On June 29, Lianlian International officially announced that it had completed a layout for Indonesia’s payment license. This is another important achievement of lianlian international globalization. Based on this qualification, Lianlian International can carry out domestic transfers, cross-border remittances and other services locally for merchants and consumers, bringing a safer, faster and more convenient payment experience to users in Indonesia and even Southeast Asia.
In recent years, under the background of a new round of information technology revolution and the release of policy dividends of the Regional Comprehensive Economic Partnership Agreement (RCEP), the Southeast Asian market has ushered in new opportunities, attracting the attention of China and even the world, and has been It is regarded as "the next frontier area of digital economy ". Among them, Indonesia has become one of the countries with the fastest growing digital economy in Southeast Asia due to factors such as its forward-looking digital strategy, relatively developed economy, and young population structure. According to the relevant person in charge of the Indonesian Ministry of Economic Affairs Coordination, the digital economy is becoming a new force in the national economy. The value of the country's digital economy will reach US$70 billion in 2021, the highest among ASEAN countries, and this value is expected to reach US$146 billion in 2025.
However, due to complex terrain conditions and uneven economic development, the development of supporting digital infrastructure such as digital payment has been relatively slow. To this end, the Indonesian government has carried out a series of reforms and innovations in promoting cashless payments to further improve the digital payment infrastructure. For example, in December last year, Bank Indonesia launched the first national real-time payment network BI-FAST to provide retail payment services to the public. The government's promotion and the development of consumers' online shopping habits have made the adoption of digital payments gradually become a trend in Indonesia. A report from Ebrun Think Tank shows that Indonesia is the fastest growing region in digital payments in Southeast Asia. It is expected that the scale of e-commerce payments will reach US$83 billion by 2025, an increase of up to 75% over the same period in 2019.
Lianlian International CEO Zhu Xiaosong said that as Indonesia accelerates its digitalization process, its local digital payments will show greater potential, which has also attracted Chinese digital payment institutions with mature experience represented by Lianlian International to work hard to serve the local market. , to further improve its digital payment network in Southeast Asia, allowing merchants and consumers in Southeast Asia and even the world to enjoy the fruits of the digital economy. Based on the Indonesian license qualifications, Lianlian will focus on developing the following businesses: On the one hand, based on local and foreign payment channels, it will provide Indonesian local merchants and individuals with convenient and professional services such as domestic transfers, cross-border remittances and remittances, and enhance the user experience. Payment experience; on the other hand, Lianlian will also copy the "payment + SaaS service" comprehensive solution in China, and build a multi-industry open service platform based on the pain points of Indonesia's local industries and merchants' transformation, and combine it with local industry scenarios. Join hands with qualified upstream and downstream industry service providers to provide Indonesian merchants with complete payment, account and related value-added services to promote the in-depth development of Indonesia's digital economy.
As cross-border payments enter the fast lane, compliance development becomes increasingly important. Among them, the payment license is the basis for business development and a direct reflection of the company's compliance capabilities, comprehensive strength and competitiveness. As pointed out in the Broadcom analysis "Non-bank Payment Industry Annual Special Analysis 2022" report, as market competition becomes increasingly fierce, domestic and foreign cross-border payment institutions have begun to speed up their license applications, product and service upgrades, and security level improvements. and continue to build the company's own differentiated core competitiveness.
It is reported that since the launch of the internationalization strategy in 2016, the parent company of Lianlian International Lianlian Digital has been adhering to the concept of business development and compliance first to expand the payment market in various places. Among them, in Southeast Asia, in 2019, Lianlian's Thai subsidiary obtained the "bank card payment" license and collection and payment qualifications issued by the Bank of Thailand, becoming the first company in Thailand's history to obtain a payment license as a purely foreign-owned company. In September 2021, Lianlian's companies were awarded a large payment institution license by the Monetary Authority of Singapore, authorizing them to carry out five services locally: account issuance, domestic remittances, cross-border remittances, merchant acquiring, and electronic currency issuance.Up to now, Lianlian has obtained more than 60 payment licenses and related qualifications in mainland China, Hong Kong, the United Kingdom, the United States, Thailand, Singapore , Brazil and other places.
Zhu Xiaosong said that compliance management has always been the cornerstone of Lianlian’s survival and development. The implementation of the Indonesian payment license not only shows that Lianlian’s compliance capabilities have been recognized, but also means that Lianlian’s global layout has made another step forward. It is of great significance to Lianlian’s further improvement of its Southeast Asian layout and steady advancement of its globalization strategy. "In the future, we will continue to fulfill our mission of 'connecting the world and serving the world', deepening our globalization strategy, and continuously exporting high-quality Chinese digital payment services to the global market, thereby providing local online and offline services to more countries and regions. Merchants, cross-border e-commerce companies, overseas trading companies, and overseas Internet companies provide full-link local payments, cross-border payments and value-added services to share international trade development opportunities and jointly draw a new blueprint for global digital economic growth.”
