The partnership will leverage DTL's network of over 500 trusted Chinese manufacturers and PingPong's buyer base of customers, to use PingPong's supplier pay function as a solution for buyers and sellers to send and receive funds locally. This partnership seeks to connect manufacturers and merchants around the world, building trusted business relationships, and improving global trade ties.
China's export strength has further accelerated in 2022, as exports grew 16.3% year-on-year, to USD 544.7 billion in the first two months of 2022. Analysts predict 2022 to be decisive for online businesses, and as increasing numbers of buyers look to China for product sourcing, PingPong's supplier pay function seeks to support vendors and manufacturers by executing real-time payment to over 170 countries, according to the press release.
The fintech’s company officials stated that by boosting lucrative access to sellers in China, this partnership allows their buyer base to diversify their supply chain with increased capital controls through instant localised payments. Helping reduce cost of goods resulting from inflation, FX costs passed are down from suppliers and currency fluctuations.
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