reduce risks in the payment link.

This article sorts out the latest industry dynamics in the cross-border outbound payment space, providing opportunity references and risk warnings for cross-border sellers. Key takeaways are as follows:

1. Policy Environment: Regulators are continuously pushing for cross-border trade facilitation, encouraging payment institutions to support the real economy and compete internationally. The compliance environment for the entire cross-border payment industry is steadily improving, and sellers are gaining stronger compliance guarantees for their outbound payment needs.

2. Market Opportunities: The cross-border payment industry still holds enormous growth potential, and leading players have built out mature services tailored to different business formats. PingPong offers integrated services across cross-border e-commerce, market procurement and general trade, enabling minor currency payment and settlement services in emerging markets for 1039 market procurement sellers; Lianlian Digital covers 190 cross-border e-commerce platform sites and resolves common payment pain points for sellers. Sellers can select matching services based on their own business format.

3. Risk Warning: The cross-border payment market is highly competitive, so sellers should prioritize partnering with payment institutions with complete licenses and strong compliance to reduce compliance and capital risks in the payment process. They can also leverage digital value-added services from leading payment providers to improve their own operational efficiency.

This article provides key insights and opportunity references for manufacturing factories looking to expand cross-border business and advance digital transformation. Key takeaways are as follows:

1. Business Opportunities: As global trade grows rapidly, more Chinese factories are directly going global to run cross-border business, driving sustained growth in demand for efficient, low-cost cross-border payment services. The development of leading compliant payment institutions has significantly lowered the payment barrier for factories expanding overseas, greatly improving the convenience of direct outbound expansion for factories.

2. Insights for Digital Transformation: Beyond basic payment services, leading cross-border payment providers offer digital value-added services covering the full chain of procurement, production, operation management and marketing, helping factories resolve various operational challenges during outbound expansion. Factories can leverage the digital capabilities of payment institutions to complete their own outbound transformation.

3. Opportunities for Emerging Market Expansion: Payment providers have now built out integrated multi-format services that support small-batch orders and settlement with minor currencies in emerging markets. Factories that operate with small-batch, multi-order outbound models can now access convenient payment services, significantly reducing the difficulty of expanding into emerging markets. Combined with current policy support for cross-border trade, the financial environment for factories going global continues to improve, and factories can seize the opportunity to advance their e-commerce-enabled outbound expansion.

This article sorts out the development trends, customer pain points and mature solutions in the cross-border payment industry for cross-border service providers. Key takeaways are as follows:

1. Industry Development Trend: The cross-border payment industry has enormous growth potential. As more domestic Chinese enterprises expand into overseas markets, demand for efficient low-cost cross-border payment and comprehensive digital solutions continues to rise. Regulators have also introduced policies to support industry development, and leading players have begun the capitalization process: Lianlian Digital has successfully completed its filing for a Hong Kong IPO, bringing the industry into a new stage of development with a growing "winner-take-most" head effect.

2. Core Customer Pain Points: The cross-border e-commerce payment sector commonly faces pain points including difficulty and high cost of opening offshore accounts, slow fund settlement, high exchange rate risk, and insufficient anti-fraud capabilities. Beyond basic payment services, customers also need digital value-added services covering their full operation cycle to support their overseas market expansion.

3. Reference Solutions: To improve competitiveness, service providers need to build a globally covered payment network, obtain comprehensive payment licenses and qualifications, develop integrated multi-format services that support minor currency and emerging market settlement, advance end-to-end product innovation, and build comprehensive digital intelligent solutions to better meet customer demand.

This article sorts out changing industry demand and development experience from leading platforms for cross-border platform operators, offering reference for platform operations. Key takeaways are as follows:

1. Shifting Market Demand: Outbound merchants’ demand for payment platforms has evolved from basic payment services to comprehensive digital solutions covering the full operation cycle. They also require platforms to support integrated multi-format services, and multi-currency payment and settlement — especially for minor currencies in emerging markets — with growing requirements for platform compliance, settlement speed, and risk control capabilities.

2. Best Practices from Leading Players: Lianlian Digital has built a globally covered license network, established 16 overseas offices, connected to 190 cross-border e-commerce platform sites, and continuously advances end-to-end product innovation to improve localized service capabilities in global markets; PingPong has partnered with foreign trade comprehensive service platforms to co-build intelligent service platforms, launched integrated services spanning three trade formats, and balances regulatory transparency with user experience, making its approach a strong reference.

3. Risk Mitigation: Payment platforms must prioritize compliance license layout and continuously improve their risk control and customer acquisition capabilities. These are core priorities for both customers and capital markets, and form the foundation for sustainable business growth. Compliantly operated platforms can better capitalize on current policy dividends.

This article presents the latest development trends of China’s cross-border payment industry, and provides a large set of first-hand industry data with high reference value for industrial research. Core content is as follows:

1. New Industry Development Trends: Hangzhou, home to China’s cross-border e-commerce comprehensive pilot zone, is building the world’s first cross-border payment and settlement center. It has already gathered multiple leading cross-border payment institutions including PingPong and Lianlian Digital, forming a global cross-border payment service network; leading player Lianlian Digital has completed its filing for a Hong Kong IPO and started its capitalization process, with the industry’s head concentration effect gradually emerging.

2. Industry Growth Potential: Public data shows that from 2020 to 2022, the compound annual growth rate of Lianlian Digital’s active Chinese cross-border merchant base reached 41.5%, and its revenue grew 38.4% year-on-year in the first three quarters of 2023, confirming the high-growth nature of the cross-border payment industry. Industry analysis also notes that the sector still holds enormous growth potential.

3. Business Model and Policy Insights: Leading cross-border payment institutions have shifted their business model from single payment services to comprehensive digital solutions. Beyond basic payment, they offer value-added services covering the full operation cycle to empower outbound enterprises’ digital transformation, and this new model has gained market recognition. Meanwhile, the policy orientation of regulators supporting cross-border trade facilitation and encouraging payment institutions to globalize has brought new policy dividends for industrial development, and also provides a new sample for industrial policy research.