针对两家支付公司的诉讼风波，北京商报记者向PingPong、XTransfer求证采访，对此相关人士称暂不便 回应，具体情况需待判决结果后再定。 那么，支付公司所涉的"商业诋毁纠纷"，究竟是哪些原因？又涉及到哪些业务？北京市中闻律师事务所 律师李亚告诉北京商报记者，二者在市场竞争中存在一定联系，选择对簿公堂，主要是因一方的行为不 正当地妨碍了另一方的正当经营活动并损害其合法权益。从其业务特征来看，商业诋毁主要是存在制 造、散布贬损竞争对手商业信誉、商品声誉的虚假事实、虚假投诉，如资金安全、冻结风险等。 "商业诋毁可能涉及编造对方牌照资质瑕疵、夸大风控漏洞，如宣传对方存在资金冻结风险、误导客户 认为对手服务稳定性不足等，本质是通过打击客户看中的安全性和合规性等，来争夺中小外贸企业客 户。"博通咨询首席分析师王蓬博解释道。 跨境支付圈近两日一则消息引发关注，两家支付公司竟"打起来了"。近日，国内跨境支付公司杭州乒乓 智能技术有限公司（以下简称"PingPong"）以"商业诋毁纠纷"为由，将上海夺境网络技术有限公司（以 下简称"夺境"）、上海夺汇网络技术有限公司（以下简称"夺汇"）诉至杭州市滨江区人民法院。 一场官 ...

Core Viewpoint - The recent lawsuit between PingPong and XTransfer highlights the intensifying competition in the cross-border payment industry, revealing issues such as service homogenization and high compliance costs, indicating a need for clearer competitive boundaries in the sector [1][10][12]. Company Overview - PingPong, established in 2015, is a leading player in the cross-border payment sector, operating in over 200 countries and regions with more than 60 global payment licenses [4][5]. - XTransfer, founded in 2017, focuses on B2B foreign trade services and has recently obtained a domestic payment business license, enhancing its operational capabilities [5][10]. Legal Dispute - PingPong has filed a lawsuit against XTransfer and its affiliate, alleging "commercial defamation," with the court hearing scheduled for September 19, 2025 [3][12]. - The lawsuit stems from competitive actions that allegedly undermine PingPong's legitimate business activities, including spreading false information about its services [7][8]. Industry Context - The cross-border payment industry is experiencing fierce competition, with companies vying for licenses and market share, leading to a blurring of competitive boundaries [10][11]. - The industry faces challenges such as high compliance costs, service similarity, and the need for differentiation to maintain competitive advantages [12][13]. Market Dynamics - There are approximately 500,000 to 700,000 B-end sellers engaged in cross-border e-commerce in China, primarily small and medium-sized enterprises facing challenges in cross-border payments [5]. - The demand for digital payment solutions in emerging markets continues to rise, driving companies to seek growth opportunities abroad [12].

Core Insights - The demand for cross-border payments is increasing globally, driven by the rise of AI technology and the complexities faced by Chinese companies in overseas payment solutions [1][2] - PayerMax, a global fintech company, emphasizes a "simple to complex" approach in AI application for payment solutions, focusing on quick implementation of AI to address basic issues first [1][2] Company Overview - PayerMax was established in 2018 and is headquartered in Singapore, operating in over 150 countries and regions, supporting more than 600 payment methods and 70 currencies [1] - The company holds financial licenses and official certifications from regulatory bodies in multiple markets, including Singapore, UAE, Saudi Arabia, Thailand, Indonesia, the Philippines, and Hong Kong [1] AI Application and Challenges - Data quality is highlighted as a critical factor for AI success, with Eric Fu comparing AI to an engine that requires quality data as fuel [2][5] - PayerMax has identified four key AI application scenarios: payment success rate alerts, root cause analysis, customer operations, and internal operations, following a systematic review of business pain points [2][3] Efficiency Improvements - The collaboration with Amazon Web Services (AWS) has significantly improved operational efficiency, reducing the time spent on payment success rate alerts from 30 minutes per analysis to nearly automated processes, saving approximately 100 hours of labor weekly [4] - AI tools have enhanced the accuracy of payment monitoring, with Amazon Bedrock automating email reading and translation, thus improving both time efficiency and accuracy [4] Market Needs and Custom Solutions - PayerMax identifies two core payment needs among gaming companies: rapid market exposure for new game launches and optimization of payment channels to reduce costs and expand user coverage [6] - The company tailors payment solutions based on regional characteristics, with a focus on local wallet integration in Southeast Asia and card payment stability in Europe and the US [6] Future Directions in AI and Payments - The integration of AI in cross-border payments is expected to enhance risk control, personalized financial products, and operational efficiency through natural interaction methods [6] - The recent advancements in AI, particularly with the introduction of Amazon Bedrock, have prompted PayerMax to embrace AI more fully, ensuring compliance and cost-effectiveness in their operations [6]

Core Insights - The forum "Intelligent Gathering at the Bund: Co-creating a New Ecosystem of Financial Technology" was successfully held, focusing on cross-border fintech and its role in empowering enterprises to go global [1] Group 1: Cross-Border Financial Technology - Airwallex is leveraging technology and compliance to help businesses address challenges such as high compliance costs, increased exchange rate volatility, and compressed profit margins [4] - The company has established a new global cross-border payment network, achieving approximately 95% of transactions settled within hours, with 68% being instant [4] - Airwallex integrates AI and big data into product development and business processes, creating an intelligent compliance risk control system for global fund allocation and innovative exchange rate management tools [4] Group 2: Commitment to the Chinese Market - Airwallex has over 60 payment licenses globally and shows strong confidence in the Chinese market, having successfully renewed its payment business license in July [6] - The renewal of the license is a recognition of Airwallex's compliance operations and business capabilities in China, laying a solid foundation for further business expansion [6] - The company aims to increase its investment and presence in China, contributing to the development of the financial technology industry and supporting Chinese enterprises in their global endeavors [7]

Core Insights - The fluctuation of the US dollar as a global trade settlement currency directly impacts the profits of foreign trade enterprises, influenced by factors such as Federal Reserve monetary policy adjustments, global economic cycles, and geopolitical conflicts [1][2] Group 1: Factors Influencing Dollar Exchange Rate - The long-term trend of the dollar is fundamentally determined by the US economy and monetary policy direction, with GDP growth and employment data positively influencing dollar appreciation, while adverse conditions may lead to depreciation [3] - Global risk aversion and geopolitical risks also play a significant role, as funds tend to flow into the dollar during economic downturns or geopolitical tensions, leading to passive appreciation of the dollar [4] - Policies from major economies and trade patterns, such as the European Central Bank's interest rate decisions and the US trade deficit, can affect the relative value of the dollar [4] Group 2: Currency Risk Management Strategies - Locking in exchange rates is a core method for enterprises to hedge against currency risk, requiring a strategic approach that aligns with business operations and market trends [5] - Establishing a "data-driven" trend judgment system is essential, focusing on monitoring Federal Reserve policy signals, core economic data, and global capital flow data to make informed decisions on currency locking [6] - Matching business cycles with locking strategies is crucial, where short-term orders may utilize a combination of immediate and forward locking, while long-term orders should consider phased locking to mitigate timing risks [7] Group 3: Financial Tools and Business Strategies - Differentiated use of financial tools is necessary, such as purchasing foreign exchange put options for exporters during dollar depreciation expectations, and utilizing forward contracts for importers during dollar appreciation expectations [9] - Business-side risk hedging strategies include incorporating "exchange rate adjustment clauses" in contracts, optimizing settlement currency structures, and aligning foreign exchange inflows and outflows to reduce net exposure [10] - Real-time data and convenient operations are vital for effective currency management, with platforms like WorldFirst providing comprehensive support for businesses to manage exchange rate fluctuations and enhance capital turnover efficiency [11]

Group 1: Monetary Policy and Economic Indicators - M2 growth rate decreased to 8.8% with a total balance of 331.98 trillion yuan, indicating a tightening of liquidity in the market [3] - Corporate medium to long-term loans increased by 7.38 trillion yuan in the first eight months, suggesting strong investment in sectors like manufacturing and technology [3] - Household deposits surged by 9.77 trillion yuan, reflecting a conservative outlook on future income and a lack of consumer confidence [4] Group 2: Interest Rates and Borrowing Costs - Interbank borrowing rates and repurchase rates hit new lows at 1.4% and 1.41% respectively, reducing borrowing costs for businesses [5] - High-debt industries, such as real estate, may benefit from lower interest rates, potentially alleviating financial pressures [6] - Technology companies are encouraged to borrow for innovation due to lower interest rates, particularly in sectors like semiconductor equipment and AI [7] Group 3: Cross-Border Transactions and Currency - Cross-border RMB settlement reached 1.47 trillion yuan, with goods trade accounting for 1.11 trillion yuan, indicating accelerated RMB internationalization [8] - The growth in cross-border trade along the Belt and Road Initiative may benefit companies involved in construction machinery and infrastructure materials [8] - Companies involved in the development of the CIPS system, such as Sifang Jingchuang and Shenzhou Information, are likely to see stable stock performance [8] Group 4: Foreign Investment and Market Sentiment - Foreign exchange reserves reached 3.322 trillion USD, the highest in recent years, reflecting international confidence in the Chinese economy [9] - Northbound capital inflows exceeded 50 billion yuan in August, primarily targeting leading consumer and technology stocks [9] - The increase in foreign exchange reserves may lead to greater currency volatility, necessitating hedging strategies for those holding foreign assets [9] Group 5: Investment Opportunities and Risks - Opportunities identified include manufacturing and technology sectors, supported by a 7.38 trillion yuan increase in corporate loans [10] - The green economy is highlighted as a potential growth area, with a 29.5% increase in carbon trading volume [10] - Risks include the sluggish recovery in the real estate sector, with only a 1.08 trillion yuan increase in household long-term loans [11] - A liquidity trap is indicated by M1 growth at 6%, suggesting businesses are hesitant to spend, which could lead to market stagnation [12]

Financial Data and Key Metrics Changes - The company reported a defining quarter with 34% growth and 16% EBITDA, achieving GAAP profitability for two consecutive quarters [10][11] - The growth is expected to moderate in the second half of the year due to strong comparisons from the previous year [10][11] Business Line Data and Key Metrics Changes - The core immigrant-centric remittances business continues to show strong momentum, with high-dollar senders growing in volume by over 45% [15] - The company is expanding its product offerings, including Remitly Business, which targets micro-businesses and freelancers, indicating a significant total addressable market (TAM) expansion from $2 trillion to $22 trillion [22] Market Data and Key Metrics Changes - The company operates across 170 countries, with 93% of transactions completed in less than an hour, showcasing the efficiency of its global payment platform [6][64] - The company is focusing on deepening relationships with customers and expanding its market reach, particularly in underserved segments [20][22] Company Strategy and Development Direction - The company aims to transform lives with trusted financial services that transcend borders, moving from a transactional business model to a broader range of financial services [5][18] - New initiatives include Remitly One, a membership product that offers various financial services, and Remitly Flex, a send now, pay later solution [37][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential, emphasizing a balanced approach to growth, profitability, and investment [72] - The company is optimistic about the adoption of new products and the overall market demand, particularly in the high-dollar sender segment [15][22] Other Important Information - The company is leveraging its proprietary data for improved risk management and fraud prevention, which is critical for its credit-related products [46] - The Remitly Wallet is set to launch stablecoin features, addressing customer needs in emerging markets with unstable currencies [53][54] Q&A Session Summary Question: What are the growth opportunities in the high-dollar sender market? - Management noted that high-dollar senders are present in every corridor, and the company is customizing its platform to handle larger transactions efficiently [17] Question: How is the company addressing the needs of micro-businesses? - The company is focusing on features like eKYB and bulk payouts to cater to micro-businesses, which are currently underserved [20] Question: What is the vision for the Remitly Wallet? - The Remitly Wallet aims to provide a stable currency option for customers in emerging markets, with plans to expand its functionality globally [52][54] Question: How does the company plan to ensure long-term profitability? - Management emphasized a focus on profitable growth, balancing investments with sustainable profitability strategies [72]

Group 1 - The "Two Zones" construction in Fengtai District has achieved significant milestones over five years, with a total of 2,417 projects registered and 1,553 projects implemented, leading to multiple national innovations in the service industry [1][2] - Notable projects include the largest insurance company in China, Ruizhong Life, and the global cross-border payment company, Yifuda, establishing their headquarters in Fengtai [1] - Fengtai District has created 42 innovative cases in service industry reform, including the first individual online store to physical store registration change in the country and the first "Treasury + CIPS" electronic remittance business [1] Group 2 - The Lize Financial Business District has over 1,300 enterprises and has pioneered multiple digital RMB application scenarios [2] - The Zhongguancun Fengtai Park hosts nearly 23,000 enterprises, including 2,340 national high-tech enterprises and 34 listed companies, focusing on cutting-edge fields like satellite internet and low-altitude technology [2] - In 2024, the revenue of large-scale cultural industry units in Fengtai District reached 37.74 billion yuan, marking a significant milestone [2]

Group 1: Core Insights on Stablecoins - Stablecoins have become a major focus in the fintech sector, with Circle's stock price soaring over 350% since its launch in June 2025, and major financial institutions like Mastercard and JPMorgan exploring stablecoin payment solutions [1][2] - The B2B cross-border payment sector is expected to see significant adoption of stablecoins, with XTransfer planning to launch overseas stablecoin payment services in 2025, highlighting the potential for stablecoins to become standard in B2B transactions [1][2][3] - The application of stablecoins in B2B cross-border trade is rapidly increasing, with a reported 400% year-on-year growth in their usage from February 2024 to February 2025 [3] Group 2: Challenges in B2B Cross-Border Payments - B2B cross-border trade faces challenges such as slow settlement speeds and high transaction costs, with traditional SWIFT systems averaging 3-5 days for fund transfers and fees ranging from 1% to over 5% [2] - Many small and medium enterprises (SMEs) struggle to access the SWIFT system, facing difficulties in opening bank accounts and potential risks of fund freezes due to compliance issues [2] Group 3: Risk Management in Stablecoin Payments - Compliance and risk management, particularly anti-money laundering (AML) measures, are critical for stablecoin payments, with regulations in the US and Hong Kong emphasizing the need for adherence to AML frameworks [5][9] - XTransfer has developed a robust risk management system that combines AI technology and expert oversight to address the unique challenges faced by SMEs in B2B cross-border payments [6][7][8] Group 4: XTransfer's Competitive Advantages - XTransfer has established itself as a leader in B2B cross-border payments, processing 3% of China's export transactions and leveraging its deep understanding of the B2B landscape to respond quickly to customer needs [10][12] - The company has introduced innovative services such as local currency accounts and X2X payments, enabling faster and more efficient transactions for its clients [12][13] - XTransfer's commitment to developing a standardized global risk management framework positions it as a key player in the B2B cross-border payment industry [14] Group 5: Future Outlook for B2B Cross-Border Payments - The global trade volume is projected to reach $33 trillion by 2024, indicating significant growth potential for B2B cross-border payment solutions [10] - XTransfer anticipates a tenfold increase in transaction volume over the next five years, driven by the increasing digitization of trade and the growing adoption of stablecoins [17][18]

Core Viewpoint - The ChiNext Index experienced a significant increase of over 5% on September 5, indicating strong market performance, particularly in specific sectors [1] Market Performance - As of 14:04, the Shanghai Composite Index rose by 0.85%, the Shenzhen Component Index increased by 2.89%, and the ChiNext Index surged by 5.02% [1] - More than 4,500 stocks across the market showed positive performance, reflecting a broad market rally [1] Sector Performance - The solar equipment, wind power equipment, and battery sectors led the gains, suggesting strong investor interest and potential growth in these areas [1] - Conversely, the banking, cross-border payment, and oil and gas sectors experienced declines, indicating potential challenges or investor caution in these industries [1]