Wallyt, a leader in digital payment solutions, recently partnered with All Link Pay to allow cross-border e-commerce merchants in Hong Kong and Mainland China to open one or multiple local currency accounts.
All Link Pay is a cross-border payments platform founded this year and backed by a leading MSO (money service operator) group in Hong Kong.
The collaboration allows the collection of international payments from online marketplaces, make foreign exchange transactions, withdraw money, and payout funds to suppliers, sellers, and any service providers worldwide.
Hong Kong has long played an essential role in linking China to the world. According to the Hong Kong Trade Development Council Research, in 2020 alone, Hong Kong handled about 10.1% of mainland China’s exports and 14.3% of its imports, valued at US$263 million and US$295 billion, respectively.
The research also stated that 53% of Hong Kong’s re-exports came from the mainland. The island is also part of the Greater Bay Area, a megalopolis that includes nine Southern China and Macau cities. It is home to around 71.2 million people or 5% of China’s total population.
As e-commerce and digital banking become the norm, exciting fintech solutions are also rising from the island. Among these promising fintech solutions are Wallyt and All Link Pay.
Wallyt helped launch the first cross-border payment wallet with the Bank of China (Hong Kong) in 2018 and a cross-border e-commerce payment collection and disbursement solution for banks and financial institutions in 2020.
The one-stop mobile payment service provider now serves more than 150 banks and financial institutions in over 60 countries and areas, with clients including Uniqlo, Rolex, Lego, Prada, Disney, CIMB Niaga, Bank Muamalat, Marks & Spencer, and more.
Meanwhile, All Link Pay is part of the group with 20 years of foreign exchange service experience in Hong Kong with a large cluster of cooperation networks around the world and tens of thousands of clients in import and export.
All Link Pay was established to broaden its range of cross-border payment collect and disburse services to better serve its existing clients moving online and attract the increasing numbers of new cross-border merchants. It supports popular platforms such as Amazon, eBay, Wish and more.
In a statement, a representative from Wallt said: “Beside the cross-border payment, All Link Pay and Wallyt also established a deeper collaboration in risk management and financial inclusion. Based on the group’s comprehensive financial service capabilities, All Link Pay will further provide cross-border merchants with extensive overseas channel resources and a diverse set of financing options to grow their business.”
