Investment Rating - The report does not explicitly state an investment rating for Yeahka (9923 HK) Core Insights - Stablecoins are reshaping the global cross-border payment landscape with advantages such as short settlement times, low costs, and resistance to exchange rate fluctuations, making them ideal for various payment scenarios [2][10] - Yeahka has expanded internationally since 2021, obtaining payment licenses in Singapore and the U.S., and launched its cross-border payment brand YeahPay in 2023, achieving an overseas transaction volume of over 1.1 billion RMB in 2024, a nearly 5-fold year-on-year increase [11][12] - The traditional cross-border payment model incurs fees of approximately 3-8% for merchants, while third-party payment platforms like Yeahka generate revenue through diverse models including transaction fees, currency conversion fees, and interest income from deposited funds [12][10] Summary by Sections Section: Stablecoins in Cross-Border Payments - Stablecoins enable peer-to-peer real-time settlement through distributed ledger technology, reducing transaction costs and compressing settlement times to minutes compared to the traditional banking system which relies on the SWIFT network [2][10] Section: Yeahka's Overseas Expansion - Yeahka has successfully launched its cross-border payment brand YeahPay and signed a global strategic cooperation memorandum with Alipay International, marking significant growth in its overseas business [11][12] Section: Existing Payment Industry Model - The revenue model for third-party payment platforms includes transaction fees, currency conversion fees, interest income from overseas payments, and technology output, showcasing a diverse approach to profitability [12][10] Section: Future Business Models for Third-Party Payment Providers - Stablecoins present new business opportunities for acquirers, allowing them to expand into overseas markets and diversify payment scenarios, such as providing one-stop services for merchants [13][14]
移卡（09923）：稳定币如何重塑传统支付服务方的商业模式？