Recently, Yiwu Gemei Electrical Appliance, completed its first foreign trade order of direct currency settlement with Dubai market through Yiwu Pay, a subsidiary of the Mall Group. Following the landing of the first cross-border Renminbi transaction between Yiwu and Saudi Arabia on the eve of last year's China-Arab States Summit, this achievement marks another innovative milestone, signifying Yiwu's substantial progress in exploring cross-border payment settlement transactions.

This transaction model is an industry first, where a domestic third-party payment company collaborates simultaneously with the same Chinese bank domestically and overseas, relying on the bank's own system to complete cross-border Renminbi transactions. This innovative initiative demonstrates the integration of domestic payment institutions' cooperation with Chinese banks abroad, serving as a practical model for providing end-to-end closed-loop cross-border Renminbi settlement services both domestically and internationally.

Yiwu Pay is a third-party licensed payment company wholly owned by the Mall Group. Currently, it can accept payments in 25 major currencies worldwide. After launching multiple local currencies, it has further improved the payment processing speed to the level of seconds.