Caifinance News on September 27th (Reporter Zou Juntao) With the continuous growth of the domestic cross-border e-commerce trade scale in recent years, several third-party cross-border payment institutions have announced the upgrading of product services to help Chinese companies go global.

On September 26th, Paypal held the China Cross-Border E-commerce Conference in Shenzhen. During the conference, Paypal launched the 'Paypal Global Payment Platform' for the first time in the Chinese region to provide full-stack enterprise user services. Paypal stated that the platform integrates a series of cross-border payment products and solutions tailored for cross-border enterprises, enabling Chinese companies of various sizes to easily send and receive payments in various cross-border trade scenarios.

Qiu Han, Senior Vice President of Global Paypal and Chief Executive Officer of China, stated at the conference that cross-border e-commerce has become a highlight in stabilizing foreign trade and promoting growth domestically. She pointed out that the changes in the product structure of cross-border trade and the transformation of business models will inevitably lead to the diversified development of financial services. Traditional payment methods are no longer able to fully meet the needs of cross-border merchants.

Caifinance News reporters noticed that just earlier, Lian Lian International, a brand under Lian Lian Digital, also announced the launch of the 'Smart Future, Jointly Promoting Global Trade' plan, initiating the 2.0 development stage of 'Smart Payment + Global Service' to enhance the cross-border payment experience for domestic companies expanding internationally.

Cross-border e-commerce has become a highlight in stabilizing foreign trade and promoting growth.

Data shows that in recent years, cross-border e-commerce, as the fastest-growing, most potential-driven, and strongest-driving new format in foreign trade, has shown tremendous market vitality and growth resilience, becoming a new bright spot in the field of foreign trade.

According to the statistics of the General Administration of Customs, in the first half of 2024, China's total import and export volume of cross-border e-commerce reached 1.22 trillion yuan, a year-on-year growth of 10.5%, with a growth rate 4.4 percentage points higher than the overall growth rate of China during the same period. In 2023, China's total import and export volume of cross-border e-commerce reached 2.38 trillion yuan, a year-on-year growth of 15.6%, which was 1.2 times higher than that in 2018.

Qiu Han stated that a series of measures taken by China in recent years have made the import and export sector show a certain resilience. She believes that since the State Council proposed to accelerate the development of new formats and models for foreign trade in 2021, the cross-border e-commerce industry has rapidly developed with policy advantages, becoming a major highlight in stabilizing foreign trade and promoting growth.

Third-party payment institutions are speeding up the exploration of global payment business.

The rise and prosperity of cross-border e-commerce are continuously driving the innovation of cross-border payment tools. Qiu Han mentioned that the rise of cross-border e-commerce is promoting the digital upgrade of global cross-border payment, and traditional payment methods can no longer fully meet the needs of cross-border merchants for small, high-frequency transactions and fast receipt and payment.

Qiu Han further pointed out that payment, as the core link of cross-border e-commerce business, is a topic that all third-party payment institutions must face in solving industry pain points such as long market cycles, low efficiency, and high costs, helping merchants to efficiently receive payments legally and compliantly.

Caixin reporters noticed that many domestic third-party payment institutions had previously stated that they would accelerate the exploration and innovation of cross-border payment business. Lakala mentioned in its mid-year report for 2024 that during the reporting period, it had advanced the development of cross-border payment business, actively expanded its international payment business, and deeply explored the B2B foreign trade business model. Lianlian Digital stated that the company is further expanding its global business layout and enhancing product innovation.