LianLian Group as the first Chinese enterprise successfully obtaining the Thailand Payment Licence as a foreign-funded company

HANGZHOU, China, Aug. 14, 2019 /PRNewswire/ -- On August 12, LianLian Group announced that, its subsidiary company "LianLian Pay Electronic Payment (Thailand) LTD." had officially obtained the "Payment Facilitator License" and "Payment Service Provider License" issued by the Bank of Thailand (BOT). It is reported that, LianLian Group is the first Chinese enterprise that obtained the payment license as a foreign-funded company in Thailand.

After obtaining the Thailand Payment License, LianLian Group will be entitled to carry out various businesses there, such as local receipt, local distribution, cross-border collection, etc. At present, LianLian Group has already reached cooperation intention with some mainstream electronic wallets in China on various local businesses in Thailand. In the near future, based on Thailand Payment License, LianLian Pay would be specialized in local retail, airline travel, cross-border e-commerce and other fields, providing payment services for small and medium-sized online & offline merchants, cross-border merchant, etc., according to Yunna Wang, the CEO of LianLian Pay Electronic Payment (Thailand) LTD.

As a well-known financial technology company, LianLian Group's subsidiary enterprise, "LianLian Pay", is the leading third-party payment institution in China. Facing the B-terminal enterprise service field, it has accumulated nearly 10 years of rich experience and technology, established the "global payment solution" with mobile payment, cross-border payment, intelligent payment, as well as financial technology services as the core business.

Through years of development in the industry, LianLian Group has initially built the new payment network covering the world, owning powerful compliance strength. Up to now, LianLian Group has obtained 40 financial payment licences and business qualifications in various countries and regions, such as China, Hong Kong, Thailand, the United Kingdom, Japan, the United States, etc., among which 29 American states have been licensed.

Recently, at the cross-border business seminar, the Payment and Settlement Department of The People's Bank of China announced that, domestic institutions are encouraged to apply for licences in overseas market, in addition, it could help recommend the domestic payment institutions to apply for licences abroad on the premise of regulatory compliance, which would be a good sign for Chinese enterprises to "develop the overseas market" under the background of "the Belt and Road".

Under the background of sustained slowdown in global economic growth, Southeast Asia is an emerging market with unlimited potential and reverse growth. Thailand, as the second largest economy and a country featuring the fourth largest population, its population is over 69 million, with a GDP per capita of more than USD $7200. In recent years, the increasing Internet penetration rate has greatly facilitated the development of Internet payment, especially the mobile payment in Thailand.

It is understood that, the C-terminal user-oriented mobile payment institutions feature vigorous development and fierce competition in Thailand and even Southeast Asia, however there are lack of payment institutions directly serving the B-terminal enterprises. In the future, LianLian Group will be engaged in playing its advantage in mobile payment, cross-border payment and other fields, exporting the mature experience and technology in the Chinese market, fully providing compliant, premium and efficient payment services for Thailand market expansion-oriented Chinese enterprises as well as the local Thailand enterprises.

SOURCE LianLian Pay