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Sat 24 Aug 2019 12:48 AM

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Chinese payments firm eyes growth amid Gulf e-commerce boom

iPayLinks says it is aiming to build up a one-stop payment solution for the Middle East

Chinese payments firm eyes growth amid Gulf e-commerce boom

iPayLinks, a China-based provider of cross-border payment services, has said it is aiming to build up a one-stop payment solution for the Middle East.

The company's entry into the regional fintech space comes as the Middle East is fast establishing itself as an emerging cross-border e-commerce market due to its ballooning smartphone penetration and growing consumer purchasing power.

iPayLinks. which already has a licensed branch in Dubai, as well as a SAGIA licensed subsidiary in Riyadh, said in a statement that it is aiming to expand its Middle East cross-border business.

MENA’s online sales have continued to register impressive growth with the region’s trade volume expected to reach $26 billion by 2020.

"Business-to-consumer is a rapidly growing trend for e-payments among consumers in the GCC region. We also envisage that business-to-business will follow suit as more companies warm up to the idea of moving most of their payments options online," said Ben Wang, regional director, iPayLinks.

"The GCC and UAE, in particular, are leading on this from 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."

He said 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.

Headquartered in sagiaShanghai, iPayLinks is seeking to bridge China’s and the Middle East’s e-payment industry ultimately contributing to the region’s e-commerce growth and convenient payment facilities.

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