The Boao Forum for Asia Annual Conference 2023 has come to a successful conclusion, marking the first offline conference to be fully resumed after three years of the pandemic. It has received high international attention.
PayPal's Senior Vice President and CEO of China, Qiu Han, attended the Boao Forum for Asia and shared PayPal's concept and practice of deeply participating in financial technology facilities and financial services in the digital age at the roundtable conference on "Financial Infrastructure and Financial Services in the Digital Age".
PayPal's business focus in China is cross-border payments, and it will continue to deepen its cultivation in this field.
Leveraging global resource advantages and networks to create end-to-end secure, convenient, and reliable compliant cross-border payment products and solutions for Chinese merchants is the direction that PayPal has been striving for. While helping Chinese cross-border e-commerce companies go global, PayPal not only provides safe and reliable cross-border payment products and solutions for Chinese merchants, but also establishes deep cooperation in multiple fields to help them understand the needs of consumers in overseas destination markets and explore overseas markets.
Cross border industry confidence has been boosted, but it still faces certain challenges.
With the gradual relaxation of China's epidemic prevention policies, the industry's confidence in the recovery of cross-border trade this year has been greatly boosted. However, due to various factors, the entire cross-border industry still faces some challenges, such as the impact of lagging orders. Overall, we hold a cautious and optimistic attitude towards the recovery of the cross-border industry and China's economic growth this year, hoping for a rapid rebound
Small and medium-sized enterprises play a crucial and irreplaceable role in the cross-border payment industry. Currently, in the context of increasing global economic uncertainty, compared to large enterprises, small and medium-sized enterprises have relatively weaker risk resistance capabilities and require more support from governments and regulatory agencies. They also need platform companies like PayPal to provide them with more assistance.
In the process of the development of the digital economy from the first stage to the second stage, the circulation of funds is crucial for economic development, and the role of the payment industry as the underlying infrastructure is particularly prominent.
The digital economy has begun to flourish, but the potential for the future is still enormous. Qiu Han said that what we are seeing now is mainly the improvement of efficiency and quality of existing economic forms and formats. This is the first stage. In the future, there will be a second phase where many new industries and business models will emerge. With the development of the digital economy, digital payments will become increasingly important.
PayPal's relationship with Chinese companies is more about cooperation than competition.
PayPal has different focuses and business priorities compared to its Chinese counterparts, "Qiu Han pointed out." We are based in the field of cross-border payments and not only do we not compete with local payment companies, banks, and other financial institutions in China, but we also have many complementary advantages. Our strengths are different, and these different strengths bring us opportunities for win-win cooperation