The China Evergrande Center is seen in the Wan Chai district of Hong Kong on August 6, 2021. (Photo by ISAAC LAWRENCE / AFP)

  • Wallyt, a Hong Kong-based fintech, has partnered with All Link Pay, a cross-border payments platform.
  • The Wallyt and All Link Pay collaboration will enable cross-border e-commerce merchants in Hong Kong and mainland China to open one or more local currency accounts.
  • All Link Pay and Wallyt have also established a deeper collaboration in risk management and financial inclusion

Hong Kong plays a vital role in connecting China to the world. In 2020 alone, Hong Kong processed about 10.1 percent of mainland China’s exports and 14.3 percent of its imports, valued at $ 263 million and $ 295 billion, respectively, according to the Hong Kong Trade Development Council. Research.

This too said that 53% of Hong Kong’s re-exports come from the mainland. The island is also part of the Greater Bay Area, a megalopolis that includes nine cities in southern China and Macau. It is home to around 71.2 million people, or 5% of the total population of China.

As e-commerce and digital banking become the norm, exciting fintech solutions are also emerging from the island. Wallyt, a leading provider of digital payment solutions, recently revealed its partnership with All Link Pay, a cross-border payment platform founded this year and backed by a leading MSO (Money Services Operator) group at Hong Kong.

Wallyt helped launch the first cross-border payment portfolio with Bank of China (Hong Kong) in 2018 and a cross-border online 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 more than 60 countries and regions, with customers such as Uniqlo, Rolex, Lego, Prada, Disney, CIMB Niaga, Bank Muamalat, Marks & Spencer, and more.

Meanwhile, All Link Pay (ALP) is part of the group with 20 years of experience in foreign exchange services in Hong Kong with a large group of cooperation networks around the world and tens of thousands of customers in the import and export.

It created All Link Pay to expand its range of cross-border payment collection and disbursement services to better serve existing customers moving online and to attract a growing number of new cross-border merchants. It supports popular platforms like Amazon, eBay, Wish, and more.

Collaboration between Wallyt and All Link Pay will enable cross-border e-commerce merchants

The Wallyt and All Link Pay collaboration will enable cross-border e-commerce merchants in Hong Kong and mainland China to open one or more local currency accounts.

The collaboration will enable the collection of international payments from online marketplaces, conduct foreign exchange transactions, withdraw money and disburse funds to vendors, vendors and all service providers around the world.

“Besides cross-border payment, All Link Pay and Wallyt have also established a deeper collaboration in risk management and financial inclusion. Based on the group’s comprehensive financial services capabilities, All Link Pay will provide cross-border merchants with vast overseas channel resources and a diverse set of financing options to grow their businesses, ”Wallyt said in a statement announcing their alliance.

Teaming up with All Link Pay is one of the many partnerships that Wallyt has formed. This year, the Hong Kong-based fintech company also worked with Findora, Nepalese bank NIC ASIA, and Indonesian companies Arash Digital and Bank Neo Commerce. It is also listed in IDC China FinTech 50, based on financial industry research on trends in technology, innovation and financial services in China.