Baofu: cross-border financing

Baofu Internet Technology (Shanghai) Co, an online payment service provider in the process of applying for a domestic initial public offering, is expanding its business by offering Chinese retailers and manufacturers services when they expand overseas.

These companies show strong demand for cross-border payment services, which are part of Baofu’s global blueprint, said Lin Yong, company general manager of that business segment.

“We are taking on global expansion, by attending international fairs, finding overseas finance partners and keeping up with the latest financial technology applications,” he said.

Earlier this month, Lin led a Baofu team to the Money 2020 show in Singapore

Each month, Baofu handles foreignexchange settlement transactions valued at US$100 million. The company was approved to do cross-border business by the State Administration of Foreign Exchange in February 2017.

Baofu offers merchants transactions in 11 offshore currencies as well as cross-border yuan services. It provides supports to sectors such as e-commerce, airlines, travel services, hotels and education for international students.

It helps merchants open overseas bank accounts, manage online revenue and transfer funds.

Baofu’s major overseas markets are in Europe and the US. The Belt and Road policy is opening wider horizons for its business.

The company attracted 250 million yuan in investment from Shenzhenlisted East Money Information Co in 2015. Baofu now has a 5.5 percent share of China’s payment services market, ranking it sixth, researchers said.

Baofu parent Mandao Finance has applied for an initial public offering in China.