Sino United Worldwide Consolidated Ltd. has formed a 70:30 fintech company with QQ Pay Australia, named SUIC QQPay USA Inc. based in New York. SUIC owns 70% and QQ Pay Australia owns 30%.
SUIC QQ Pay USA Inc. will drive innovation and foster venture capital investments to transform the financial services and technology in the US payments market, primarily the Peer to Peer (“P2P”), Business to Consumer (“B2C”), and Business to Business (“B2B”) market segments.
Read More: Tuvalu Embarks On World’s First National Digital Ledger And Infrastructure Project On Bitcoin SV
“The current global cross border payments market is estimated at USD680 billion and expected to surpass USD930 billion by year 2026,” Allied Market Research reports.
With the passion to expand as a leading global fintech company and carrying the flag of its proprietary QQ Pay payment platform, QQ Pay has expanded its physical presence into other countries, namely, Canada, New Zealand, Singapore, and Malaysia within a span of less than 12 months. Maninder Bhullar, the CEO of QQ Pay had indicated that this is the first phase of the company’s expansion plan and discussions are ongoing with new strategic partners in other countries who wish and are excited to join the journey of digitalizing cross border services using the latest technology and financial tools.
Read More: GlobalFintechSeries Interview with Dr. Vincent Pignon, CEO at Wecan Group
The Fintech market has reported immense growth during the Covid-19 pandemic, especially the fintech-powered digital financial services, and it drastically altered the e-commerce and digital payments landscape. More companies changed their business models and conducted more transactions online, which highlighted the increasing necessity for enhanced fraud or security measures to secure online payments. Countries are now intensifying their expansion strategies to include fintech payment infrastructure and facilitate wider e-commerce adoption that instantaneously reconciles global payments posted in real-time. This shift is expected to bring about higher economic growth and greater cross border reach.
