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Vancouver, British Columbia--(Newsfile Corp. - August 4, 2021) - Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) ("Lynx" or the "Company") today announces that its subsidiary Bank ("BRB"), has officially engaged in a worldwide card issuing partnership with UnionPay, a global payment brand with the planet's largest cardholder base.
The UnionPay global acceptance network has expanded to 180 countries and regions, covering over 61 million merchants and 2.9 million ATMs. Outside the Chinese Mainland, UnionPay is accepted at over 32 million merchants and 1.7 million ATMs. To date, UnionPay cards are issued in 70 countries and regions, among which over 150 million are issued outside mainland China.
Mr. Huiming Cai, General Manager, UnionPay International Southeast Asia said, "We are pleased to partner with BRB to make money remittance easy, secure and convenient to BRB customers and UnionPay Cardholders. With this collaboration, BRB customers will now be able to receive funds and soon send money at competitive rates without additional service charges to any UnionPay Cardholders globally, who can then spend directly using the UnionPay Card. This project is also in line with the country Central Bank and its vision to boost financial inclusion and accelerate its country towards a cashless society."
"The partnership between BRB and UnionPay International represents a significant strategic milestone for BRB as we strive to boost consumer adoption and merchant acceptance of our innovative banking products and solutions. BRB's card issuance pipeline is expected to provide a solid foundation from which BRB can then offer services to more cardholders which will grow our merchant processing volumes," said Mr. Raymond Sparkes, Chairman of the BRB Board of Directors.
Current and Future Product Benefits
BRB customers may enjoy the ease and convenience of making online purchases. They may also receive funds coming from UnionPay network across the globe as the initial phase of the implementation, but the feature of the card will soon be enhanced so that BRB customers will also be able to remit funds to any UnionPay card issued anywhere in the world, by using cross-border remittance rails provided directly to BRB through the Lynx Pan-Global network infrastructure.
UnionPay cross-border remittance has three major advantages over traditional remittance products:
Firstly, it is cheaper. Senders can lock in the exchange rate, and the funds are then directly transferred to the receiving UnionPay accounts for immediate availability without additional service charges.
Secondly, it is faster.
Finally, it is safe and convenient. The senders can make cross-border remittance online without visiting their banks, especially consumers are encouraged to practice social distancing during the pandemic.
"By working with UnionPay, BRB will be able to offer clients a streamlined and simplified card management program with all processes consolidated to a single system, allowing BRB and its clients to gain more control while generating significant cost savings at the same time. With this UnionPay partnership, BRB is able to provide end-to-end issuing, processing and onboarding services in a shorter time and offer to clients the ability for real-time funds transfers to both physical and virtual cards, enabling secure digital payments through tokenization for in-stores, online payments and at ATM points and an overall simple payment experience for global businesses and consumers alike through multi-currency cards with multi-pocket/wallet spend management features," stated Michael Penner, CEO, Lynx Global.
Li Guangzi, Director of the Banking Research Office at the Institute of Finance and Banking, Chinese Academy of Social Sciences, recently said publicly that "the payment system, as one of the most important financial infrastructures, plays a crucial role in facilitating the internal and external circulations. UnionPay's progress made in overseas card issuance provides solid financial support to China's exchanges with other countries and sets a good example in enhancing the service capabilities of Chinese financial systems in overseas markets."
The UnionPay global acceptance network has expanded to 180 countries and regions, covering over 61 million merchants and 2.9 million ATMs. Outside the Chinese Mainland, UnionPay is accepted at over 32 million merchants and 1.7 million ATMs. To date, UnionPay cards are issued in 70 countries and regions, among which over 150 million are issued outside mainland China.
Mr. Huiming Cai, General Manager, UnionPay International Southeast Asia said, "We are pleased to partner with BRB to make money remittance easy, secure and convenient to BRB customers and UnionPay Cardholders. With this collaboration, BRB customers will now be able to receive funds and soon send money at competitive rates without additional service charges to any UnionPay Cardholders globally, who can then spend directly using the UnionPay Card. This project is also in line with the country Central Bank and its vision to boost financial inclusion and accelerate its country towards a cashless society."
"The partnership between BRB and UnionPay International represents a significant strategic milestone for BRB as we strive to boost consumer adoption and merchant acceptance of our innovative banking products and solutions. BRB's card issuance pipeline is expected to provide a solid foundation from which BRB can then offer services to more cardholders which will grow our merchant processing volumes," said Mr. Raymond Sparkes, Chairman of the BRB Board of Directors.
Current and Future Product Benefits
BRB customers may enjoy the ease and convenience of making online purchases. They may also receive funds coming from UnionPay network across the globe as the initial phase of the implementation, but the feature of the card will soon be enhanced so that BRB customers will also be able to remit funds to any UnionPay card issued anywhere in the world, by using cross-border remittance rails provided directly to BRB through the Lynx Pan-Global network infrastructure.
UnionPay cross-border remittance has three major advantages over traditional remittance products:
Firstly, it is cheaper. Senders can lock in the exchange rate, and the funds are then directly transferred to the receiving UnionPay accounts for immediate availability without additional service charges.
Secondly, it is faster.
Finally, it is safe and convenient. The senders can make cross-border remittance online without visiting their banks, especially consumers are encouraged to practice social distancing during the pandemic.
"By working with UnionPay, BRB will be able to offer clients a streamlined and simplified card management program with all processes consolidated to a single system, allowing BRB and its clients to gain more control while generating significant cost savings at the same time. With this UnionPay partnership, BRB is able to provide end-to-end issuing, processing and onboarding services in a shorter time and offer to clients the ability for real-time funds transfers to both physical and virtual cards, enabling secure digital payments through tokenization for in-stores, online payments and at ATM points and an overall simple payment experience for global businesses and consumers alike through multi-currency cards with multi-pocket/wallet spend management features," stated Michael Penner, CEO, Lynx Global.
Li Guangzi, Director of the Banking Research Office at the Institute of Finance and Banking, Chinese Academy of Social Sciences, recently said publicly that "the payment system, as one of the most important financial infrastructures, plays a crucial role in facilitating the internal and external circulations. UnionPay's progress made in overseas card issuance provides solid financial support to China's exchanges with other countries and sets a good example in enhancing the service capabilities of Chinese financial systems in overseas markets."
