BNP Paribas (China) Limited and LianLian Yintong Electronic Payment Co., Ltd (LianLian Pay) have signed an agreement to provide an integrated collections solution for e-commerce businesses in China. The solution streamlines the collections process by consolidating online sales and offline mobile collections onto a single platform.

With the adoption of e-commerce and the growing prominence of digital as a payments channel, China, is already the world’s largest market for mobile payments[1], and it’s expected to see total cashless payments reach USD 45 trillion by 2021[2]. As the trend continues to grow, consumers, sellers and suppliers are increasingly asking for safer, faster and more reliable platform technology which can also connect them to a global financial network.

Under this partnership, BNP Paribas (China) and LianLian Pay have jointly developed a digital ecosystem to meet the evolving needs of corporate treasurers with innovative solutions. It furthers BNP Paribas’ strategy to simplify and speed up banking operations through innovative services such as digital applications and new payment methods.

CG Lai, CEO of BNP Paribas (China) Ltd, said: “Innovation is in our DNA. In China, we are continuously investing in cutting edge technology to deliver innovative solutions to clients. The strategic partnership with LianLian Pay, a leader in digital payments, will enrich our cash management service lineup, enabling us to meet the varying needs of emerging businesses which stand to benefit from China’s growing e-commerce market.”

Zuo Gang, senior vice president of LianLian Yintong Electronic Payment Co., Ltd., said: “We are very pleased to partner with BNP Paribas, a leading global bank with a strong international network. Our partnership will bridge Chinese digital know-how with the global market.

“Together, we can help our global corporate clients optimise their operations and explore new opportunities. Ultimately, our single-integrated platform will improve the e-commerce customer experience.”

Pierre Fersztand, Global Head of Cash Management, Trade and Payments, BNP Paribas, said: “This strategic partnership will allow LianLian Pay and BNP Paribas to combine our complementary expertise to effectively address payment and collection pain points in the new e-commerce era. Meanwhile, the data emerging from an integrated e-commerce collection channel will provide invaluable insights to companies in their strategic decision making process.”

In recent years, BNP Paribas has been actively undertaking digital transformation, adopting a variety of cooperation models with companies in the financial technology ecosystem in a bid to push the boundary of its products and services, responding to the needs of digital era more flexibly.

Founded in 2003, LianLian Yintong Electronic Payment Co., Ltd (Lianlian Pay) is one of the top mobile payment companies in China, the pioneer and leader of industry payment solutions, State Planning Key Software Enterprise and National High-tech Enterprise. LianLian Pay has been priding itself in focusing on and excelling at providing all-in-one payment solution in the form of CUP cards mobile payment, cross-border payment and settlement, RMB and foreign currency disbursement for tens of millions of individual customers and thousands of merchants and partners.

BNP Paribas China Limited today announced that it has received the Panda Corporate Bond Lead Underwriting Licence Type B from China’s National Association of Financial Market Institutional Investors.

The licence allows BNP Paribas China to act as a lead underwriter on renminbi-denominated bonds, also known as Panda Bonds, issued by foreign corporate issuers.

CG Lai, BNP Paribas China’s Deputy Chief Executive Officer, said: “The licence is significant as China continues to promote its domestic bond market. With the growing maturity of multi-national corporations’ operations onshore in China, foreign parent companies are increasingly seeking to tap the domestic bond market as an important and highly cost-effective source of RMB funding to support their Chinese expansion needs.”

“With this licence, BNP Paribas China can also help international issuers to tap the world’s largest RMB liquidity market for their offshore projects, which is key to promoting the RMB’s internationalisation,” said Mr Lai.

BNP Paribas is only the third international bank to receive such a licence. The bank was previously licenced to act as an advisor and syndicate member for corporate Panda Bonds, participating in issuances for a number of MNC clients as more foreign companies look to fund their onshore activities in China in RMB.

George Sun, Head of Global Markets for Greater China, said: “This senior underwriting licence will help us to attract more foreign issuer participation in China’s bond market. This will help widen the issuer pool beyond Chinese issuers, as well as increase inbound foreign investment. We see this as a significant step forward in China’s financial market liberalisation.”

BNP Paribas’ presence in China dates back to 1860 when it opened its first office in Shanghai. Today, with nearly 500 staff based in China, BNP Paribas provides banking, financing and advisory services via its Corporate & Institutional Banking and international financial services.

Press Contacts:

Saima Farooqi  +852 9880 2952 Saima.Farooqi@asia.bnpparibas.com