Core Viewpoint - The increasing competition in the domestic payment sector and the higher profit margins in cross-border payment services are driving payment institutions to expand into overseas markets to seek new growth opportunities [2][3]. Group 1: Licensing and Global Expansion - PingPong has recently obtained a payment license from the Central Bank of the UAE, becoming the first Chinese third-party payment institution to hold such a license [3]. - The company also secured an MSB license in Malaysia, marking significant progress in its global expansion strategy [3]. - Other payment institutions like Yikac and Lianlian Digital are also actively acquiring overseas licenses to sustain growth in cross-border business [2][3]. Group 2: Market Trends and Demand - The demand for cross-border payment services is surging due to the expansion of Chinese enterprises abroad, with increasing needs for cross-border trade, supply chain finance, and multi-currency settlements [3][6]. - The trend towards globalization and compliance in the cross-border payment industry is evident as institutions seek to transform from single payment channels to comprehensive financial service platforms [3][6]. Group 3: Profit Margins and Financial Performance - Cross-border payment business has shown significant revenue growth, with Lakala's cross-border payment transaction volume reaching 49.2 billion yuan, a 14% year-on-year increase [6]. - Lianlian Digital reported a total payment volume of 281.5 billion yuan in global payments, with a 63.1% year-on-year growth and a cross-border payment profit margin of 72%, placing it among the global leaders [6]. - Yikac's overseas business transaction volume exceeded 1.1 billion yuan in 2024, marking a nearly fivefold increase [6]. Group 4: Challenges in Obtaining Licenses - Obtaining overseas payment licenses is a complex and lengthy process, often taking several years to complete, which serves as a test of the comprehensive strength of payment institutions [4][5]. - The application standards for payment licenses globally are stringent, with specific requirements for local registration and compliance with various regulatory frameworks [5]. Group 5: Strategic Considerations - The geopolitical landscape can impact payment institutions' overseas operations, making it essential to acquire multiple licenses to mitigate regional risks [7]. - Payment institutions are leveraging their technological advantages and local market characteristics to implement localized operations in foreign markets [7][8].

再获重磅级支付牌照。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 移卡（ 9923.HK） 日前 获得由美国亚利桑那州金融监管部门颁发的 Money Transmitter License（简称：MTL）牌照，这是继Money Services Business（MSB）之后，移 卡获得的另一重要支付牌照，也意味着移卡的全球化战略迈出重要一步。 为了快速推动市场拓展以及增强客户黏性，移卡在积极推进全球化战略布局的同时，不断加强内部之 间的交叉协同，包括多方面的支付渠道、高效的服务交付能力以及海外投资公司等，有效帮助移卡拓 展汽车、奢侈品、美容美发、休闲娱乐等新行业客户，其中包括 Clinique、Arabica、Bose、徕卡 相机等知名品牌商户，客户结构更为多样化，业务增长韧性也进一步增强。 2024年，移卡海外业务发展不断提速。最新财务数据显示，2024年移卡海外业务全年交易量超11 亿元人民币，同比增长近5倍，展现出强劲的市场拓展能力与客户认可度。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓ ...