Shopee Mall's cross-border payments grew 46% year-on-year, with services covering over 170 countries

On July 30, 2025, Shopee Mall, a cross-border payment platform under Shopee, released its latest data, showing a 46% year-on-year increase in cross-border payment volume. With its business covering over 170 countries and regions, Shopee plans to further expand into the Hong Kong market and apply for a Trust or Corporate Service Provider (TCSP) license to enhance its financial services capabilities.

1. Rapid Growth in Cross-Border Payment Business

Transaction Volume: As of June 26, 2025, Shopee Mall's cross-border payment volume exceeded US$2.58 billion, a year-on-year increase of 46%.

Currency Coverage: 26 major international currencies are supported, including emerging market currencies such as the African Naira (Nigerian) and the Middle Eastern Dirham.

User Growth: Cross-border accounts have been opened for 23,000 foreign trade companies, helping small and medium-sized enterprises expand globally.

2. Shopee Mall's Hong Kong Market Expansion: Applying for a TCSP License

Strategic Upgrade: Small Commodity City plans to establish a subsidiary in Hong Kong and apply for a TCSP (Trust or Corporate Service Provider) license to expand into high-end financial services such as trust, wealth management, and fund custody.

Shopee Mall's Target Market: Hong Kong, as an international financial center, will help Shopee Mall enter the offshore RMB market and explore innovative businesses such as stablecoin settlement.

Potential Impact: If approved, the company can provide customized cross-border financial solutions, further improving the profit margin of its payment business (currently, the net profit margin of cross-border payment business is approximately 1.5%).

3. Shopee Mall Business Innovation and Global Network Development

Digital RMB Cross-Border Settlement: Collaborating with Bank of China to launch China's first "Digital RMB B2B Cross-Border Settlement Platform," improving capital flow efficiency.

Localized Payments in Africa: Direct Naira payments are now supported in Nigeria, with plans to expand to 12 African countries, including Kenya and Rwanda.

Intelligent Risk Control System: Introducing blockchain + AI risk control to ensure cross-border transaction security and reduce fraud risks.

4. Future Outlook for Shopee Mall

Stablecoin Exploration: Shopee Mall stated that it will closely monitor Hong Kong's stablecoin regulatory policies and may apply for relevant licenses in the future to reduce cross-border settlement costs.

Global Expansion: Leveraging the Yiwu Market's trade network spanning over 230 countries, the company is expanding into emerging markets such as Southeast Asia, the Middle East, and Latin America.

Conclusion: Shopee Mall is evolving from a cross-border payment tool to a comprehensive financial services platform. Its application for a Hong Kong TCSP license will accelerate its global expansion and potentially become a key infrastructure for global SME trade finance.