LianLian International and Industrial Bank launch American Express RMB co-branded debit card to connect to various consumption scenarios at home and abroad

On March 28 , LianLian International, a one-stop cross-border e-commerce service platform , officially announced that it had launched the exclusive RMB debit card for the cross-border overseas industry, the Industrial Bank American Express® LianLian co-branded debit card, which was jointly launched by the Industrial Bank and American Express. This co-branded card realizes the cross-border RMB payment function with one card. Based on LianLian International's cross-border trade service scenarios, Industrial Bank's financial service system (card issuance channel) and American Express's domestic and overseas clearing network, it has opened up the full chain of foreign exchange collection, RMB settlement, domestic and overseas payments in the cross-border trade link, and added a new payment method for cross-border trade operators in overseas payment scenarios.

In recent years, with the continuous advancement of the "dual circulation" and "high-quality development" strategies, China's cross-border trade has shown strong growth momentum, especially cross-border e-commerce as an emerging trade form has frequently appeared in the public eye. According to data previously released by the General Administration of Customs, in 2021 , the scale of China's cross-border e-commerce exports exceeded 1.44 trillion yuan, an increase of 24.5%, continuing to maintain a medium-to-high growth trend. In the process of rapid growth of the cross-border trade industry represented by cross-border e-commerce, many service companies have also continued to assist cross-border trade operators in reducing costs, increasing efficiency and expanding revenue through new products and new technologies.

It is understood that the launch of the Industrial Bank American Express® Lianlian co-branded debit card has solved many pain points of cross-border trade operators in terms of capital recovery and overseas payments: In addition to the need for collection, cross-border trade operators previously mainly used international credit cards to pay for overseas procurement, logistics, marketing, store rent and other related expenses, but often encountered various problems such as difficulty in opening international credit cards, low credit limits, limited trading environment, and high transaction costs. Compared with the above-mentioned overseas payment methods, the Industrial Bank American Express® Lianlian co-branded debit card has many advantages such as simple card opening, convenient management, and wide range of uses. In addition to receiving sales returns from overseas platforms through Lianlian international accounts, you can also use the balance of RMB current accounts to directly pay overseas expenses, meeting the needs of cross-border trade in multiple scenarios. At the same time, in response to the multi-currency settlement needs of cross-border trade operators, the co-branded debit card uniformly supports domestic and overseas, online and offline, multi-channel and multi-currency transactions in the form of RMB accounts, reducing operating costs and improving operating efficiency for the cross-border trade industry. In addition, relying on compliance qualifications and clearing network, this co-branded card can provide cardholders with safe and efficient global funds access, clearing, settlement and transfer services.

In response to issues such as handling fees that are of common concern to individual sellers, the co-branded debit card has also carefully launched a series of rich benefits, including free handling fees for cross-border payment and withdrawal, cash back after withdrawal, cash back for overseas consumption, basic benefits on the American Express platform, etc. "We hope that through real benefits, the majority of cross-border e-commerce practitioners will recognize, trust and use this co-branded card and continue to benefit from it."   A relevant person in charge of the retail business department of Industrial Bank said.

LianLian International's relevant person in charge said that the strong cooperation with the leading joint-stock bank Industrial Bank to launch a co-branded card exclusively for the cross-border outbound industry is an innovative result of the efficient linkage of banks, clearing institutions, and cross-border trade service companies. It has expanded the new scenarios for the use of RMB settlement in new trade formats such as cross-border e-commerce, and is of great significance in promoting the development of new foreign trade formats and accelerating the internationalization of RMB. In the future, LianLian International will continue to focus on the core needs of the cross-border outbound industry, continuously exert its own technical capabilities, service capabilities, and channel integration capabilities, and continue to empower the development of cross-border trade through innovative products, and reduce costs and increase efficiency for the industry.

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