SmartCard Marketing Systems Enters Partnership with Axepay

SmartCard Marketing Systems (OTC:SMKG) has announced a partnership with Axepay, a fintech service provider for China cross-border RMB payments with integrated FX clearing and settlement.
As quoted in the press release:

In addition, the partnership includes the ability to provide KYC & AML services for merchants dealing with China businesses and individuals. The partnership between SmartCard and Axepay creates a powerful suite of payment processing solutions that provide a conduit to perform payment transactions between merchants and individuals, and on a B2B basis, to pay-in and pay-out of China.
Chinese Ecommerce Market Pegged at $1.7 Trillion by 2020;
Despite some forecasts projecting a slowdown in ecommerce in China, a new report from Goldman Sachs sees the world’s largest online market continuing to boom over the next four years. The report pegged Chinese ecommerce sales at $750 billion USD in 2016 sales, coming from 460 million online shoppers, and projects a CAGR of 23% through 2020 – nearly triple the rate of offline sales. Goldman Sachs increased its previous forecast for Chinese ecommerce sales in 2020 by 15% to $1.7 trillion, and upped its projection of online penetration that year from 22% to 25%, from 16% currently. Drivers include the expansion of online retail categories like fast-moving consumer goods, facilitated by upgraded logistics infrastructure over the past two years and the increase in Omni-channel; sustained online growth in categories like apparel and electronics into lower-tier cities and rural areas, supported by technology; and the addition of 200 million online shoppers between now and 2020.
https://multichannelmerchant.com/news/chinese-ecommerce-market-pegged-1-7-trillion-2020/#_

Click here to read the full press release.