Chinese Fintech iPayLinks’ entry to impact the Middle East
Monday, 08 19 2019, Category: Technology, Country: Middle East
The Middle East’s region is fast establishing itself as an emerging cross-border ecommerce market due to its ballooning smartphone penetration and growing consumer purchasing power.
iPayLinks, China’s leading provider of cross-border payment services, much-awaited entry into the regional fintech space has been termed as a game-changer. iPayLinks, which already has a licensed branch in Dubai, as well as a SAGIA licensed subsidiary in Riyadh, is aiming to build up the one-stop payment solution for the Middle East cross-border businesses.
This has further made the region an attractive ecommerce destination with big and medium-size player jostling for a piece of the action. MENA’s online sales has continued to register impressive growth over the years with the region’s trade volume expected to reach US$26 billion by 2020.
The GCC countries aim to boost trade and investment ties with the world’s second largest economy – China. This follows 35-year strong diplomatic relations between GCC countries and China. With recent actions, it is believed over 2000+ enterprises would benefit from bilateral relationship, as China’s internet giant Tencent and Didi are set to expand their horizons in the region.
Headquartered in the CBD of Shanghai, iPayLinks is set 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.