BNP Paribas and LianLian Pay to partner on e-commerce business in China
BNP Paribas (China) Limited and LianLian Yintong Electronic Payment Co., Ltd (LianLian Pay) have signed an agreement to provide an integrated collections solution for e-commerce businesses in China. The solution streamlines the collections process by consolidating online sales and offline mobile collections onto a single platform.
With the adoption of e-commerce and the growing prominence of digital as a payments channel, China, is already the world’s largest market for mobile payments[1], and it’s expected to see total cashless payments reach USD 45 trillion by 2021[2]. As the trend continues to grow, consumers, sellers and suppliers are increasingly asking for safer, faster and more reliable platform technology which can also connect them to a global financial network.
Under this partnership, BNP Paribas (China) and LianLian Pay have jointly developed a digital ecosystem to meet the evolving needs of corporate treasurers with innovative solutions. It furthers BNP Paribas’ strategy to simplify and speed up banking operations through innovative services such as digital applications and new payment methods.
CG Lai, CEO of BNP Paribas (China) Ltd, said: “Innovation is in our DNA. In China, we are continuously investing in cutting edge technology to deliver innovative solutions to clients. The strategic partnership with LianLian Pay, a leader in digital payments, will enrich our cash management service lineup, enabling us to meet the varying needs of emerging businesses which stand to benefit from China’s growing e-commerce market.”
Zuo Gang, senior vice president of LianLian Yintong Electronic Payment Co., Ltd., said: “We are very pleased to partner with BNP Paribas, a leading global bank with a strong international network. Our partnership will bridge Chinese digital know-how with the global market.
“Together, we can help our global corporate clients optimise their operations and explore new opportunities. Ultimately, our single-integrated platform will improve the e-commerce customer experience.”
Pierre Fersztand, Global Head of Cash Management, Trade and Payments, BNP Paribas, said: “This strategic partnership will allow LianLian Pay and BNP Paribas to combine our complementary expertise to effectively address payment and collection pain points in the new e-commerce era. Meanwhile, the data emerging from an integrated e-commerce collection channel will provide invaluable insights to companies in their strategic decision making process.”
In recent years, BNP Paribas has been actively undertaking digital transformation, adopting a variety of cooperation models with companies in the financial technology ecosystem in a bid to push the boundary of its products and services, responding to the needs of digital era more flexibly.
Founded in 2003, LianLian Yintong Electronic Payment Co., Ltd (Lianlian Pay) is one of the top mobile payment companies in China, the pioneer and leader of industry payment solutions, State Planning Key Software Enterprise and National High-tech Enterprise. LianLian Pay has been priding itself in focusing on and excelling at providing all-in-one payment solution in the form of CUP cards mobile payment, cross-border payment and settlement, RMB and foreign currency disbursement for tens of millions of individual customers and thousands of merchants and partners.
[1] Capgemini and BNP Paribas, World Payment Report 2018.
[2] Economic Times, Oct11 2017, In China, Cash is quickly becoming obsolete.
Press contact:
Saima Farooqi +852 21085457 saima.farooqi@asia.bnpparibas.com