Advancing Cross-Border Financial Payment Innovation in China

The '2023 Visa China Cross-Border Financial Payment Innovation Forum' was successfully held in Beijing, highlighting Visa's innovative technologies and all-encompassing solutions in the realm of cross-border business payments. The event saw the convergence of Visa's product specialists from Asia-Pacific region, industry experts, and over a hundred leaders from various sectors, including financial institutions, payment service providers, technology companies. Participants shared insights and discussed the latest trends, challenges, and opportunities in cross-border financial payments. As a Visa payment processor, Coshine Software was honored to participate in this summit.

In today's globalized business environment, innovation in cross-border financial payment has become a key driver of economic growth. With an estimated 800 million individuals receiving remittances totaling around $800 billion annually from worldwide movements, the potential for business expansion in the cross-border payments sector is immense. Moreover, a payment revolution is unfolding globally, especially in the Asia-Pacific region. With emerging digital solutions such as instant transactions and mobile wallets, this revolution will not only meet changing customer expectations but also transform cross-border fund transfers.

In recent years, Visa has been committed to digitizing business payments and fund flows by providing support to financial institutions, fintech industry pioneers, businesses, and the real economy. Responding to local demands, Visa has introduced a 'One-Stop Visa Business and Fund Flow Business' for its Chinese partners, facilitating SMEs (small and medium-sized enterprise）in operational and fund flow capabilities.

Yin Xiaolong, President of Visa China, stated in his concluding remarks, 'As one of Visa's three global pillars of business, we will continue to invest in the network of Visa Business and Fund Flow, refine our products, and look forward to co-creating innovative business models with domestic customers and partners to capitalize on the growth potential in cross-border payment area.'

Wang Zhiyun, General Manager of Visa's Business and Fund Flow Business in Greater China, expressed, 'Visa's business and fund flow business will focus on addressing the pain points of local enterprises. We collaborate with financial institution clients and fintech companies to jointly provide products and services to meet the needs of SMEs, solving their complex expense management and reconciliation issues. Additionally, through the Visa network, we provide global fund flow capabilities, helping exporters receive and remit funds through various foreign exchange options for more efficient global fund flow in corporate payments.'

To demonstrate its commitment to the Chinese market and drive the transformation of cross-border payments, Visa participated in the inaugural 'China International Supply Chain Expo' (referred to as 'Chain Expo') held in Beijing. At the expo, Visa showcased its comprehensive global digital business payment solutions, including Visa digital business payment solutions and Cybersource risk management solutions tailored to different business scenarios, needs, and payment risk management, highlighting Visa's development philosophy of openness, innovation, flexibility, and security in the rapidly changing digital business era.

About Coshine Software:

Established in 2003, Shanghai Coshine Software Co., Ltd. is one of Visa's payment processors. Coshine Software is dedicated to providing a range of innovative payment processing services, including card issuing, acquiring, payment gateway, and risk control, for financial institutions, the fintech industry, businesses, and the real economy. Focusing on facilitating the digitization of payments and fund flows, Coshine Software offers local and global customers efficient and secure payment experiences.