Tenpay Global unveils new ‘1+1+1’ model at Money 20/20 Europe

By Leandra Monteiro

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.

This collaborative model aims to build an open global payment network and harness Chinese innovation to drive borderless payment.

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.

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.

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.

Through Tenpay Global Remittance Services, global FinTech institutions can connect with Weixin’s open ecosystem, reducing cross-border remittance costs and enhancing efficiency. Tencent Financial Technology has partnered with over 20 global remittance institutions, linking remittance users in more than 50 countries and regions with more than 1.3 billion Weixin and WeChat users.

We Remit, together with the exclusive ShareLink feature on Weixin, enables overseas Chinese to effortlessly notify recipients with one click after each remittance. Recipients in China can easily receive funds through familiar Weixin messages, monitor remittance status, and choose to receive funds using Weixin Wallet or bank cards linked to Weixin Pay.

Royal Chen added that Tencent Financial Technology will continue to embrace innovative technologies and AI risk control capabilities to improve user experience surrounding lifestyle services and cross-border payment while joining hands with key partners globally in an open, diverse and in-depth manner. Tencent Financial Technology will continue to cover more use cases, connecting China and the world to drive the development of cross-border payment and inclusive finance.