Ripple signs on LianLian to provide members access to China
(9 February 2018 – China) Chinese payment processor LianLian is to join RippleNet, providing a gateway to the region to around 100 members of Ripple's instant payments network.
Under the agreement, LianLian will use Ripple's xCurrent settlement platform to support the influx of global payments sent to the Chinese e-commerce market from other RippleNet member banks across Asia, the US and Europe.
“Cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017. There is a huge opportunity to make these payments quicker and more cost-efficient,” says Emi Yoshikawa, director of joint venture partnerships at Ripple.
“With RippleNet, LianLian International will now be able to give merchants and consumers quicker, more cost-efficient payments into China, which they weren’t able to before. We also look forward to connecting other RippleNet members to LianLian.”
Licensed in Hong Kong with around 150 million registered users across Asia, LianLian says it processes “billions” in payments between merchants and consumers including major online retail sites, such as Amazon, Ali Express, and eBay.