Suning Financial Services has received the regulatory nod to carry out cross-border remittance and exchange business in Hong Kong.
Suning Cross-border Payment is said to be the first and only payment institution in Jiangsu Province holding cross-border foreign exchange payment business qualifications.
The firm currently has footprint across the US, Europe, and Japan, among other regions.
Its business spans across industries such as international logistics, goods trade, air tickets, and hotel accommodation.
In addition, the firm supports cross-border foreign exchange settlements in more than ten mainstream foreign exchange currencies and RMB while distributing funds in over 220 countries and regions.
Suning Cross-border Payment is backed by Suning International, the international business arm of Suning Group.
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Suning International’s ‘one-stop solution for overseas brands to enter mainland China’ programme provides brands with cross-border strategy consulting services, tailormade retail solutions, global trade and other services.
Suning International general manager Melody Jia said: “The acquisition of this licence upgrades Suning Financial Service cross-border payment business capabilities and confirms further improvements in the ‘one-stop solution for overseas brands to enter mainland China’ service.
“By relying on the cross-border payment services provided by Suning Financial Services, we can realise the real-time exchange rates from onshore to offshore.
“In addition to that, we can provide safer and more convenient full-process payment services for overseas brands to enter the Chinese mainland market.”
Last year, Singapore-based digital credit card enablement platform CardUp launched its operations in Hong Kong in partnership with American payments giant Visa.