Hong Kong, December 2021 – Wallyt, a leading digital payment solution provider, announced a partnership with All Link Pay, a Hong Kong based financial services company that provides cross- border payment. The partnership will allow the global businesses and cross-border e-commerce merchants that All Link Pay serves to collect the funds and send payouts around the world.
All Link Pay, backed by a leading MSO group in Hong Kong, is a cross-border payments platform helping global business move money around the world. In 2003, the Group runs the first offline currency exchange store in Hong Kong, and now has developed into a comprehensive financial group offering the foreign exchange trading, and cross-border payment service. In addition to Hong Kong SAR and the United States, All Link Pay also plans to obtain money service licenses in Singapore, the United Kingdom, the European Union, the United States, Canada, Australia and other countries and regions.
As the leading global financial center, the largest offshore RMB clearing center, a free port, and one of the world's busiest container ports, Hong Kong plays a critical role in cross-border payments and international logistics. The pandemic has led to a surge in e-commerce and accelerated digital transformation, large amount of the international traders and retailers move from traditional to online business. Therefore, Hong Kong handles a good portion of mainland China's external trade and becomes an important entrepot for cross-border e-commerce between China and the World.
Hong Kong Trade Development Council Research shows in 2020, about 10.1% of the mainland's exports (valued at US$263 billion) and 14.3% of imports (US$295 billion) were handled via Hong Kong and 53% of Hong Kong's re-exports originated from the mainland. According to World Trade Organization (WTO), Hong Kong is the world's 6th largest exporter of merchandise trade in 2020, up by two places over 2019.
With nearly 20 years of foreign exchange service experience in Hong Kong, the Group has created a large cluster of cooperation networks with the institutions around the world, and serves tens of thousands of clients engaged in importing and exporting. When the existing clients get start to sell online and new cross-border merchants rapidly increased, it’s crucial for the group to offer a broad range of cross-border payment collect and disburse services.
By partnering with Wallyt, All Link Pay has now launched the payment platform for receiving and paying funds around the world, allowing the cross-border e-commerce merchants in Hong Kong and Mainland China to open one or multiple local currency accounts, collect international payments from online marketplaces, make foreign exchange transactions, withdraw money, and pay out funds to suppliers, sellers and any service providers worldwide.
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.
In 2020, Wallyt launched the cross-border e-commerce payment collection and disbursement solution for banks and financial institutions. The solution is available in the Mainland China first and now expands to Hong Kong and other countries and regions.
Re-disseminated by The Asian Banker