back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

LianLian Global launches US cross-border wallet for e-commerce retailers and entrepreneurs

By Edlyn Cardoza

June 27, 2022

  • Compliance
  • Cross Border Payments
  • Digital Wallet
Share

LianLian Global, Cross-border Payments, multi-currency Cross-Border Wallet, Digital Wallet, SMEs, Regulatory, Compliance, Foreign Exchange, USALianLian Global, a leading global cross-border payment service provider, today announced the launch of its multi-currency Cross-Border Wallet after securing licenses to operate in all 50 states. The cross-border digital wallet is designed to make payments faster, more accessible, and cheaper than the traditional cash and bank transfers for U.S.-based retailers and merchants that sell their products internationally on marketplaces such as Allegro, Amazon, Cdiscount, Fruugo and Kaufland.de.

Data Catalyst found that almost 70% of U.S. SMEs use third-party online marketplaces or their web store, with most firms opting to use multiple online markets. However, despite having such a significant digital presence and many selling to various countries, cross-border payments remain a significant challenge for U.S. businesses, especially small and medium-sized organisations looking to make payments in less familiar, emerging market currencies in Africa, Asia, and the Middle East.

For instance, the evolving international regulatory requirements and capital control policies concerning transferring and moving funds in local currencies add a considerable compliance burden for many U.S. e-commerce businesses. This is particularly true in relation to China, Vietnam, and other vital Asian supply chain hubs. Such supplier payment challenges can significantly impact the supply of goods and services from those regions. LianLian Global’s Cross-Border Wallet addresses these concerns by enabling U.S. businesses to make and receive payments or convert U.S. Dollars to certain regional currencies quickly and compliantly.

The introduction of LianLian Global’s Cross-Border Wallet virtually eliminates the bureaucratic burden of facilitating payments between Western businesses, customers and suppliers in China and other emerging markets worldwide. LianLian Global allows e-commerce customers of all sizes to make payments up to $1.5 million at a time. Additionally, the wallet can hold multiple currencies, including U.S. Dollar, Canadian Dollar, Hong Kong Dollar, British Pound Sterling, European Euro, Chinese Yuan and Polish Złoty. 

“We are delighted to have launched our fully-licensed Cross-Border Wallet in the United States, and see the positive response from US businesses. This is an evolution of our globally trusted platform that our customers around the world have come to rely on,” said David Messenger, Executive Chairman, LianLian Global. “Our new cross-border wallet helps businesses of all sizes grow, by making it easy to manage multiple currencies on a single platform and do foreign exchange (FX) conversion at fair and transparent rates. Our aim is to help our U.S. customers better navigate the complexity of cross-border payments and the volatility of FX.”

Unlike other prominent providers in the market, customers can use LianLian Global’sCross-Border Wallet without committing to an annual fee or (in certain countries, including the U.S., U.K. and China) paying to open an account or receive payments. Instead, LianLian Global charges a fixed 0.5% rate for FX conversion, with even more competitive rates available to high-volume customers. 

“LianLian Global’s Cross-Border Wallet is an ideal growth partner for our business,” said Jeremy Cai, Founder of Italic, a U.S.-based online retailer. “With the new platform, we can secure our supply chain networks in China and other parts of the world because the digital wallet ensures we can make and receive payments quickly, efficiently and safely. The extra time allows us to focus on growing and diversifying our business into hundreds of high-quality goods across a range of home, fashion, and lifestyle categories.”

Previous Article

June 27, 2022

SignD uses Smart Engines AI solutions for credit card OCR

Read More
Next Article

June 27, 2022

Xago launches XGB, enabling end-to-end British Pound transfers within minutes

Read More










IBSi Daily News Analysis

September 30, 2022

Compliance

Is sustainable/green finance needed more than ever before?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

September 30, 2022

Inswitch and Mastercard International partner to deliver digital payments

Read More

September 30, 2022

Verity goes live with financial literacy app for kids in the UAE

Read More

September 30, 2022

Line and Checkbook partner to introduce faster payments options to its customers

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022