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Tencent Financial Technology shares its "1+1+1 " model at Money 20/20 Europe: building an open global payment network, connecting cross-border life services digitally
Tenpay Global, Tencent Financial Technology's cross-border payment business, shared how Chinese fintech companies are innovating to make cross-border ...
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[{"type":"text","content":"\n \n AMSTERDAM, June 12, 2023 /PRNewswire/ -- Tenpay Global, Tencent Financial Technology's cross-border payment business, shared how Chinese fintech companies are innovating to make cross-border remittances as easy as sending messages, and unveiled its \"1+1+1 \" model at Money 20/20 Europe, the world's leading fintech industry show. This collaborative model aims to build an open global payment network and harness Chinese innovation to drive borderless payment. \n \n \n Continue Reading\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n\n \n \n\n \n \n \n \n \n \n \n\n \n\n \n Wenhui Yang (far right), Deputy Managing Director of Business Development at Tenpay Global, joins a panel discussion with fintech industry peers on \"What Will A World Without Borders Look Like?\" at Money 20/20 Europe.\n \n \n \n\n \n \n \n\n\n \n \n \n \n \n \n \n Royal Chen, Vice President of Tencent Financial Technology, put forward an innovative concept of the \"1+1+1 \"model to build an open global payment network.\n \n \t The first \"1\" represents the Weixin ecosystem. Tencent assists individuals and businesses to connect globally by tapping into Weixin users in and abroad, combining with Tencent's expertise in technology, risk management, compliance, and big data. The second \"1\" represents its global payment partners. Tencent aims to establish an interconnected global payment network by connecting with major global financial institutions and partners. The third \"1\" is to serve as an overseas lifestyle services platform, encompassing various global business use cases such as cross-border e-commerce platforms.\n \t Through the \"1+1+1\" model, open collaboration and interconnection are fostered to build a secure, compliant, convenient and efficient digital connection within the global payment network. This comprehensive approach aims to meet the cross-border needs of global Chinese communities or Chinese companies, he said.Tencent Financial Technology launched its cross-border remittance service in Hong Kong SAR back in 2016 and has steadily expanded the service into a one-stop cross-border remittance platform, We Remit, that connects to major remittance institutions around the world. We Remit addresses common pain points in overseas remittance like complex services, slow transfers, and high handling fees, enabling overs...