With a licensed branch in Dubai, as well as a SAGIA licensed subsidiary in Riyadh, Chinese firm iPayLinks is aiming to build up the one-step payment solution for Middle East cross-border businesses. The region is fast establishing itself as an emerging cross-border e-commerce market due to its ballooning smartphone penetration and growing consumer purchasing power.
This has made it an attractive e-commerce destination with big and medium-sized players jostling for a piece of the auction. The MENA region's online sales have continued to register impressive growth over the years with the region's trade volume expected to USD26 billion by 2020.
The GCC countries aim to boost trade and investment ties with China, the world's second largest economy. This follows a 35-year strong diplomatic relation between the GCC countries and China. With recent actions, it is believed over 2,000+ enterprises would benefit from this bilateral relationship, as China's internet giant Tencent and Didi are set to expand their horizons in the region.
Following the emerging fintech trends, gaps, challenges and a booming e-commerce cross-border business in the region, iPayLinks also aims to build a cross-border e-wallet for enterprises and marketplace merchants. This, according to iPayLinks will help streamline the process of pay in and out by vendors in the region which will in turn boost revenues and avoid extra charges.
Ben Wang, regional director of iPayLinks said “The GCC and UAE, in particular, are leading on this front as more local businesses embrace cross-border business. iPayLinks is, therefore, strategically placed to offer seamless services that will enhance cross-border ecommerce. iPayLinks will provide real-time solutions that meet the regional e-commerce business’s demands by cooperating with regional acquirers and financial institutions.”