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2025跨境支付全球市场洞察报告 PDF Free Download

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2025跨境支付全球市场洞察报告 PDF Free Download

2025跨境支付全球市场洞察报告 PDF free Download. Think more deeply and widely.

2025󸦸󲝐󳻦󱝑󱮭󵢶󳉲󲔿󴲐󲹬󳪄󲁨
󱜪󴤮󴄑󳍞 https://www.iyiou.com/research
CopyrightreservedtoEOIntelligence,April2025
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󵸂󳓗
CONTENTS
󸦸󲝐󳻦󱝑󵵙󱾥󲼾󷁽󴃿󱘙󵡂󵚱󶴟󸵄
1.1󸦸󲝐󳻦󱝑󹧞󴭁󳬐󶴐󲝿󹝬
1.2󸦸󲝐󳻦󱝑󸊿󴝘󸋳󴋡
1.3 󶋑󳩏󱶩󸷀󸦸󲝐󳻦󱝑󱾮󹫁
01
务󲓣󸦸󲝐󳻦󱝑󳉲󲔿󴷠󳍿󱲵󴋡
2.1󱜤󴫸󳉰󳻦󱝑󸊿󴝘󸴗󳌤󲝿󱶩
2.2󸦸󲝐󵫰󲇢󳦎󱙚󳾾󺀏󱶴󱶣
02
󱮭󵢶󸦸󲝐󳻦󱝑󳉲󲔿󱺴󲘷󴲐󲹬
3.1󳦎󵒠󳉲󲔿󾗜󱹭󶸁󴤮󴲮
3.2󳾾󱯄󳉲󲔿󾗜务󱘯󹪬󴲮󱘯󱻣󱛨
03
󸦸󲝐󳻦󱝑󴉃󴊜󱾥󲼾󸤬󱷘
4.1󳩏󴉊󹫁󳾾󳰡󱶴󸦸󲝐󳻦󱝑󳾾󸤬󱷘
4.2󸦸󲝐󳻦󱝑封󲼾󳾾󳿑󲀃
04
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󵸂󳓗
CONTENTS
󸦸󲝐󳻦󱝑󵵙󱾥󲼾󷁽󴃿󱘙󵡂󵚱󶴟󸵄
1.1󸦸󲝐󳻦󱝑󹧞󴭁󳬐󶴐󲝿󹝬
1.2󸦸󲝐󳻦󱝑󸊿󴝘󸋳󴋡
1.3 󶋑󳩏󱶩󸷀󸦸󲝐󳻦󱝑󱾮󹫁
01
务󲓣󸦸󲝐󳻦󱝑󳉲󲔿󴷠󳍿󱲵󴋡
2.1󱜤󴫸󳉰󳻦󱝑󸊿󴝘󸴗󳌤󲝿󱶩
2.2󸦸󲝐󵫰󲇢󳦎󱙚󳾾󺀏󱶴󱶣
02
󱮭󵢶󸦸󲝐󳻦󱝑󳉲󲔿󱺴󲘷󴲐󲹬
03
󸦸󲝐󳻦󱝑󴉃󴊜󱾥󲼾󸤬󱷘
4.1󳩏󴉊󹫁󳾾󳰡󱶴󸦸󲝐󳻦󱝑󳾾󸤬󱷘
4.2󸦸󲝐󳻦󱝑封󲼾󳾾󳿑󲀃
04
3.1󳦎󵒠󳉲󲔿󾗜󱹭󶸁󴤮󴲮
3.2󳾾󱯄󳉲󲔿󾗜务󱘯󹪬󴲮󱘯󱻣󱛨
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com) 4
u󳦏󲓣󸣉󴁳󸴔󱲡󱿂󳙋󹲥󲝿󹝬󶍹务󲀃󲤊󽘜󳦎󱙚󵮬󳜵󴈮󹠣󲆵󱘈󲷫󵡂󸣉󴁳󹲂󳉖󵵙󲓣󲸜󸢸󵙀󱲡󱿂󳙋󹲥󸴗󶴐8󳌤󱣣󳬐󴦜󲝿󹝬󽘜2024󳌤󴈋󱶪󸴔󱲡󱿂󳙋󹲥󹺘󴤤󶐓󶀗
󱘑󱜪󶸁󱭬󲡱󱯃󽘜󱳐󱼯󱿘󳾾󺂿
󳽉研󴊜󴻣󾗜󴴔󱯃󳙋󶷎󱜪󴤮󴄑󳍞EqualOcean
B󶔏󸣉󴁳󸴔󱲡󱿂󳙋󹲥󳬐󶴐󶍹󲷢󲝿󹝬
30.5 31.6 32.2
39.1
42.1 41.8 43.9
9.7%
3.4%
1.9%
21.6%
7.6%
-0.8%
5.0%
2018 2019 2020 2021 2022 2023 2024
󱜪󴤮󴄑󳍞󾗜2018-2024󳦏󲓣󸢸󵙀󸣉󴁳󸴔󱲡󱿂󳙋󹲥󱾛󲝿󸷀
󸢸󵙀󸣉󴁳󸴔󱲡󱿂󳙋󹲥󽘘󱘑󱜪󱜤󴫸󳉰󽘙 󱿻󴪒󲝿󹝬󽘘%󽘙
5.24 5.42
4.56
5.3
5.98
6.57
7.52
11.3%
3.4%
-15.9%
16.2% 12.8%
9.9%
14.5%
2018 2019 2020 2021 2022 2023 2024
󱜪󴤮󴄑󳍞󾗜2018-2024󳦏󲓣󴈋󱶪󸣉󴁳󸴔󱲡󱿂󳙋󹲥󱾛󲝿󸷀
󴈋󱶪󸣉󴁳󸴔󱲡󱿂󳙋󹲥󽘘󱘑󱜪󱜤󴫸󳉰󽘙 󱿻󴪒󲝿󹝬󽘘%󽘙
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com) 5
u󳦏󲓣󳉛󱿻38󱙂󲓣󲸜󲷫󸀅󱻡󳿑󹪸󱭾󶘫󱘙26󱙂󲓣󲸜󲷫󵡂󱮭󹪸󱛞󱭾󶘫󸚧󽘜󲁉󳑙󲡱󹄡󲡋󲓣󱜤󾙔务󲓣󴹘󾙕󲓣󲸜󶌕󴫸󶙸锐󲼘󱾥󳉳󳽉研󽘜2024󳌤󱮭󲓣󱿂󲿹󶧂
󸚇󱲡󱮧󲝐󱜤󲁸󸳋6.1󱜪󱜤󴤤󽘜󱿻󴪒󱘔󱻏43.9%󽘜󲡋󲓣󱜤6488.2󱘑󱜤󴤤󽘜󱿻󴪒󱘔󱻏82.9%󱯇务󽘜󱭾󶘫󱮧󲝐󲡋󲓣󱜤2011.5󱘑󱜤󴤤󽘜󱿻󴪒󱘔󱻏112.3%
u2023󳌤󽘜󳦏󲓣󵬧󲵷󵫑󳽉󹄡󲼡󱮭󵢶󹺘󱟺󽘜󱙚󶸁󷔪资󴀩󳾾󹮛󶖾󲓣󲓣󹢃󲵷󵫑󶖇󱘈󲡱󴊜󴻣󲓣󽘜󳦏󲓣󵬧󲵷󸣉󴁳2023󳌤󳉛󳚋撑󷋼󵮬󳜵󱴙󴬱󳌣󽘜󵬧󲵷
󱜤󳽉󵵙󳗐󸷀󳚋撑󱚓󳊥󱶴󱛌󸦸󲝐󵬧󲵷󴭉󴥕󵵙󹧞󴭁󳱠󱻏
󳽉研󴊜󴻣󾗜󲓣󲸜󶌕󴫸󶙸󵢻󲼘󳼦󷁌󸽩󱜪󴤮󴄑󳍞EqualOcean󴱅󾗜20232024󵬧󲵷󱜤󳽉󴄞󴀞󲷞󳿑󶴂󸚇󱿂󳔩
C󶔏󵮬󳜵󲀀󸦸󲝐󴹘󱘙󵬧󲵷󹧞󴭁󳚋󲠶
42400
3548
61000
6488
󱮭󲓣󶧂󸚇󱲡󱮧󲝐 󲡋󲓣󱜤󱲡󱮧󲝐
󱜪󴤮󴄑󳍞󾗜2023-2024󱮭󲓣󶧂󸚇󱲡󱮧󲝐󱜤󲁸󽘘󱻡󱟺󾗜󱘑󱜤󴤤󽘙
2023 2024
+43.9%
+82.9%
66 70
45 52
66
2018 2019 2020 2021 2022
󱜪󴤮󴄑󳍞󾗜2018-2022󳦏󲓣󵬧󲵷󱜤󳽉󽘘󱻡󱟺󾗜󱘑󱜤󽘙
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com) 6
u󱮭󵢶󸦸󲝐󳻦󱝑󳉲󲔿󳬐󶴐󶍹󲷢的󳑯󽘜2024󳌤󱛽󴁳󴳉󹄡󳙋󹲥󸳋194.6󱘑󱜪󶸁󱭬󽘜2019-2024CAGR󶳉󱙚9%󽘜󹲌󸚇󱳭2032󳌤󲺽󱝥6.4%󲝿󹝬󽘜󸊿󴝘󸳋󱳭
320󱘑.0󱜪󶸁󱭬
u󹧋󲆳󸦸󲝐󳻦󱝑󳉲󲔿󷴂󵏍󱻲󳙋󸊿󴝘󱘗󱳭25%󽘜告󱾥󲼾󱷘󲢃󳒣󱷃2024󳌤󳽏󱠅󸦸󲝐󳻦󱝑󳉲󲔿务󽘜󳩁󱾥󸦸󲝐󳻦󱝑󵵙󳙋󳉲󲔿󸊿󴝘󱙚154.7󱜪󶸁󱭬󽘜󹧋󲆳󸦸
󲝐󳻦󱝑󸀅󱘭󱙚39.9󱘑󱜪󶸁󱭬󽘜󹲌󸚇󱳭2032󳌤󲺽󱙚64.5󱘑󱜪󶸁󱭬󽘜󳌤撑󱿷󲝿󹝬󵠈󱙚6.2%
󳽉研󴊜󴻣󾗜FXCIntelligence󱜪󴤮󴄑󳍞EqualOcean
󱮭󵢶󸦸󲝐󳻦󱝑󸊿󴝘󳬐󶴐󲝿󹝬
134.3 141.1 148.3 155.9
190.1 194.6
320.0
2019 2020 2021 2022 2023 2024 2032E
󱜪󴤮󴄑󳍞󾗜󸦸󲝐󳻦󱝑󳉲󲔿󱛽󴁳󸊿󴝘󱾛󲝿󹝬󳜵󱰤󽘘󱻡󱟺󾗜󱘑󱜪󶸁󱭬󽘙
CAGR9.0%
󲡱󲖸󱞒󱘭󲇢󲄘
13.3
󱘑󱜪󶸁󱭬
务󲻎󱞒󱘭󲇢󲄘
10.5
󱘑󱜪󶸁󱭬
C2B
4.5
󱘑󱜪󶸁󱭬
󱘑󱜪󶸁󱭬
务󲻎󱞒󱘭󴈋󱶪
3.3
󱘑󱜪󶸁󱭬
C2C
2.0
󱘑󱜪
󶸁󱭬
B2C
1.9
󱘑󱜪
󶸁󱭬

CAGR
6.4%
󱜪󴤮󴄑󳍞󾗜2024󳌤󹧋󲆳󸦸󲝐󳻦󱝑󳉲󲔿󸊿󴝘󽘘󳬞󸽩󹠗够󱲵󽘙
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com) 7
u󱮭󵢶󸦸󲝐󳻦󱝑󳉲󲔿󱾥󲼾󳙋󱠅󲁤󵡂󱘔󱻏󸤬󱷘󽘜󱝥B2B󱙚󴏮󳖒󽘜󱣣󳬐󶍹󲷢󲝿󹝬󾗝󱯇󱝎󱲵󸽩󷴂󲝿󸷀󳗐告󸊿󴝘󴈄󹢔󽘜󴉃󴊜󱿔󷃫󳦎󱙚󳾾󱯄󲝿󹝬󵋠 󱯇务󽘜B2B
󱻲󶴀󲺧󱙛󲺬󲔲󱟺󽘜󱻲󶳉󳙋󸊿󴝘󵵙80%󾗝B2C󲝿󸷀󸳞󵝂󽘜󹲌󸚇󴉃󴊜󱱽󳌤󲝿󸷀󸳋󱳭11.1%
uB2B󸦸󲝐󳻦󱝑务󽘜󲡱󲖸󱞒󱘭󸊿󴝘󸳣󱻒󽘜󲝿󸷀󶍹󲷢󲔩󸢸󵙀󲃅󴈋󱶪󱙴󹠣眎󱲵󴀿󽘜󴉃󴊜8󳌤󴈋󱶪󵸒󲺧󲝿󸷀󴇠󳗐󽘜󹲌󸚇CAGR󸳋󱳭6.6%󽘜󸢸󵙀󱙚5.7%
󳽉研󴊜󴻣󾗜FXC Intelligence󱜪󴤮󴄑󳍞EqualOcean
󸦸󲝐󳻦󱝑󶳶󴋍󴝘󳑎务B2B󱻲󱙛󴳉󽘜󲡱󱞒󱘭󱙚󸊿󴝘󴏮󳖒
C2C
0
25
50
2016
2018
2020
2022
2024
2026F
2028F
2030F
2032F
󸊿󴝘
$2.0󱘑󱜪
󹲌󸚇CAGR
5.9%
B2C
0
25
50
2016
2018
2020
2022
2024
2026F
2028F
2030F
2032F
󸊿󴝘
$1.9󱘑󱜪
󹲌󸚇CAGR
11.1%
B2B
0
25
50
2016
2018
2020
2022
2024
2026F
2028F
2030F
2032F
󸊿󴝘
$31.6󱘑󱜪
󹲌󸚇CAGR
5.9%
C2B
0
25
50
2016
2018
2020
2022
2024
2026F
2028F
2030F
2032F
󸊿󴝘
$4.5󱘑󱜪
󹲌󸚇CAGR
7.4%
󲡱󲖸󱞒󱘭
17.8
56%
务󲻎󱞒󱘭
13.8
44%
󱜪󴤮󴄑󳍞󾗜 2024󳌤B2B󶳩󱲵󸊿󴝘
󽘘󳬞󱞒󱘭󶡌󲖸󽘜󱻡󱟺󾗜󱘑󱜪󶸁󱭬󽘙
CAGR
5.6%
CAGR
6.2%
10.5 13.3
3.3
4.5
务󲻎󱞒󱘭
󲡱󲖸󱞒󱘭
󴈋󱶪
󸢸󵙀
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com) 8
󳽉研󴊜󴻣󾗜󱜪󴤮󴄑󳍞EqualOcean
󳩏󴉊󸣜󷃫󽘜󴋍󳐫󱮭󵢶󸦸󲝐󳻦󱝑󳾾󵫑󳗷
•󸣆󹄥󲽊󴸂󶙟
•󶳛󳉰󵡂󹄥󴸂󶙟
•󶳛󸢹󸱏󸢷󴸂󶙟
SWIFT󶥚󶴂󳓯󳦎
•20󱘧󶳍60󳌤去󽘜󵫰󲵊󳽉研󱛽󳮤󳩏󴉊󽘘EDI󽘙󹠝󱘧󽘜󵫰󲵊󳽳
󱝾去󴇰󱞼󶴂󶳛󸢹󱻡󸚧󽘜󱙚󸦸󲝐󳻦󱝑󳊥󴊜󹫁󲂱󳘮󸱏󱾮
•1973󳌤󽘜󲙨󱛖EDI󵵙󳩏󴉊󲙨󶀥󽘜󲓣󹢃󹛟󸀅󹠣󹄥󷺲󸶲󱣭󱻙󱞵
󽘘SWIFT󽘙󳦎󶓉
•1984󳌤󽘜务󲓣󱶩󱮧SWIFT
󱣭󵫞⼦󳦎󱙚󸦸󲝐󳻦󱝑󵵙󱙛󲺬󱶣󹄡
•󱣭󵫞⼦󲔩󸦸󲝐󳻦󱝑务󵵙󱻲󴪒󱘗󳾸󳱠󺂿󽘜VisaMastercard󶖾󲓣󹢃󱣭󵫞⼦󶶙
󶳿󲔩󱮭󵢶󷕕󲓖󱯜󴃽󱾛󽘜󳦎󱙚󸦸󲝐󳻦󱝑󱙛󴳉󳿑󳑎
󵫰󲵊󸱏󸢷󸦸󲝐󳻦󱝑 󶖇󱘓󳿑󸦸󲝐󳻦󱝑
󴀮󴈮󸦸󲝐󳻦󱝑
󵫰󲵊󹚙󱹌󱘙󷲿󳫟󸢸󳉰󵵙󳍟󵫞
•󴄑󷃫󳧼纸󵵙󴃽󱾛󳰡󱶴󱛌󶌕󱶴󳻦󱝑󵵙封󲼾󽘜󵫰󲵊󹚙󱹌󸴔󱮧󳗐󸷀封󲼾󴈮
•󴪒󵙖󳉰󱝥󲡷󳉰󶖾󷲿󳫟󸢸󳉰󱙚󸦸󲝐󳻦󱝑󳱠󱡹󱛌󱘈󶋌󱮭󳾾󵵙󱾂务󳖒󱹫󳻦󱝑󴝘󳑎󽘜󱘗󱾭󱞼󶴂󹄥󷺲纸󴋍
󲃅󲓣󲸜󸲾󵬓󵵙󹢔󱳷
CBDC󱘙󸦸󲝐󵫰󲇢󱯄󸤑
•󲡕󱙂󲓣󲸜󳰡󱲡󲡼󸀅󳽉󲵗󸢸󳉰󽘘CBDC󽘙󽘜 󲤖务󲓣󵵙󳽉󲵗󱜤󴫸󳉰󴍱󲘦󲺁Bakong󶖾CBDC󱯉󴈄󺂿󳼋󸶔󴁩󱘣󱿔󸵦󴼘󵵙󵙖
󵋠󽘜󴈄󵁗󱶣󸋳󱰠󸦸󲝐󳻦󱝑务󵵙󳼋󵠈󲃅󳦎󴉆󹠝󹲠
•󵫰󲇢󳾾󴝘󳑎󱘗󳾸󴴲󵡂󽘜󵸍󳷥󳊥󸢸󲔩󲡕󱙂󳉲󲔿󱯄󵷠󽘜󳦎󱙚󸦸󲝐󵫰󲇢󵵙󹄟󸉔󴳉󹄡󱮧󱿂󲃅󹛩󲆳󴸩󸹅󽘜󳊥󴊜󸦸󲝐󳻦󱝑󳾾󵵙󲝿󹝬󵋠
20󱘧󶳍50󳌤去󱴙 20󱘧󶳍60~80󳌤去 1990~2000󳌤去 2010~2020󳌤去 2020󳌤去󷋼󱜻
󱜪󴤮󴄑󳍞󾗜󱮭󵢶󸦸󲝐󳻦󱝑封󲼾󱼯󶌱
u󲔩󱺴󲕭󹛧󱛜󸚇󶙟󱘙󲡱󳽉研󶖾󱴙󴰁󳩏󴉊󸣜󷃫󱘕󽘜󸦸󲝐󳻦󱝑󵵙󳼋󵠈󱘙󲶾󱮭󳘮󲺽󲷫󵡂󸢹󵵙󹴘󸦀󳽉󲵗󸢸󳉰󵵙󳂶󸤑󽘜󴈄󴈦󹄟󲛶󸦸󲝐󶳶󶙟󱠅󶥚󴉃󴊜󽘜󲷢󱳷
󱹫󲔿󴃿󱹫󴈋󱶪󲺽󳦎󱙚󱙛󴳉󽘜󱝥󴽹󸥩󲡕󱭬󸀅󱘭󹧞󴭁󽘜󴋍󳐫󴇠󳐴󳻿󺂿󳼋󴃽󳝤󵵙󸦸󲝐󳻦󱝑󳾾󵫑󳗷
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com) 9
󶋑󳩏󱶩󸷀󸦸󲝐󳻦󱝑󴝘󳑎󸴼󱝠󱻏󶳊
󳽉研󴊜󴻣󾗜󱜪󴤮󴄑󳍞EqualOcean
󱝑󴥕󳿑󳐴󳧋󸀅
󱝑󴥕󳿑 󳻱󴥕󳿑
󱞼󶴂去󵢻󸀅󴝘󳑎
󱝑󴥕󳿑去󵢻󸀅 󳻱󴥕󳿑去󵢻󸀅 󳻱󴥕󳿑󳐴󳧋󸀅
󱝑󴥕纸󴋍
󲙨󱛖DLT󵵙󱛽󴁳
󳽉󲵗󸣕󱜂󱛽󳮤 󳻱󴥕纸󴋍
󲺽󶍹󲷢󳉰󱮄󳮤󳦎
󳓓󲔲󸢸󳉰󶳶󶙟
󳽉󲵗󳻦󱝑󳌣󱿖
󳌣󱿖
󽘘󳬞󳓓󱴙󴭉󵠈󳩵󶙟󳦎󲇢󳧋󹺘󸶆󸢸󳉰󽘙
󱝑󴥕纸󴋍
󳰡󸵱(Pushtocards)󳻦󱝑
󹛟󸀅⼦󶶙󶳿 󳻱󴥕纸󴋍
󳻱󴥕󳿑󹛟󸀅⼦
󲷫󴀿󱮧󸢷
u󱮭󵢶󸦸󲝐󳻦󱝑󳉲󲔿󲔩筛󶗜󱘙󳉲󲔿󱾞󸱑󺀏󱶴󱘕󱾥󲼾󽘜RCEP󱻙󲷢󵫑󳼋󱙚󸦸󲝐󳻦󱝑󴉝󴋍󳊥󴊜󳾾󴉝󸸢󽘜󱿻󴀿󴫸󷞳󱞒󱘭󲔩󸴔󱲡󱿂󳉲󲔿务󵵙󱙛󱠅󲔲󱟺󱲝󴂲󽘜󲺧
󸦸󲝐󳻦󱝑󵵙󱢲󳯇󳘮󲶾󱮭󳘮󲃅󳼋󵠈󳘮󳱠󱲡󴇠󺂿󸉔󴭁
u2023󳌤󱮭󵢶󳻦󱝑󳻱󱮧󳬞󶡌󲖸󲃅󱺴󲘷󱲵󶡌󴂲󶆺󽘜󲇢󱘭󳻦󱝑󱻲󱙛󲺬󽘜󱘗󱿻󲔲󱺴󲃅󳻦󱝑󶡌󲖸󳻱󱮧󳉖󳐸󴁩󴂲󽘜󸦸󲝐󳻦󱝑󳉲󲔿󱴙󴃿󳌼󹡃
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)
󳽉研󴊜󴻣󾗜󱜪󴤮󴄑󳍞EqualOcean
CBDC󽘘󲡼󸀅󳽉󲵗󸢸󳉰󽘙󲔩󱮭󵢶󳰡󸀅
TIPS/TARGET2 󲺽TIPS󱼑󴀿󳻦󱝑󴈋󱶪的󲼾󷋼󳭒󲩎󱭹󴈞󽘜󳓯󳦎
󴤮󱭬󵥑󱯊󱭹󴈞󶖾󲡕󳉰󶋌󶳶󶙟󶶙󶳿
DigitalRuble 󱶩󸷀务󳖒󱹫󸧀󶳢󽘜󲔩󸚻󵋠󸚇够󲀀󲡱󸊿󴝘󲷫󳿗
󳽉󲵗󴰢󲷢󸢸󳉰
󹲁󵸂 󲠏󴁩
DigitalNetwork 󲔩󱮭󵢶󷕕󲓖󱯜󸶲󸳣Swift󶶙󶳿󸴔󸀅󳽉󲵗󸣕󱜂
󲃅󸢸󳉰󱛽󴁳󵵙󲷫󴀿󸚻󺀪
󱯃󱛖󱦿󲤊󹄥󷺲󾙔󱛡󶚽󲡱󳽳󶓯󾙕
󵵙󳬘󲺬󳞲󸊼󽘘2025󳌤󽘙 󳽉󲵗󹄥󷺲󱳊󱙚󹄥󷺲󳒣󲓣󳐫󸚤󵵙󴏮󳖒󱞄󱶪󱙴󱘈󽘜
󳱠󱲡󾙔󶍹󲥧󳰡󸴔󳽉󲵗󱜤󴫸󳉰󵿨封󲃅󳍟󵫞󾙕
ProjectAcacia 󳐴󲧅󸴔󸀅CBDC󵵙󸚻󵋠󽘜󹄟󵋠󴂞󳩁封󱛽󴁳󲃅
󸣕󱜂去󳉰󱹫
RIX-INST 󲔩󴤮󱭬󵥑󱯊󱭹󴈞󲃅󱙙󺛭󱭹󴈞󱙴󲡋󽘜󲺽󴇠󲡕
󸢸󳉰󴷲󱶩󱳭RIX-INST󲙨󶀥󸚤󳿗务
TheDrex 󳉝󸉐Drex󳽉󲵗󸢸󳉰󲒵󵷐󹠝󹲠󳰡󸴘󷋼2025󳌤󽘜
󱟯󸚻󵋠󳉛󸴔󱮧󲼖󲠏
󳽉󲵗
󱜤󴫸󳉰
e-CNY
m-Bridge
Ø󳽉󲵗󱜤󴫸󳉰󴂞󱜤󴫸󳉰󵵙󳽉󲵗󱹫󳓯󳗷󵸒󴪒󳌣
󱿖󳻦󱝑󽘜󳽉󲵗󱜤󴫸󳉰󳻦󱝑󱘗󶳲󸳣󶖇󱘓󳿑󽘜󹲆
󲷱󵸒󳓓󱛖󳬎󵡂󹄥󳻦󱝑󽘜󳽉󲵗󱜤󴫸󳉰󲔩󳱠󵡂
󸱏󸢷󶖾󳸝󱠓󵡁󷐽务󴂞󱭾󸣊󵵙󲔩󴯖󴈄󶶙󶳿󵵙
󳜵󱰤󱘕󽘜󳽉󲵗󱜤󴫸󳉰󸴏󳻦󳬐󶊭󶳢󳻦󱝑
Ø󳽉󲵗󱜤󴫸󳉰󵵙󸚻󵋠󹲁󵸂󲺽󲔩2025󳌤󱮭󹪸󳰡󸴔󽘜
󵙖󱳧󴂞󲔩󱘔󴴔󶖾󲔲󱺴󽘜󹲌󸚇󲺽󳓯󳦎󳌼󴰭󵵙󳍟
󵫞󲔿󴃿󲃅󵫑󳗷󱠅󶥚
Ø务󲓣󴂞mBridge󹲁󵸂󵵙󴏮󳖒󱾍󱘙󳿑󱙴󱘈󽘜󵫬
务󲓣󱜤󴫸󹛟󸀅󳽉󲵗󸢸󳉰󵿨󶏶󳧟󵙎󲢃󽘜󶾌󱿷󹺛
󴹇󹄥󶙸󲼘󴱓󲓣务󲡼󹛟󸀅󹡻󶾌󹀞务󲡼󹛟󸀅
󶖾󱯀󱿻󳰡󸴔󸛋󹲁󵸂󴀬󲔩󸶲󸳣󲡕󸲾󲡼󸀅󳽉󲵗
󸢸󳉰󴐶󽘘mBridge󽘙󲷫󵡂󸦸󲝐󳻦󱝑󵵙󺂿󳼋󶳶
󶙟󽘜󱱙󲻒󲺧󱞼󶴂SWIFT󶥚󶴂󵵙󱡽󸣧
ØmBridge󲙨󱛖󱺴󲕭󹛧󳩏󴉊󴋍󳐫󽘜󳻦󳬐󲡕󳉰󶋌
󲷫󴀿󴸂󶙟󽘜󵸂󱴙󹄟󵋠󴳖󸚻󳽉󲵗󱜤󴫸󳉰󱘙󴹇󱭬
󴱓󹛋󹡻󶾌󹀞󸴴󳪹󲦷󶖾󸢸󳉰󵵙󸦸󲝐󱮄󳮤󱘙󶳶
󶙟󱶧󷃫
u󲷫󴀿󳻦󱝑󲙨󶀥󸚤󳿗󴃽󸸲󱹫2025󳌤SWIFT󶖾󶳧󶳪󴈄󳾾󱶴󱠓󽘜󲡕󲓣󲡼󸀅󲔩󸦸󲝐󳻦󱝑󲙨󶀥󸚤󳿗󳐫󸚤󲃅 CBDC󹲁󵸂󱘔󴈄󱘗󱿻󶌱󳍿󵵙󳰡󸴔
u󱿱󲓣󲡼󸀅󱘙󱺴󲘷󶳧󶳪󱚓󲔩󶌅󴋈确󶦬󱾂务󳖒󱹫󵵙󵸍󸴗󴝘󳑎󽘜󸚻愿󸶲󸳣 API󳦕󲡕󸲾󱛽󳮤󱻙󸚔󵸍󳰚󸴗󳰚󴉆󲓣󳻦󱝑󶥚󶴂󽘜󱱙󲻒务󹠣󵡁󷐽󽘜󳱠󱻏󶳶󶙟󸷀󳍿
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)11
󳽉研󴊜󴻣󾗜󱜪󴤮󴄑󳍞EqualOcean󽘘󳯸󱿽󱘗󱲵󱭴󲀀󽘙
󱮭󵢶󸦸󲝐󳻦󱝑󸀅󱘭󵸒󱯃󸽩󱲵󱞒󱘭󲓤󸜗
󲇢󱘭󹛟󸀅
󱘢󱘭󴭉󱮄
⼦󶳧󶳪
󹪬󹛟󳻦󱝑
󲙨󶀥󸚤󳿗
󵫰󲇢󶴟󱿷
VC PE 󱘔󳉲
󸶲
󱣭󱛜󹴆
󳰞
󴸂󶙟
󶥚󶴂
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󵸂󳓗
CONTENTS
󸦸󲝐󳻦󱝑󵵙󱾥󲼾󷁽󴃿󱘙󵡂󵚱󶴟󸵄
1.1󸦸󲝐󳻦󱝑󹧞󴭁󳬐󶴐󲝿󹝬
1.2󸦸󲝐󳻦󱝑󸊿󴝘󸋳󴋡
1.3 󶋑󳩏󱶩󸷀󸦸󲝐󳻦󱝑󱾮󹫁
01
务󲓣󸦸󲝐󳻦󱝑󳉲󲔿󴷠󳍿󱲵󴋡
2.1󱜤󴫸󳉰󳻦󱝑󸊿󴝘󸴗󳌤󲝿󱶩
2.2󸦸󲝐󵫰󲇢󳦎󱙚󳾾󺀏󱶴󱶣
02
󱮭󵢶󸦸󲝐󳻦󱝑󳉲󲔿󱺴󲘷󴲐󲹬
03
󸦸󲝐󳻦󱝑󴉃󴊜󱾥󲼾󸤬󱷘
4.1󳩏󴉊󹫁󳾾󳰡󱶴󸦸󲝐󳻦󱝑󳾾󸤬󱷘
4.2󸦸󲝐󳻦󱝑封󲼾󳾾󳿑󲀃
04
3.1󳦎󵒠󳉲󲔿󾗜󱹭󶸁󴤮󴲮
3.2󳾾󱯄󳉲󲔿󾗜务󱘯󹪬󴲮󱘯󱻣󱛨
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)13
u󸳼󳌤󴊜󽘜 󱜤󴫸󳉰󲔩󱮭󵢶󳻦󱝑务󵵙󱻲󴪒󲁤󵡂󴰻󱶴务󱘔󱻏󵵙󸤬󱷘2025󳌤2󴈃󽘜󲔩󲙨󱛖󹄥󹲥󶴂󸚇󵵙󱮭󵢶󳻦󱝑󸢸󳉰󳯸󱿽务󽘜󱜤󴫸󳉰󸴗󶴐󲒬󱙂󴈃󱣣󳬐󱮭󵢶󶖇
󲒬󲡱󴲿󸦀󸢸󳉰󵵙󱟺󶷉󽘜󱻲󴪒4.3%󽘜󱜲󴤤󱛖󶸁󱭬󴤮󱭬󲃅󷔪󹜺
u2024󳌤󽘜󱜤󴫸󳉰󸦸󲝐󳻦󱝑󶥚󶴂󽘘CIPS󽘙󲠦锐󱘭󱶪821.7󱘑󶕕󽘜 󹄥󹲥175.5󱘑󱜪󱭬󽘜󱿻󴪒󱲵󱳧󲝿󹝬24.3%󲃅42.6%󴀩󲕓󲠦锐󱘭󱶪3.1󱘑󶕕󽘜󹄥󹲥
6523.9󱜪󱭬
󳽉研󴊜󴻣󾗜SWIFT务󲓣󱜤󴫸󹛟󸀅󱜪󴤮󴄑󳍞EqualOcean
󱜤󴫸󳉰󱮭󵢶󳻦󱝑󴲿󸦀󳍿󳺆󱻏󽘜󸦸󲝐󳻦󱝑󸊿󴝘󸶗󳌤󲝿󱶩
45.3
79.6
96.7
123.1
175.5
33.4%
75.8%
21.5%
27.3%
42.6%
2020 2021 2022 2023 2024
󱜪󴤮󴄑󳍞󾗜󱜤󴫸󳉰󸦸󲝐󳻦󱝑󶥚󶴂󲠦󵢻󱘭󱶪󹄡󱾛󲝿󸷀
󹄥󹲥󽘘󱘑󱜪󱜤󴫸󳉰󽘙 󱿻󴪒󲝿󹝬󽘘%󽘙
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
1󴈃
4󴈃
7󴈃
10󴈃
1󴈃
4󴈃
7󴈃
10󴈃
1󴈃
4󴈃
7󴈃
10󴈃
1󴈃
4󴈃
7󴈃
10󴈃
1󴈃
4󴈃
7󴈃
10󴈃
1󴈃
4󴈃
7󴈃
10󴈃
1󴈃
󱜪󴤮󴄑󳍞󾗜󱜤󴫸󳉰󱮭󵢶󳻦󱝑󸢸󳉰󱻲󴪒
2019 2020 2021 2022 2023 2024 2025
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)14
u󱜤󴫸󳉰󸦸󲝐󳻦󱝑󶥚󶴂󽘘Cross-borderInterbankPaymentSystem󽘜󶘮󶌇CIPS󶥚󶴂󽘙󴂞󶳲󱜤󴫸󹛟󸀅󳩁󱱆󱘢尽󱜤󴫸󳉰󸦸󲝐󳻦󱝑󴸂󶙟󱘭󱶪󵵙󳩁󱾥󶡌󳻦󱝑
󶥚󶴂󽘜󱙚󱜤󴫸󳉰󸦸󲝐󲃅󶊭󲿹󱘭󱶪󳱠󱡹󸦸󴀿󱺴󵵙󸣕󹄥󴸂󶙟󶳶󶙟󱘭󱶪
u󳦵󷋼2025󳌤1󴈃󴉄󽘜󱜤󴫸󳉰󸦸󲝐󳻦󱝑󶥚󶴂󽘘CIPS󽘙󶥚󶴂󱯀󴈄󵸍󳰚󱾍󱘙󶻰169󲸜󽘜󹠣󳰚󱾍󱘙󶻰1467󲸜󽘜󱲵󳉳󲔩󱮭󵢶119󱙂󲓣󲸜󲃅󲔲󱺴󽘜󱘭󱶪󱿔󸶲󸳣
4800󲡕󲸜󴰢󱜤󹛟󸀅󴉝󴋍󸉜󵷘󱮭󵢶185󱙂󲓣󲸜󲃅󲔲󱺴󽘜󴈄󳼋󸵴󹀢󱛌󳦏󲓣󲺧󲡋󸣉󴁳󸊿󴝘󲝿󹝬󵵙󹧞󸉔󽘜󱙚󳉲󲔿󱙛󱠅󳱠󱡹󱛌󲡱󹄡󸦸󲝐󹄥󷺲󴈋󱶪
󳽉研󴊜󴻣󾗜FXC Intelligence󸦸󲝐󴸂󶙟󱮷󱿡󱜪󴤮󴄑󳍞EqualOcean
󳻦󱝑󲙨󶀥󸚤󳿗󱞰󱹫模󲉅󽘜CIPS󺀏󱶴󱜤󴫸󳉰󸦸󲝐󳻦󱝑󶳶󶙟󱻏󶳊
󱜪󴤮󴄑󳍞󾗜 CIPS󶥚󶴂󱮭󵢶󴘬󸋃
󲝐󲡋󹛟󸀅 󲝐󱯜󹛟󸀅
󲝐󲡋󱞒󱘭 󲝐󱯜󱞒󱘭
󳻦󱝑
󳻦
󱝑
󶳶
󶙟
󱜪󴤮󴄑󳍞󾗜 CIPS󳱠󱡹󱜤󴫸󳉰󸦸󲝐󳻦󱝑󱘙󴸂󶙟󴈋󱶪
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)
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由必应提供支持
0%
100%
󸉜󵷘󵠈
15
u󳦏󲓣󺂿󳍿󹄟󸋁󸦸󲝐󵫰󲇢󱾥󲼾󽘜󲺽󸤥󵵑󱙂󲘚󳉲󲃅󲔲󱺴󸚤󱙚󸦸󲝐󵫰󲵊󲇢󱶪󶴟󱿷󸚻󺀪󱺴󽘜󱙛󸉔󹥬务󲔩󱘯󸽩󴰁󴴔󲔲󱺴󱯇务󽘜󱹭󱜊󲡵󴲙󱘔󴴔󹄟󳍈󳌼
󱘯󴭱󷓝󴳥󴭱󲽬󱘯󱮭󲘷󸉜󵷘󽘜󶉘󳐫󴭱󸉐󴴔󱻣󸉜󵷘󵠈󸤥󸳣50%
u󸳣󱾂5󳌤󽘜󸦸󲝐󵫰󲇢󸣉󴁳󸊿󴝘󲝿󹝬󸤥10󱤵󽘜󱮭󲓣󸦸󲝐󵫰󲇢󱙛󱠅󸤥12󱘑󲸜󱠓󱙚󸦸󲝐󳻦󱝑󸀅󱘭󵵙󴏮󳖒󳍟󵫞󲔿󴃿󽘜󸦸󲝐󵫰󲇢󱜂󱘭󵵙󳗐󸷀󱾥󲼾󱚓󱙚󸦸󲝐󳻦
󱝑󸀅󱘭󳊥󴊜󳉎󲡱󵵙󳉲󲔿󴈋󱶪󹧞󴭁󶐀󹠣
󳽉研󴊜󴻣󾗜󴴔󱯃󳙋󶷎󱜪󴤮󴄑󳍞EqualOcean
󸦸󲝐󵫰󲇢󱾥󲼾󳱠󸢹󲝿󳼋󽘜󳪹󱶴󸦸󲝐󳻦󱝑󹧞󴭁󲝿󹝬
󱜪󴤮󴄑󳍞󾗜󸦸󲝐󵫰󲵊󲇢󱶪󶴟󱿷󸚻󺀪󱺴󱲵󳉳
0.80
1.12
1.44 1.53
1.83 2.07
0.49
0.57
0.54 0.53
0.55
0.56
2019 2020 2021 2022 2023 2024e
󱜪󴤮󴄑󳍞󾗜󸦸󲝐󵫰󲇢󸴔󱲡󱿂󲇢󲄘󳙋󹲥󽘘󱻡󱟺󾗜󱘑󱜪󱭬󽘙
󱲡󱿂 󸴔󱿂
CAGR 16.5%
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)16
󳽉研󴊜󴻣󾗜󳼀󳍯󱮷󳐴󱣭󳚣󱜪󴤮󴄑󳍞EqualOcean
󳼀󶗜󱲡󱿖󽘜󳻦󳬐󲃅󱣣󹤜󸦸󲝐󳻦󱝑󱾥󲼾
󴀿󹠣 󳽳󱝾󱿽󶌇 筛󶗜󸉔󵋠
2018
󳌤1󴈃
󱯃󱛖󸴔󱘈󴦠󲷅󲉅󱜤󴫸󳉰󸦸󲝐󱘭󱶪󳼀󶗜
󱢼󸴔󸣉󴁳󳩰󸣕󱢲󱳥󱹫󵵙󸶲󵾝
󸦸󲝐󱛽󴁳󶳶󶙟󳉰󶋌󸶆󳫫󴇠󵉔󴲿󽘜󱞒󱘭󱿔󷋩󱙛󸶆󵫞󱜤󴫸󳉰󹛟󸀅󲺽󲙨󱛖󵡂󴈄󳼀󶗜󱳐󳾾󱜂󲄘󽘜󲝿󳒣󴈋󱶪󳼋󷃫󲝐󲡋󳩰󸣕󶻰󲔩󲝐󱯜󵸍󳰚󳩰󸣕󱾍󱘙󶃌
󳯸󳻿󴉪󱛽󴁳󴇠󱢲󱳥󽘜󳩰󸣕󳻱󵷅󱿔󱡽󴰢󴭉󱲡󲝐󱯜󱞒󱘭󲝐󲡋󱸌󸣕󵵙󱜤󴫸󳉰󸛩󲒱󲝐󱯜󱡋󵫞󴳉󶌱󶘮󱹫󽘜󱙚󱞒󱘭󸦸󲝐󸳹󷞳󳱠󱡹󴈄󱶣󳻦󳬐
2019
󳌤 4󴈃
󱯃󱛖󱼋󱾥 <
󳻦󱝑󴉝󴋍󲡋󴭉󱘭󱶪󶙸󵢻󱶦󴰢
>
󵵙󸶲󵾝
󳻦󱝑󴉝󴋍󳐴󲼾󲡋󴭉󱘭󱶪󹧞󱭴󱿽󳓗󵵍󸚖󽘜󲷯󳠧󸶆󳫫󱿷󱠓󹛟󸀅󲺧󳉲󲔿󱛽󴁳󱙛󱠅󸉔󲼕󶾀󲷯󴏮󽘜󳐫󶓉󸢰󹪸󴸂󱻡󶙸󵢻󸊿󷕕󸢷󳧋󶙸󵢻󽘜󱘗󳕅󴷫󵫞󲠫󱝑󹄥
󱘙󷋩󴈄󸣕󹄥󱘻󴏵󱣭󳚣󹄘󹥬󳪄󸵱󽘜󳰚󱾭󲡋󴭉󲼘󵷐󶙸󽘜󸴖󸊿󲺽󱾭󲠦󶶨
2019
󳌤10󴈃
󲓣󲸜󲡋󴭉󶙸󵢻󲼘󱯃󱛖󸴔󱘈󴦠󱢼󸴔󸦸󲝐
󸣉󴁳󳩰󸣕󱢲󱳥󱹫󵵙󸶲󵾝
的󲡱󸣉󴁳󲡋󴭉󳻱󳻦󱢲󱳥󱹫󸚻󵋠󽘜󱾬󴴫󹪬󳩰󸣕󳘮󲡋󱞒󲝐󱯜󷀦󴉪󳩰󸣕󹢔󱳷󽘜的󲡱󸣕󴉆󹲁󵸂󳻱󱮧󳻦󱝑󱢲󱳥󱹫󸚻󵋠󽘜󳻿󲸩󲡋󴭉󸣕󹄥󶳶󴭉󱡋󵫞󹢔󱳷󽘜󶘮󱹫
󲻎󳕯󸦸󲝐󵫰󲇢󳻱󳻦󳧼󶴐󽘜󳻷󹫁󲡋󱦆󵵍󸚖󶙸󵢻󽘜󱾬󴴫󸢷󳧋󳐴󳧋󳽉󹄡󹢔󱳷󽘜󱞰󱹫󱘭󱶪󳪄󲁨󳿑󳑎󽘜󳻿󲸩󳔪󴏮󴍦󸢷󳧋󳐴󶓉󽘜󱢲󱳥󱞒󱘭󱲵󳻦󴉝󴋍󱿽󳓗󵵍󸚖󽘜
󳰡󸴔󲝐󱯜󱣭󸣈󸣕󱜂󲺧󲡋󸱏󸚏󸚻󵋠󽘜󱭩󸚞󳩍󱹌󳉉󶌱󱞒󱘭󲝐󲡋󸣕󹄥󹥬务󶙸󵢻
2020
󳌤4󴈃
󲓣󲸜󲡋󴭉󶙸󵢻󲼘󱯃󱛖󱞰󱹫󲡋󴭉󶙸󵢻 󳻦
󳬐󴴮󲡋󱘭󱶪󱾥󲼾󵵙󸶲󵾝
󱘈󴂞󲔩󱮭󲓣󳰡󳌼󸣕󴉆󹲁󵸂󳻱󱮧󳻦󱝑󱢲󱳥󱹫󳻷󹫁󾗝󱛔󴂞󱾬󴴫󵙖󴧬󸵮󴭉󱘭󱶪󵵍󸚖󾗝󱘓󴂞󶘮󱹫󸽩󱲵󸣕󴉆󹲁󵸂󱘭󱶪󵵍󸚖󶙸󵢻󾗝󲒬󴂞󳻿󲸩󱯉󴈄󱲡󱿂󷁽󴃿󵵙
󲓣󱯜󲡋󴭉󸣈󴥕󸢾󴭉󱨀󸴏󾗝󱛡󴂞󱢲󱳥󲡋󴭉󱘭󱶪󱡋󵫞󵫰󲵊󱻡󸚧󾗝󱮺󴂞󱞰󱹫󹛟󸀅󸦸󲝐󵫰󲇢󲡋󴭉󶳶󶙟󾗝󱘌󴂞󳻿󲸩󱘭󱶪󲷯󴏮󶘫󴱅󳧼󶴐󾗝󱮴󴂞󳻦󳬐󹛟󸀅󱳐󳾾
󹄥󷺲󴈋󱶪
2021
󳌤2󴈃
<
󹛟󸀅󸦸󲝐󱘭󱶪󱾠󴲅󹚙󲃅󱾠󳙬󳘔󷺲󸣕󳉉
󱠓󳬘󳑙
(󸚻󸀅)>󵵙󸶲󵾝
󹛟󸀅󱶦󵢻󸦸󲝐󱘭󱶪󹧞󱝥󹴆󹢸󱙚󴉆󽘜󱦿󲤊󲷱󳧋󲼕󶾀󸛩󴍦󽘜󸚪󱟏󱘭󱶪󹴆󹢸󽘜󳬐󶴐󵷐󳰞󱛽󴁳󳐫󶓉󳪄󲁨󱘙󸣕󳾒󵬧󲵙󱳷󳍿󽘜󲷅󲉅󱯜󳰞󽘜󱘻󴏵󳨥󸀅󱾠󴲅󹚙
󱘙󱾠󳙬󳘔󷺲󸣕󸊿󲷢󽘜󹡩󳰞󸦸󲝐󱘭󱶪󹴆󹢸
2022
󳌤6󴈃
󱯃󱛖󳻦󳬐󲡋󸣉󳾾󱘭󳗷󸦸󲝐󱜤󴫸󳉰󶳶󶙟
󵵙󸶲󵾝
󲝐󱯜󹛟󸀅󱿔󱘙󱿷󸊿󳻦󱝑󴉝󴋍󴸂󶙟󴉝󴋍󱿷󱠓󽘜󱙚󲡋󸣉󳾾󱘭󳗷󱙛󱠅󱾛󱙂󱜤󳱠󱡹󸦸󲝐󱜤󴫸󳉰󶳶󶙟󴈋󱶪󴁩󶁢󹛟󸀅󳻦󱝑󴉝󴋍󱿷󱠓󴊖󱝾󱘙󲼾󱘭󸉔󴭁󽘜
󱾞󳿑󹧞󶁢󱣣󱛽󴁳󵹌󲷫󱿷󴰢󽘜󲽗󸀅󱾠󴲅󹚙󶖾󱙱󱶪󽘜󹀢󱿷󵷐󶙸󽘜󳱠󱻏󴈋󱶪󷃫󱶣
2023
󳌤12󴈃
󱯃󱛖󱶩󳗐󱯜󲡋󸣉󱘈󱠅󱹫󱾥󲼾󵵙󷔐󳌢󳰤
󳿗
的󲡱󴉆󲡋󳉰󱿷󱘈󹛟󸀅󶳶󶙟󸢷󳧋󱠅󶥚󸚻󵋠󷕕󲓖󳻦󳬐󴇠󲡕󶕸󱿷󴊖󱝾󵵙󳻦󱝑󴉝󴋍󲃅󹛟󸀅󱙚󸦸󲝐󵫰󲇢󶖾󳾾󱘭󳗷󳱠󱡹󲡋󴭉󶳶󶙟󴈋󱶪
2024
󳌤5󴈃
󹪬󹛟󸀅󳻦󱝑󴉝󴋍󵷐󵺼󶙸󵢻󴊖󱡟
󲝐󲡋󹪬󹛟󸀅󴉝󴋍󱙚󲝐󱯜󵫞󳧋󳱠󱡹󸦸󲝐󳻦󱝑󴈋󱶪󽘜󹧞󲔩󲝐󱯜󸚤󳻦󱝑󴉝󴋍󲺧󳻦󱝑󴉝󴋍󵵙󸚤󶓉󱘭󱶪󸊿󱳎󵷐󶙸󱾛󸴖󴰢󸢴󱞄󶖾󱠓󱲡󸊿󷕕󽘜󱣣󹤜󸀅󱘭
󱧕󳎡󱾥󲼾󱘙󵫞󳧋󴉪󵷅
2024
󳌤5󴈃
󱯃󱛖󱘔󴴔󳉲󳻦󱝑󴉝󴋍󳐴󲼾󸦸󲝐󱜤󴫸󳉰
󳻦󱝑󱘭󱶪󵵙󲷫󳿗󳞲󸊼
󱘔󴴔󲺧󳻦󱝑󴉝󴋍󳐴󲼾󸦸󲝐󱜤󴫸󳉰󳻦󱝑󱘭󱶪󶳼󱲡󲷫󳿗󳞲󸊼󽘜󴁩󶁢󱘔󴴔󳉲󴱅󱯤󳦕󲡋󲔲󲔩󴯠󸚤󱲵󱮷尽󴈄󱛞󶾌󶶙󳻦󱝑󸚞󱿔󵵙󴉝󴋍󱿔󱶦󸊿󲷢󱛌󱘭󱶪󴊖
󱝾󲠫󴐊󴉿󳾒󽘜󵬓󲷢󱘭󱶪󱯜󲸣󽘜󳒣󸛩󲠫󱝑󹄥󱘙󹴆󹢸󶙸󵢻
u󸳼󳌤󴊜󽘜务󲓣󱲡󱿖󲡕󹲁筛󶗜模󲉅󱜤󴫸󳉰󸦸󲝐󱘭󱶪󽘜󱢼󸴔󸣉󴁳󳩰󸣕󱢲󱳥󱹫󽘜󱝃⾝󴲿󸶆󳫫󶳶󶙟󳉰󶋌󶘮󱹫󴳉󶌱󱳭󳻦󳬐󳾾󱘭󳗷󱾥󲼾󽘜󱙚󱞒󱘭󸦸󲝐󳻦󱝑󳱠󱡹
󴈄󱶣󳻦󳬐󽘜󳰡󱶴󸦸󲝐󳻦󱝑󳉲󲔿󱾥󲼾筛󶗜󴵲󵷘󳻦󱝑󴉝󴋍󲡋󴭉󱘭󱶪󶙸锐󸣉󴁳󲡋󴭉󳻱󳻦󱢲󱳥󱹫󹴆󹢸󹡩󳰞󶖾󱿱󱙂󳿑󹪸󽘜󴀬󲔩󸊿󷕕󳉲󲔿󶋹󳍙󽘜󳱠󱻏󴈋󱶪
󳼋󷃫󽘜󱢲󱳥󱞒󱘭󸦸󲝐󸳹󷞳󽘜󶌅󴋈󶍹󲡋󸣉󶍹󲡋󸣕
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)
17
uPingPong󴂞󱞒󱘭󱮭󵢶󱹫󵵙󾙔󳻦󱝑󳍡󳎁󾙕󽘜󴈋󱶪󶶙󶳿󱿔󸉜󵷘󱮭󵢶200󲡕󱙂󲓣󲸜󲃅󲔲󱺴󽘜󲔩务󲓣󱯜󲔲务󲓣󹺛󴹇󴤮󶸁󴀩󹮛󱘯󱻣󱛨󲡱󴱶󴲮󶖾󲔲󱯀
󸚤󴈄󸤥30󱙂󴉆󲔲󱲵󳻦󴉝󴋍󽘜󳫧󴈄60󲡕󳑯󱮭󵢶󳻦󱝑󵘆󵐲󲃅󸚞󱿔󽘜󷃫󱙚󱞒󱘭󳱠󱡹󲶾󱮭󱿷󸊿󱢲󳯇󺂿󳼋󵵙󱮭󵢶󳻦󱝑󸋳󱰠󳿑󴐊
uPingPong󳉛󴈋󱶪󴹘󳦍3C󹧋󲆳󴀿󲻠󶖾󳽉󱻈󱘑󸀅󱘭󲷱󳧋󽘜󶧂󸚇󴈋󱶪󱛽󴁳󸊿󴝘󶳉20000󱜪󱭬
󳽉研󴊜󴻣󾗜PingPong󱜪󴤮󴄑󳍞EqualOcean
󴐊󱡟󾗜PingPong󳰡󱶴󸣉󴁳󺂿󳼋󱾥󲼾
󱳓󱳐󶀗󲼘
2015󳌤
󾗜务󶸁󱾞󳙋󸽩󳦎󶓉󽘜󷛇
󶸁󲓣MSB/MTL
󵘆󵐲
2016󳌤󾗜
󳦎󱙚󱛨󺀊󸶇󲷞󳿑󱿷󱠓󳻦󱝑󲇢󽘜󳨈󸶲󷒥󴀌
󲹃󲓣󹛟󸀅󴸩󸹅
2017󳌤󾗜
󷛇
󱻵󴔠󲚤PI
󵘆󵐲󽘜󳉳󲼘󴤮󴲮󳉲󲔿
的󳑯󴷠󶼎
2018󳌤󾗜
󳰡󱲡󱡹󳍟󹛧󷺲󸣕󱜂󲄘
LightYear
󱾛󶌹󱶪
SaaS󳉉󱯉
2019󳌤󾗜
󱟏󱦊
10󱜪
󶸁󱭬󽘜󸴔󱯺󱼋󳍿󸤫󱻣󳾾󱶩󲕸
2020󳌤󾗜
󱻏󶳊
󱻵󴔠󲚤EMI
󵘆󵐲󽘜󸉜󵷘
100󱘑
󲷱󳧋
󵫑󳗷󸦀󸳓
2021-2022󳌤󾗜
󱛽󴁳󹄡󶐓󶀗
1500󱜪
󶸁󱭬󽘜󷛇
󷔪󲓣FCA
󳾾󱶩󲕸MPI󵘆󵐲
2023󳌤󾗜
󷛇
资󲡱󱳥󱛨ASIC
󵘆󵐲󽘜󳐴󳻿󹛟󸀅󵫑󳗷󱿷󱠓
󳬐󵘆󸳹󷞳󴝘󳑎
90%
GDP󳉲󲔿󵵙󱮭󵢶󳻦󱝑󵘆󵐲
󱘭󱶪󸉜󵷘
200󽘛
󲓣󲸜󲃅󲔲󱺴
󱻡󴀩󱛽󴁳󳁞󱦊
$10󱜪+
󽘘󳦵󷋼2024󳌤12󴈃31󴀩󽘙
󳷤󱶴󸀅󱘭󱾮󹫁
1%
󸣊󵠈󲺴󹱾
󴄑󷃫󸱏󲖸
AI
󳨈󸷄󱮭󵢶󳻦󱝑󴄑󷃫󲡱󷄑󽘜󱛽󴁳󸣊
󵫞󹢎󱟼 90%󽘜󱳭󸢷󳼋󵠈󸳋󶋓󶳊
󳩏󴉊󷋩󵿨
100%
󴏮󳖒󳩏󴉊󵛾󶓉󵾝󸚬󱜂󴉪
ths
ths
ths
ths
ths
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ths
󵸂󳓗
CONTENTS
󸦸󲝐󳻦󱝑󵵙󱾥󲼾󷁽󴃿󱘙󵡂󵚱󶴟󸵄
1.1󸦸󲝐󳻦󱝑󹧞󴭁󳬐󶴐󲝿󹝬
1.2󸦸󲝐󳻦󱝑󸊿󴝘󸋳󴋡
1.3 󶋑󳩏󱶩󸷀󸦸󲝐󳻦󱝑󱾮󹫁
01
务󲓣󸦸󲝐󳻦󱝑󳉲󲔿󴷠󳍿󱲵󴋡
2.1󱜤󴫸󳉰󳻦󱝑󸊿󴝘󸴗󳌤󲝿󱶩
2.2󸦸󲝐󵫰󲇢󳦎󱙚󳾾󺀏󱶴󱶣
02
󱮭󵢶󸦸󲝐󳻦󱝑󳉲󲔿󱺴󲘷󴲐󲹬
03
󸦸󲝐󳻦󱝑󴉃󴊜󱾥󲼾󸤬󱷘
4.1󳩏󴉊󹫁󳾾󳰡󱶴󸦸󲝐󳻦󱝑󳾾󸤬󱷘
4.2󸦸󲝐󳻦󱝑封󲼾󳾾󳿑󲀃
04
3.1󳦎󵒠󳉲󲔿󾗜󱹭󶸁󴤮󴲮
3.2󳾾󱯄󳉲󲔿󾗜务󱘯󹪬󴲮󱘯󱻣󱛨
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ths
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ths
ths
ths
󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)
30
7
14
2
5
22
16
5
$0.2󱘑󱜪
38
15
9
3
11
8
10
6
$0.7󱘑󱜪
7
14
18
4
2
20
21
14
$0.5󱘑󱜪
14
6
16
3
4
22
28
8
$1.1󱘑󱜪
󱹭󶸁
•󶸁󲓣󾗜2025󳌤2󴈃10󴀩󽘜󵙖󴈞󴃽󲷳󳉳󲺧󳧟󴈄󸴔󱿂󱳭󶸁󲓣󵵙󹚊
󹚩󲃅󹛆󳔥󳻱25%󵵙󱯃󶌹
•󱶩󳬎󲡱󾗜2024󳌤8󴈃26󴀩󽘜󱶩󳬎󲡱󸢳筛󸽩󲷳󳉳󲺽󲺧󸴔󱿂󵵙务
󲓣󱜂󵫰󱶴󸱉󳔥󳻱100%󵵙󹢂󱶩󶌹󽘜󲺧󸴔󱿂󷋩务󲓣󵵙󹚊󹚩󲃅󹛆󱜂
󲄘󳔥󳻱25%󵵙󹢂󱶩󶌹
󴤮󴲮
•󴤮󵷦󾗜2024󳌤10󴈃29󴀩󽘜󲔩󱽓󴈄10%󱯃󶌹󵵙󲙨󶀥󱘔󽘜务󲓣󱲡
󱿂󵫑󱜂󲇢󲺽󸂥󱶩󳔥󱝥󱘕导󸀪󸣅󶌹󾗜󴪒󱛨󸴴17.0%󾗝󱿸󱳥18.8%
󾗝
󱘔󴮝35.3%󾗝󱯇󱝎󱿷󱠓󱮷尽󲺽󸂥󳔥󳻱20.7%󵵙󱯃󶌹
󱘯󱻣󱛨
•󴱓󲓣󾗜󷋩2025󳌤1󴈃1󴀩󷋼12󴈃31󴀩󽘜󸴔󱿂󲇢󲄘󳙋󱦊󱘗󸤥󸳣
1500󴱓󹛋󽘘󱹌󳫮󸳹󸣊󱘙󱣣󹢸󸣊󽘙󵵙󸢸󵙀󲺽󱭾󳔥󱯃󶌹
•󸤫󱻣󾗜󷋩2025󳌤2󴈃18󴀩󸤑󽘜󸤫󱻣󲺽󱧃󴦛󲺧󸶲󸳣󳗐󸶜󸴔󱿂󵵙
󲻎󹲥󲇢󲄘󱭾󳔥󲝿󱦊󶌹󵵙筛󶗜󽘜󱿻󴀿󳍲󹢲2010󳌤封󳉳󵵙󱯃󱛖󸶲
󸳣󳗐󸶜󴈋󱶪󸴔󱿂󱭾󶌹󵵙󵸒󱯃󸊿󲷢
19
u󱮭󵢶󸦸󲝐󳻦󱝑󳉲󲔿󲔩筛󶗜󱘙󳉲󲔿󱾞󸱑󺀏󱶴󱘕󱾥󲼾󽘜RCEP󱻙󲷢󵫑󳼋󱙚󸦸󲝐󳻦󱝑󴉝󴋍󳊥󴊜󳾾󴉝󸸢󽘜󱿻󴀿󴫸󷞳󱞒󱘭󲔩󸴔󱲡󱿂󳉲󲔿务󵵙󱙛󱠅󲔲󱟺󱲝󴂲󽘜󲺧
󸦸󲝐󳻦󱝑󵵙󱢲󳯇󳘮󲶾󱮭󳘮󲃅󳼋󵠈󳘮󳱠󱲡󴇠󺂿󸉔󴭁
u2023󳌤󱮭󵢶󳻦󱝑󳻱󱮧󳬞󶡌󲖸󲃅󱺴󲘷󱲵󶡌󴂲󶆺󽘜󲇢󱘭󳻦󱝑󱻲󱙛󲺬󽘜󱘗󱿻󲔲󱺴󲃅󳻦󱝑󶡌󲖸󳻱󱮧󳉖󳐸󴁩󴂲󽘜󸦸󲝐󳻦󱝑󳉲󲔿󱴙󴃿󳌼󹡃
󳽉研󴊜󴻣󾗜󺛭󷁅󹜊󱜪󴤮󴄑󳍞EqualOcean
󱮭󵢶󸣉󴁳󳔤󴊜󲸺󱲸󽘜󸦸󲝐󳻦󱝑󳉲󲔿󱴙󴃿󳌼󹡃
󱛨󲡷 󱹭󶸁 EMEA 󳪹󶸁
󱮭
󵢶
󳻦
󱝑
󷞳
󳻱
󽘘%󽘙
󱮭󵢶󳻦󱝑󷞳󳻱󽘘󱘑󱜪󽘙
󲇢󱘭󽘘52%󽘙
󸦸󲝐󳻦󱝑
󸢷󳧋󱰺󱳥󳚣󳻱󱮧
󲓣󱯜󸣊󵫞
󱣭󵫞⼦
󴴫󸣊󶻰󽘘48%󽘙
󸦸󲝐󳻦󱝑
󸢷󳧋󱰺󱳥󳚣󳻱󱮧
󲓣󱯜󸣊󵫞
󱣭󵫞⼦
󱜪󴤮󴄑󳍞󾗜 2023󳌤󱮭󵢶󳻦󱝑󳻱󱮧󽘜󳬞󶡌󲖸󲃅󱺴󲘷󱲵󶡌
󱜪󴤮󴄑󳍞󾗜󱮭󵢶󸽩󱲵󲔲󱺴󲺧󱻗󱯃󶌹筛󶗜
ths
ths
ths
ths
ths
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ths
󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)
37%
33%
18%
5% 5%
51%
22%
12%
7%
6%
󳽉󲵗󹚙󱹌 󱣭󵫞⼦ 󱥗󸚖⼦ A2A 󱭴󱚩󲀀󱝑 󹲌󱝑⼦ 󵡂󹄥
20
u󱹭󶸁󵫰󲵊󲇢󱶪󳻦󱝑󳉲󲔿󳿑󳑎撑󴉨󽘜告󵸒󲺧󶍹󲷢󽘜󴴫󸣊󶻰󲺧󱣭󵫞⼦󱘙󳽉󲵗󹚙󱹌󳿑󳑎󱯉󴈄󳔯󳒣󵵙󳝸󳘮
u󱹭󶸁󳽉󲵗󹚙󱹌󳻦󱝑󵵙󱡋󵫞󲝿󱶩导󴂆󱛌󴴫󸣊󶻰󸀅󱙚󵵙󹄟󲡱󸱏󱾮󲃅󹄥󷺲󴈋󱶪󴇠󳌼󴰭󵵙󳽉󲵗󱹫󸱏󲖸󹤆󵺂󳩏󴉊󶴊󶴐󲛶󸷄󱜤󱝭󸢳󱶪󶙸锐󵵙󳿑󳑎󽘜󳽉󲵗󹚙󱹌
󳉛󳦎󱙚󱞼󶴂󳻦󱝑󳿑󳑎󵵙󱢲󳯇󲶾󱮭󲃅󲡕󱶧󷃫󵵙󴇰去󲄘
󳽉研󴊜󴻣󾗜worldpay󱜪󴤮󴄑󳍞EqualOcean
󳦎󵒠󳉲󲔿󾗜󱹭󶸁󵫰󲇢󳻦󱝑󳽉󲵗󹚙󱹌󲝿󹝬󸳞󵝂
󳽉󲵗󹚙󱹌
0%
1%
6%
7%
12%
22%
52%
1%
1%
5%
5%
19%
32%
37%
󸢸󱳭󱝑󴥕
󹲌󱝑⼦
󱭴󱚩󲀀󱝑
A2A
󱥗󸚖⼦
󱣭󵫞⼦
󳽉󲵗󹚙󱹌
2023 2027E
0%
2%
5%
8%
7%
35%
43%
1%
3%
5%
7%
10%
47%
27%
󸢸󱳭󱝑󴥕
󹲌󱝑⼦
󱭴󱚩󲀀󱝑
A2A
󱥗󸚖⼦
󱣭󵫞⼦
󳽉󲵗󹚙󱹌
2023󳌤󽘜󳽉󲵗󹚙󱹌的
󲡱󱛌󵫰󲵊󲇢󱶪󳻦󱝑󵵙󹲎
󱭴󲔲󱟺󽘜󱿻󴪒󲝿󹝬
23%󽘜󸳋󱳭󱺴󲘷󱛽󴁳
󱞀󱦊󵵙37%󽘜󸤥󸳣
7480󱜪󶸁󱭬󹲌󸚇󱳭
2027󳌤󽘜󹚙󱹌󲺽󱻲e-
com󳻦󱲡󵵙51%󵵙󲠶
󱿷󳌤󲝿󹝬󵠈󱙚16%
󱺴󲘷󹚙󱹌󳻦󱲡󲔩󳔯󲡱󶌱
󳍿󱘔󱡽󸣧󱛖󵸍󸶲⼦󱛽󴁳
󴝘󳑎󽘘ApplePay
GooglePay󲃅
PayPal󽘙
⼦󳻦󱝑
⼦󳻦󱝑󱡋󵫞󱶩󸤑󴊜󱝁󵏍󱻲󱺴󲘷󳻦󱲡󵵙
󲡱󲡕󳽉󽘜󱣭󵫞⼦󱻲2023󳌤󱛽󴁳󱞀󱦊󵵙
33%󽘜󱥗󸚖⼦󱻲󱛽󴁳󱞀󱦊󵵙18%󽘜󶳉
󱙚1.04󱘑󱜪󶸁󱭬󹲌󸚇󲔩󶳢󵸍󳰚󱡋󵫞
⼦󲺽󱱙󲻒󽘜󹲌󸚇󱳭2027󳌤󽘜󱣭󵫞⼦󵵙
󲠶󱿷󳌤󲝿󹝬󵠈󱙚-3%󽘜󱥗󸚖⼦󵵙󲠶󱿷󳌤
󲝿󹝬󵠈󱙚-4%󳻦󱲡󱘗󴂞󾙔󱘸󲢀󾙕󶻽󴂞
󸱏󶌕󱳭󳽉󲵗󹚙󱹌
󱭴󱚩󲀀󱝑
󱭴󱚩󲀀󱝑󲔩2023󳌤󶴊󶴐󲁉󳑙󱳐󶳍󳓗󵵙󳻦󱲡󽘜
󱻲󱺴󲘷󵫰󲵊󸶲󱣭󱛽󴁳󱞀󱦊󵵙5%󽘜󸤥󸳣
1050󱜪󶸁󱭬󱹭󶸁󹲎󱭴󵵙BNPL󱮷󱿡󲺧󳩰
󸣕󶻰󲺽󱳥󴵚󸱏󲀃󲝿󹝬󱦿󱲡󱛌󲒱󳍟Affirm
󳪄󲁨󸴗󶴐󶖇󱛔󱙂󲵮󳍿󵷁󱳥󽘜󲵮󳍿󲇢󲄘󳙋󹄡
󽘘GMV󽘙󱙚56󱜪󶸁󱭬Sezzle󸴗󶴐󱘺󱙂󲵮
󳍿󵷁󱳥󽘜󶻽Klarna󳪄󲁨󸛚󽘜󲔩󶸁󲓣󸴗󶴐󲒬
󱙂󲵮󳍿󵷁󱳥
󱙛󴳉󱝑󴥕󳿑󳑎󾗜
2023
2027
ths
ths
ths
ths
ths
ths
ths
ths
ths
󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)
2%
3%
5%
28%
21%
42%
2%
3%
6%
12%
27%
50%
󹲌󱝑⼦
POS󷺲󸣕
󵡂󹄥
󳽉󲵗󹚙󱹌
󱥗󸚖⼦
󱣭󵫞⼦
1%
3%
8%
31%
23%
34%
1%
3%
12%
15%
28%
41%
POS󷺲󸣕
󹲌󱝑⼦
󵡂󹄥
󳽉󲵗󹚙󱹌
󱥗󸚖⼦
󱣭󵫞⼦
2023 2027E
42%
28%
15%
11%
5% 34%
23%
31%
8%
6%
󱣭󵫞⼦ 󱥗󸚖⼦ 󳽉󲵗󹚙󱹌 󵡂󹄥 󱭴󱚩󲀀󱝑 󹲌󱝑⼦ POS󷺲󸣕
21
u󱹭󶸁󴴫󸣊󶻰󲔩󶳢󱘕󳻦󱝑󲺧󱛖⼦󳻦󱝑󱡽󴀫󹪬󳋃󱡽󸣧󽘜󱻲󲔲󱺴󳻦󱝑󵵙7󳦎󱝥󱘔󽘜󳙋󱛽󴁳󱞀󱦊󸤥󸳣8.2󱘑󱜪󶸁󱭬
u󳽉󲵗󹚙󱹌󵸂󱴙󱡋󵫞󸊿󴝘󶳉15%󽘜告󴉃󴊜󱝁󴈄󲡱󹄡󲝿󹝬󶐀󹠣󽘜󴈄󸵦󸤏󱛨󲡷󴴫󸣊󶻰󵵙󸤬󱷘󽘜󸱏󱹫󳯩󸽩󱲵⼦󳻦󱝑󲃅󵡂󹄥󳻦󱝑󴴫󸣊󶻰
󳽉研󴊜󴻣󾗜worldpay󱜪󴤮󴄑󳍞EqualOcean
󳦎󵒠󳉲󲔿󾗜󱹭󶸁POS󳻦󱝑󱡽󸣧⼦󳻦󱝑
⼦󳻦󱝑
󱹭󶸁󴴫󸣊󶻰󲔩󳍦󱯜󸢾󵙀
󴀿󱝁󵏍󲺧⼦󹪬󳋃󱡽󸣧󽘜
󲻮󱯇󴂞󱣭󵫞⼦2023
󳌤󽘜󱣭󵫞⼦󱻲󲔲󱺴POS
󳻦󱲡󵵙42%󽘜󶻽󱥗󸚖
⼦󱻲󱛽󴁳󱞀󱦊󵵙28%
󱣭󵫞⼦󱥗󸚖⼦󲃅󹲌󱝑
⼦󱿷󸚇󱻲󱺴󲘷󱛽󴁳󱞀󱦊
󸤥󸳣8.2󱘑󱜪󶸁󱭬󹤆
󵺂⼦󲺽⼝󹲥󸱏󸚏󶳼󳽉󲵗
󹚙󱹌󽘜󲔩󹛩󲆳󵋠󱡋󵫞󲷫
󵙀󲛶󳾒󵵙󱡋󵫞󲺽󸶗󴸐󱘕
󹢎󽘜󲠶󱿷󳌤󲝿󹝬󵠈󱙚-
2%
󳽉󲵗󹚙󱹌
󳽉󲵗󹚙󱹌󲔩POS󱘔󸤫󴊜󸤫󳡉󽘜󱹭󶸁󲺧󱡋
󵫞󲷫󱠅⼦󵵙󳒣󵋹󱚕󳝸󲔩󳔯󲡱󶌱󳍿󱘔󳪜󱳷
󱛌󱾮󱹫󹤆󵺂󱹭󶸁󴴫󸣊󶻰󳐴󲧅󸤏󱘔󳽏󱙂
󱛨󲡷󲔲󱺴󵵙󴴫󸣊󶻰󽘜󵁗󱶣󶳫󱛖󳕅󱝥󲷫󵡂
2023󳌤󽘜POS󵵙󹚙󱹌󱿻󴪒󲝿󹝬36%󽘜󱻲
󱺴󲘷POS󳻦󱲡󵵙15%󽘜󱛽󴁳󱞀󱦊󸤥󸳣1.7
󱘑󱜪󶸁󱭬
󵡂󹄥
󵡂󹄥󱟏󸚇󱻲2023󳌤󱹭󶸁󳍦󱯜󳻦󱲡󵵙11%󽘜
󶳉󱻲1.26󱘑󱜪󶸁󱭬󹲌󸚇󱳭2027󳌤󽘜󵡂
󹄥󱡋󵫞󵠈󲺽󱝥-7%󵵙󲠶󱿷󳌤󵠈󱘕󹢎󽘜󲼪󴀿
󵡂󹄥󱡋󵫞󱝁󲺽󱻲󱺴󲘷POS󱞀󱦊󵵙󸳼1󱘑󱜪
󶸁󱭬󽘘8%󽘙
2023
2027
ths
ths
ths
ths
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ths
ths
ths
󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)22
u󹉚󱛖󴤮󵷦󵵙󱯀󱿻󵷐󶙸󴐆󴌚󽘜󴤮󴲮󵵙󵫰󲵊󲇢󱶪󳻦󱝑󴏵󲼘󹪬󳋃󲡕󴏬󱹫󱣭󵫞⼦󱥗󸚖⼦A2A󲃅󳽉󲵗󹚙󱹌󲔩󴵲󵷘󵵙󷋼󲻒󱘺󱙂󴤮󴲮󳉲󲔿务󲠦󱛖󹲎󱭴󲔲󱟺
󸴐󶋌󲡕󴏬󳘮导󴂆󱛌󳓓󲔲󱼯󱿘筛󴯼󳽳󱹫󲃅󶳲󴳙󲔩󳻦󱝑󳉲󲔿󴿖󱾮务󵵙󷋼󱯃󹄟󸉔󳘮
u󳻦󱝑󱳐󳾾󱿔󷃫󱞵󶴊󶴐󱲵󳼵󽘜󱿱󶋌󳻦󱝑󳿑󳑎󱾬󳕅󳦎󱶧󽘜󱿻󴀿󸺺󱭾󸣳󲸜󸶲󱿰
󳽉研󴊜󴻣󾗜worldpay󱜪󴤮󴄑󳍞EqualOcean
󳦎󵒠󳉲󲔿󾗜󴤮󴲮󵫰󲇢󳻦󱝑󴏵󲼘󲡕󴏬󽘜󶳶󴋍󶍹󲷢
30%
22%
18%
17%
9%
40%
17%
19%
13%
8%
󳽉󲵗󹚙󱹌 󱣭󵫞⼦ A2A 󱥗󸚖⼦ 󱭴󱚩󲀀󱝑 󹲌󱝑⼦ 󵡂󹄥 󹲌󱭴󳻦󱝑
1%
1%
2%
5%
8%
19%
19%
45%
1%
1%
4%
5%
11%
21%
24%
32%
󱯇󱝎
󹲌󱝑⼦
󱿔󳻦󹀢󵡂󹄥
󱥗󸚖⼦
󱣭󵫞⼦
󳾾󱚩󲀀󹢂
A2A
󳽉󲵗󹚙󱹌
2023 2027E
0%
1%
2%
8%
17%
18%
50%
1%
1%
3%
3%
22%
24%
38%
󱿔󳻦󹀢󵡂󹄥
󹲌󱝑⼦
󱭴󱚩󲀀󱝑
A2A
󱥗󸚖⼦
󱣭󵫞⼦
󳽉󲵗󹚙󱹌
󱙛󴳉󱝑󴥕󳿑󳑎󾗜
2023
2027
󳽉󲵗󹚙󱹌
󳽉󲵗󹚙󱹌󴂞󴤮󴲮󹲎󱭴󵵙
󳻦󱝑󵫰󲵊󲇢󱶪󳻦󱝑󳿑󳑎󽘜
󲻮󱯇󴂞󱙙󺛭󳕿󲓣󳞲
󲡱󱳥󸉐󵢕󵘦󲃅󷔪󲓣󸴐
5󱙂󳉲󲔿2023󳌤󽘜󹚙
󱹌󱻲󵫰󲇢󱛽󴁳󹲥󵵙
30%󽘜󹲌󸚇󱳭2027󳌤󽘜
󹚙󱹌󲺽󱝥17%󵵙󲠶󱿷
󳌤󲝿󹝬󵠈󲝿󹝬󽘜󱟏󸚇󲺽
󱻲󵫰󲇢󱛽󴁳󹲥󵵙40%
2023󳌤󽘜󸢷󳧋󲺧󸢷󳧋󽘘A2A󽘙󳻦
󱝑󴂞󷒘󱮿󷘻󱮿󳭒󲩎󴰻󱮿󲃅
󵥑󱯊󹲎󱭴󵵙󲔩󶳢󳻦󱝑󳿑󳑎A2A
󲔩󷘻󱮿󲃅󴰻󱮿󲻮󱙚󱙛󲺬󽘜iDEAL
󲃅BLIK󱲵󱳧󴂞󷘻󱮿󲃅󴰻󱮿󴴫󸣊󶻰
󲔩󶳢󳻦󱝑󵵙󱼴󱤾󳘮󸶆󳫫2023󳌤󽘜
A2A󱻲󴤮󴲮󵫰󲵊󸶲󱣭󱛽󴁳󱞀󱦊󵵙
18%󹲌󸚇󴉃󴊜󸵴󳍿󲝿󹝬
A2A
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)23
u󴤮󴲮󳻦󱝑󱠅󶥚󸱦󱙚󶍹󲷢󽘜󳽏󱠅󱘔⼦󳻦󱝑󱙚󶳶󴋍󱙛󱠅󽘜󱻲󳙋󸊿󴝘󵵙6󳦎󳉊󱿙󱘙󶸁󲓣󳉲󲔿󵸒󴪒󽘜󵫬󱛖󲢺󱷁󴉝󱳷󲃅󱣭󵫞󸚪󶳊󽘜󱥗󸚖⼦󴇠󱙚󱙛󴳉󽘜󱻲4󳦎󳉊
󱿙󽘜󱣭󵫞⼦󱻲󱘺󳦎
u󳽉󲵗󹚙󱹌󵵙󱡋󵫞󵠈󴉃󴊜󴈄󴈦󲡱󳋕󳱠󱻏󽘜󲇢󲸜󵵙󳰚󱾭󳍿󱘗󳾸󳱠󺂿󱝥󱾛󴴫󸣊󶻰󱡋󵫞󷌿󸵴󲖸󵵙󳱠󱻏󽘜󴉃󴊜󳽉󲵗󹚙󱹌󱡋󵫞󵠈󴈄󴈦󲡱󲡱󳋕󳱠󱻏
󳽉研󴊜󴻣󾗜worldpay󱜪󴤮󴄑󳍞EqualOcean
󳦎󵒠󳉲󲔿󾗜󴤮󴲮POS⼦󳻦󱝑󱙚󱙛󱠅󽘜󳽉󲵗󹚙󱹌󱡋󵫞󴈄󴈦󶻛󱤵
41%
21%
20%
13%
3%
35%
18%
16%
27%
3%
󱥗󸚖⼦ 󱣭󵫞⼦ 󵡂󹄥 󳽉󲵗󹚙󱹌 󹲌󱝑⼦ POS󷺲󸣕
1%
2%
6%
29%
25%
37%
1%
2%
10%
14%
28%
44%
POS󷺲󸣕
󹲌󱝑⼦
󵡂󹄥
󳽉󲵗󹚙󱹌
󱣭󵫞⼦
󱥗󸚖⼦
2%
3%
7%
26%
29%
33%
3%
3%
2%
13%
36%
38%
󹲌󱝑⼦
POS󷺲󸣕
󱣭󵫞⼦
󳽉󲵗󹚙󱹌
󵡂󹄥
󱥗󸚖⼦
2023 2027E
2023
2027
󱥗󸚖⼦
󱥗󸚖⼦󶴀󲡱󲡕󳽉󴂞󶳢󱘕
󸢾󵙀󵵙󴤮󴲮󴴫󸣊󶻰󵵙󹺘
󸶆2023󳌤󽘜󱥗󸚖⼦
󱻲󳽏󱙂󴤮󴲮POS󱛽󴁳󱞀
󱦊󵵙41%󸤥󸳣2.7
󱘑󱜪󶸁󱭬󱱽󱙷󴂞󱣭
󵫞⼦⼝󹲥󵵙󱘺󱤵
󽘘21%󽘙󱘙󶸁󲓣󶖾
󳉲󲔿󵸒󴪒󽘜󴤮󴲮󵵙󱣭󵫞
⼦󲢺󱷁󸱦󱟼󽘜󲒵󱙚󲺧󱙚
󲢺󱷁󳱠󱡹󸣕󹄥󵵙󱛽󳮤󸣊
󵫞󱘔󹢔󴇠󱘻󴏵󽘜󶻽󱣭󵫞
󸚪󱲵󶥚󶴂󲔩󲡱󲡕󳽉󴤮󴲮
󳉲󲔿󳌨󱘗󵄉󱷁󱡋󵫞󱣭󵫞
⼦
󳽉󲵗󹚙󱹌
󴤮󴲮POS󵵙󳽉󲵗󹚙󱹌󹄘󵫞󵠈󴦜󲔩󲝿󹝬
󴤮󴲮󴈄󱘈󱙂󱙛󸉔󲙨󱛖⼦󵵙󳻦󱝑󶥚󶴂󽘜󸛋
󶥚󶴂󱱽󱻈󳌤󴊜󱘈󵸍󸳹󱠓󷐜󲤊󽘜󲒵󴦝󱘈󵸍
󹥝󱝥󱾮󱹫󵏍󶻽󽘜󹤆󵺂󲇢󲸜󳰚󱾭󳍿󵵙󳱠
󺂿󲃅󴴫󸣊󶻰󷌿󸵴󳍿󵵙󳱠󺂿󽘜󹚙󱹌󵵙󴃽󱾛
󴦜󲔩󱶩󸷀󳰡󱶴󳽉󲵗󳻦󱝑󹲌󸚇󱳭2027󳌤󽘜
POS󵵙󳽉󲵗󹚙󱹌󱡋󵫞󵠈󲺽󱝥24%󵵙󲠶󱿷
󳌤󲝿󹝬󵠈󲝿󹝬󽘜󱝃2023󳌤󱻲󱺴󲘷POS󱛽
󴁳󹲥󵵙13%󲝿󱶩󱳭2027󳌤󵵙27%󽘜󲝿󱶩
󱛌󱘈󱤵󲡕
󵡂󹄥
󷋩󵮬󳜵󵕹󱾥󱝥󴊜󽘜󳽏󱙂󴤮󴲮󵵙󵡂󹄥󱡋󵫞
󱘕󹢎󱛌󱘈󱻒󲔩󴵲󵷘󵵙14󱙂󴤮󴲮󳉲󲔿务󽘜
󵡂󹄥󶳉󱻲POS󱛽󴁳󱞀󱦊󵵙20%󳽏󱙂󴤮
󴲮󵵙󵡂󹄥󱡋󵫞󳜵󱰤󱝁󵏍󴈄󳔯󲡱󳉖󳐸󽘜󵏍
󶻽󽘜󵡂󹄥󱡋󵫞󹄡󶴊󶴐󱘕󹢎󽘜󹲌󸚇󱳭2027
󳌤󽘜󲠶󱿷󳌤󲝿󹝬󵠈󱙚-4%
ths
ths
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ths
ths
ths
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)24
u󸳼20󳌤󴊜󽘜务󲓣󱿻务󱘯󲔲󱺴󲓣󲸜󸴔󱲡󱿂󹄥󹲥󳽏󱠅󲁤󵡂󱘔󱻏󸤬󱷘󽘜󸣉󴁳󳔤󴊜󲸺󱲸󴯋󵙖󹡻󳪹󱟎󳉛󶳲󸴗󶴐23󳌤󳦎󱙚务󲓣󲔩务󱘯󲔲󱺴󴇳󲡱󵵙󸣉󴁳名󱟗
u󹡻󶾌󹀞󴀩󸤬模󲉅󵵙󳽉󲵗󲙨󶀥󸚤󳿗󲃅󲡱󹄡󵵙󲡋󶟣󱜤󱿂󱙚󸦸󲝐󸣉󴁳󳱠󱡹󱛌锐󳝾󵵙󴊖󱝾󴯋󵙖󹡻󳪹󱟎󲺧󸦸󲝐󸣉󴁳󵵙󹧞󴭁󳬐󶴐󲝿󹝬󽘜󴯋󵙖󹛟󸀅󱾥󸀅󲡕󳉰󶋌󱣭
󵫞⼦󱶵󱶣󸦸󲝐󱛽󴁳󸦸󲝐󸣉󴁳󲔩󲘊󱾛󴃽󱾛󳍿󵸒󲺧󸱦󱟼󽘜󲔩󲘊󱾛󵵙󸣉󴁳󲇢󱝁󹪸󱙑󸚞󲡕󴰢󳔳󹤜󶂐
󳽉研󴊜󴻣󾗜󴴔󱯃󳙋󶷎Amazon󱜪󴤮󴄑󳍞
󳾾󱯄󳉲󲔿󾗜务󱘯-务󲓣󸣉󴁳󳔤󴊜󲸺󱲸󽘜󳪹󱶴󸦸󲝐󳻦󱝑󹧞󴭁󲝿󹝬
1076.0
1018.4
542.0
428.9
367.3
242.2 227.4
173.8 162.9 133.7
󴯋󵙖 󹡻󶾌󹀞 号󳪹󱭹 󲔝󶽎󱯇 󹡻󴇫 ⼦󲛽󲻘 󱝥󷐡󱳊 󲘊󱾛 󶋑󲩎󵙖 号󴈞
󱜪󴤮󴄑󳍞󾗜2024󳌤󱿻务󲓣󸣉󴁳󹲥󱴙󱻈󵵙务󱘯󲓣󲸜󽘘󱻡󱟺󾗜󱜪󶸁󱭬󽘙
󳑙󱮧󴈮 󳦎󹝬󴈮 󳦎󵒠󴈮 󸀾󸵮󴈮
󱜪󴤮󴄑󳍞󾗜务󱘯󸦸󲝐󳻦󱝑󸀅󱘭󵫑󲂱󲂐󴈮󲓤
󹲌󴈮󽘘2027󽘙
󵡂󵚱 󴯋󵙖 󹡻󶾌󹀞 󲘊󱾛
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ths
󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)25
u󹡻󶾌󹀞󳽉󲵗󳻦󱝑󸀅󱘭󱙛󸉔󵫬󲔩󶳢󹧋󲆳󲃅󸢷󱻡󳻦󱝑󺀏󱶴󴯋󵙖2030󳌤󳠇󴃿󳰡󱶴󳽉󲵗󳻦󱝑󽘜󸚇󱳃󱳭2025󳌤󲷫󵡂70%󵵙󹪬󵡂󹄥󳻦󱝑󲘊󱾛󵵙󱟼󳻱󱮧󹡭󲼜
󱡽󸣧󳽉󲵗󹚙󱹌󱠓󱙚󹛟󸀅󸢷󳧋󵵙󴇰去󲄘󽘜󲒵󴦝󽘜󸢷󱻡󳻦󱝑󲔩󶳢󹧋󲆳󲃅󱮷󱯀󴈋󱶪󴂞󱯇󳽉󲵗󳻦󱝑󳍟󵫞󴇳󳌼󴰭󵵙󹲎󲘷
u务󱘯󲔲󱺴󲓣󲸜󳰡󱲡󱺴󲘷󳘮󸦸󲝐󳻦󱝑󶥚󶴂󽘜󱙚󳱠󱻏󸦸󲝐󳻦󱝑󳼋󵠈󱶩󳒣󹄥󷺲󱘈󱠅󱹫󹢎󱟼󱛽󴁳󳦎󴉆󽘜󱿻󴀿󱱙󲻒󲺧SWIFT󲃅󶸁󱭬󵵙󱡽󸣧󽘜󲝿󳒣󱺴󲘷󹄥󷺲
󷋩󱙛󴉪
󳽉研󴊜󴻣󾗜Amazon󱜪󴤮󴄑󳍞
󳾾󱯄󳉲󲔿󾗜务󱘯󵫰󲵊󳻦󱝑󱶩󸷀󱾥󲼾󽘜󸦸󲝐󳻦󱝑󱠅󶥚󸶗󴸐模󲉅
Aber Project
GCCRTGS
AFAQ
0%
10%
20%
30%
40%
50%
60%
󲔩󶳢󹧋󲆳
󹶍󹹰󴈋󱶪
󷍵󶐀
󸳹󸱶
󱟿󲸬
󳿨󴹘务󱜾
󶈑󱶪
󲔩󶳢󲪼󱙺
󸢷󱻡󳻦󱝑
󱮷󱯀󴈋󱶪
筛󳍯
󱣣󹢸
󳼦󷁌
󱺶󵮌
󱜪󴤮󴄑󳍞󾗜2021-2023󳌤󱘗󱿻󹲎󲘷󳽉󲵗󳻦󱝑󸀅󱘭󸊿󴝘󵵙󲠶󱿷󲝿󹝬󵠈
󹡻󶾌󹀞 󴯋󵙖 󲘊󱾛
󹡻󳪹󱟎󸢸󳉰󲙨󹄥󶳧󶳪󽘘 󽘙󳰡󱶴󵵙
󲡕󸲾󸦸󲝐󳻦󱝑󶶙
󶳿
•󸉜󵷘 󱙂󹡻󳪹󱟎󲓣󲸜󽘜󵸍󳰚󸴗󳰚󱿱󲓣󲡼󸀅
•󳻦󳬐󸴴󳪹󲦷󴯋󵙖󹄞󱛨󲻘󲘊󱾛󹜺󶸁󱭬󶖾󶳶󶙟
󴯋󵙖󲡼󸀅󽘘SAMA󽘙󲃅󹡻󶾌󹀞󲡼󸀅󽘘CBUAE󽘙󶾌󱿷󳐴󲼾
󵵙
󲡼󸀅󳽉󲵗󸢸󳉰󽘘CBDC󽘙󸦸󲝐󳻦󱝑󸚻󺀪
󽘜󶾙送󱺴󲕭󹛧
󳩏󴉊󺀪󸚧
󴴔󴻊󱿷󱠓󲧝󲁸󱞵󽘘 󽘙󳦎󲁸󲓣󱯀󱿻󳐫󶓉󵵙
󲡱󹲥󳻦󱝑
󶥚󶴂
󽘜󱙛󸉔󳻦󳬐󳦎󲁸󲓣󱙴󹠣󵵙󸢸󳉰󳻦󱝑󴸂󶙟󽘜󴀬󲔩󳱠󺂿
󹄥󷺲󶍹󲷢󳘮󽘜󳰡󱶴󴴔󴻊󲓣󲸜󶳲󴳙󱘈󱠅󱹫
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)26
u󹪬󴲮󱜤󱿂󱞮󲡕󽘜󳉲󲔿󳌼󲡱󽘜告󵫬󱛖󲓣󲸜󳽉󹄡󱞮󲡕󽘜󴯖󴈄󶴂󱘈󵵙󴳉󸶲󸢸󳉰󽘜󹢔󱳷󱛌󱺴󲘷󱯜󸦸󲝐󸣉󴁳󲃅󳻦󱝑󵵙󱾥󲼾󸳼󳌤󴊜󽘜󹪬󴲮󱺴󲘷󹄥󷺲󴦜󲔩󳬐󶴐󳰡
󸴔󱯜󸽩󱿷󱠓󱾥󲼾󽘜󷋾󱶣󱛖󳐫󶓉󶴂󱘈󵵙󲙨󶀥󸚤󳿗󾗝󹤆󵺂务󹪬󱿷󱠓󵵙󱘗󳾸󴷠󱹫󽘜󳦏󲓣󱲡󱿖󱢼󸣉󴁳󹄥󷺲󱠅󶥚󳐫󸚤󵵙󵸒󱯃筛󶗜
u󴏰研󲓣󹢃󸢸󳉰󲙨󹄥󶳧󶳪󵵙󳽉研󽘜2024󳌤󹪬󴲮󲓣󲸜󵵙󱜤󲕓GDP󱙚2955󶸁󱭬󽘜󸴕󱟼󱛖󱮭󵢶󳌣󲕓󴬱󳌣13840󶸁󱭬󵫬󱛖󱾭󶳲󴳙󱾥󲼾󵵙󹢔󱳷󽘜󸚞󲡕󴫸󱞮󵵙󱜤
󲕓󳻱󱮧󱘗󴽹󸥩󹛟󸀅󳐴󳧋󴎜󱱆󽘜󲒵󴦝󱞼󶴂󹄥󷺲󶥚󶴂󸉜󵷘󹪸󴈄󹢔󱾥󲼾󶴶󳡉󽘜󲒵󴦝󳽉󲵗󳻦󱝑󴃽󱾛󵠈󺂿
󳽉研󴊜󴻣󾗜AfricaNendaFoundation󱜪󴤮󴄑󳍞EqualOcean
󳾾󱯄󳉲󲔿󾗜󹪬󴲮󳉲󲔿󱞼󶴂󹄥󷺲󲙨󶀥󸚤󳿗󷫎󳒔󽘜󸉜󵷘󹪸󲻎
O
S
T
W
󱞰󱷘
•󹪬󴲮󲡱󹢄󷋩󵫬󸣉󴁳󱺴
󽘘AfCFTA󽘙󵵙󳐫󶓉󱙚󴎜󱱆
󳻦󱝑󱠅󶥚󳱠󱡹󱛌纸󱞵
•󹪬󴲮󸴔󱲡󱿂󹛟󸀅󳰡󱲡󵵙󴰭
󹪬󳻦󱝑󶳶󶙟󶥚󶴂󽘘PAPSS󽘙
󳰡󱶴务󲡼󹛟󸀅󹄘󵫞󹄥󷺲󳩏
󴉊󽘜󱢼󸴔󱯜󸽩󸣉󴁳
󱶭󱷘
•42󶋌󴳉󸶲󸢸󳉰󽘜󹢔󱳷󱛌󵵙
󸦸󲝐󸣉󴁳󲃅󳻦󱝑
•󸳣󳍿󱡽󸣧SWIFT󶥚󶴂󲺽󲔩
封󵫑󱰟󶐓󴀿󴋍󳦎󹄥󷺲󲩎󷁨
•󹪬󴲮󹄥󷺲󳉲󲔿󵵙󱘗󲺫󳋃󴯼
󵢻󲃅󵷐󶙸筛󶗜󽘜󲺧󶍹󲷢󲃅
󲝿󹝬󴋍󳦎󱛌󹄟󲡱󲩎󷁨
󳬬󳦗
•󱘗󱳭50%󵵙󳦎󳌤󱜤󱿂󴀞󴰢
󷛇󱾬󹛟󸀅󴈋󱶪󲃅󶌕󱶴󸢸󳉰
󸢷󳧋
•󶵤󱙹󱘈󱙂󸵴󵫞󱛖󳧟󴈄󹪬󴲮
󲓣󲸜󵵙󱻡󱘈󳻦󱝑󶥚󶴂
•󱘗󱿻󵵙󸢸󳉰󱺴󱯉󴈄󹄟󱾽󵵙
󶳲󴳙󲃅󸢸󳉰󵸂󴎜󽘜󱡋󹄥󷺲
󳻦󱝑󶥚󶴂󶂒󵗺󱹫
纸󱞵
•󶌕󱶴󸢸󳉰󸢷󳧋󲃅󹛟󸀅󸢷󳧋
󵵙󴃽󱾛󵠈󸶗󳌤󲝿󱶩󽘜󱙚󳻷
󲉅󹄥󷺲󱹌󲸣󳘮󱘗󸥩󳱠󱡹󸋳
󴰢
•󹪬󴲮󹄥󷺲󶋑󳩏󵫰󱣭󲙨󶀥
󸚤󳿗󶌕󱶴󳻦󱝑󳍟󵫞󲃅󲔩
󶳢󳻦󱝑󳿑󳑎󵵙󲝿󱶩󴈄󴈦󳱠
󺂿󳽏󱙂󲡱󹢄󵵙󶳲󴳙󶍹󲷢󳘮
•󸚞󲡕󳙋󸽩󲔩󹪬󴲮󵵙󹄥󷺲󶋑
󳩏󱮷尽󴦜󲔩󷛇󳕅󲡱󹄡󵵙󹄥
󷺲󲃅󳩏󴉊󳩰󸣕
28%
40% 32%
󱜪󴤮󴄑󳍞󾗜󹪬󴲮󸦸󲝐󳽉󲵗󳻦󱝑󴈋󱶪󳌣󲕓󱡋󵫞󵠈
󴪇󲡵
󴪇󲂐 󴪇󴈃
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ths
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)27
u󹪬󴲮󵵙󲡱󲡕󳽉󱛽󴁳󸾋󴂞󱝥󵡂󹄥󸴔󸀅󵵙󽘜󲡱󲡕󳽉󲓣󲸜󸾋󱘻󹄟󱡽󸣧󵡂󹄥󵫬󱛖󱣭󵫞⼦󲔩󹪬󴲮󱝁󵏍󱘗󳋃󸊼󽘜󱯇󱝎󱝑󴥕󳿑󳑎󸶲󳋃󴇠󱾭󴤦󸳴󵏍󶻽󽘜󸳼󳌤󴊜󶌕
󱶴󸢸󳉰󵵙󱡋󵫞󱘈󵸍󲔩󲡱󳋕󲝿󹝬
u󵡂󹄥󴂞种󴲌󲅆󷁅󲼓󱛨󲃅󲘊󱾛󵫰󲇢󵵙󱙛󸉔󳻦󱝑󳿑󳑎󽘜󱲵󱳧󱻲󳙋󳽉󵵙58%35%󲃅31%󱿆󱘈󳿑󹪸󽘜󵡂󹄥󲔩󱻣󹪬󳌨󱘗󸼂󱙯󴃽󸸲󽘜43%󵵙󵫰󲇢󳻦󱝑󸶲󸳣
󱣭󵫞⼦󽘜22%󸶲󸳣󹛟󸀅󸱏󸢷󲔩󲼓󴀩󱳥󱛨󽘜󲡱󲡕󳽉󴴫󸣊󶻰󱡋󵫞⼦󳻦󱝑󲃅󹛟󸀅󸱏󸢷
󳽉研󴊜󴻣󾗜DataReportal󽘘2024󽘙PPRO󽘘2022󽘙󱜪󴤮󴄑󳍞EqualOcean
󳾾󱯄󳉲󲔿󾗜󹪬󴲮󳉲󲔿󱯜󸽩󵸒󲺧󱲵󳼵󽘜󳽉󲵗󳻦󱝑󹧞󴭁󺂿
0%
10%
20%
30%
40%
50%
60%
70%
80%
󷁅󲼓󱛨
󱻣󹪬
󱶩󶳖
󱶩󷥭
󶳖󶠼󴪒󱛨
󴲙󳉝󳉳󹮘
󷛀󶦬󳨐
󲕿󴐚󲼓󱛨
󸣯󴪒󱛨
󱳏󴋴󱯀󲃅󲓣
󲡕󲅆
󷚳󴐚󴪒󱭹
󺀊󳪹󶴗
󺀊󹄞
󱻵󴁃󸳋
󲼓󴀩󱳥󱛨
󱱽󱯜󱛨
种󴲌󲅆
󴪢󹄞󲛽󲼓󱛨
󶐓󲼓󳾼
󲘊󱾛
󱜪󴤮󴄑󳍞󾗜 2024󳌤󸽩󱲵󹪬󴲮󲓣󲸜󳽉󲵗󳻦󱝑󵵙󱜤󱿂󴪒󱡟
58%
31%
35%
16%
9%
17%
30%
28%
37%
43%
3%
10%
1%
29%
22%
20%
15%
2%
10%
20%
2%
14%
34%
8%
6%
种󴲌󲅆
󲘊󱾛
󷁅󲼓󱛨
󲼓󴀩󱳥󱛨
󱻣󹪬
󵡂󹄥 ⼦󹛟󸀅󸱏󸢷 󵫰󲵊󹚙󱹌 󱯇󱝎
󱜪󴤮󴄑󳍞󾗜󸽩󱲵󹪬󴲮󲓣󲸜󲔩󶳢󹧋󲆳󳻦󱝑󵵙󱲵󳉳󳜵󱰤
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)28
u󱛔󶴗󵿇󳻦󱝑󲒵󱯇󶘮󱻡󴎜󱱆󱹫󲇢󲸜󸳹󷞳󳦎󴉆󱟼󱝥󱾛务󲡼󹛟󸀅󲺧󲙨󶀥󲙨󶀥󸚤󳿗󵵙󳻦󳬐󽘜󲔩󱘯󱻣󱛨󴀞󲠦󱘗󲔩JuniperResearch󹲌󴳖󽘜󱳭2028󳌤󽘜
󱘯󱻣󱛨󳉲󲔿󵵙󱛔󶴗󵿇󳻦󱝑󲺽󲝿󹝬󸤥󸳣590%󽘜󳻦󱝑󲷩󲃅󳕯󱣭󳻦󱝑󲔩务󲓣󵵙󳦎󱶧󱰠󲷢󳘮󲔲󶁢󶓉󱛌󱛔󶴗󵿇󱿔󱝥󳰡󱶴󴴫󸣊󶻰󲡱󹄡󹄘󵫞󳽉󲵗󳻦󱝑
u󴄑󷃫󳧼󴉝󲃅󱛞󶾌󶶙󵵙󴃽󱾛󽘜󲔩󱘯󱻣󱛨󶶙󱘔󹛟󸀅󶌕󱶴󸢸󳉰󲃅󵫰󲵊󹚙󱹌󵵙󴸘󸶔务󱾥󳭇󱛌󹄟󸉔󱠓󵫞󸳣󱾂10󳌤󴊜󽘜󹄥󷺲󴉝󴋍󸢷󳧋󴸘󸶔󵠈󲔩󱘯󱻣󱛨󲓣󲸜󱚓
󱾬󳕅󱛌󹴘󸦀󲔩󱘧󵬓󹛟󸀅Findex󸉜󵷘󵵙9󱙂󲓣󲸜务󽘜󴈄7󱙂󲓣󲸜󵵙󹄥󷺲󴉝󴋍󸢷󳧋󸢷󳧋󴸘󸶔󵠈󳦕󶌕󱶴󸢸󳉰󸚥󹠝󵠈󺂿󱛖60%󽘜󶻽󲔩2011󳌤󱿌󴈄2󱙂󲓣󲸜
󳽉研󴊜󴻣󾗜󱘧󵬓󹛟󸀅Findex󱜪󴤮󴄑󳍞EqualOcean
󳾾󱯄󳉲󲔿󾗜󱘯󱻣󱛨󱛔󶴗󵿇󳻦󱝑󴃽󱾛󽘜󳰡󱶴󳽉󲵗󹚙󱹌󱡋󵫞
0%
20%
40%
60%
80%
100%
2011 2014 2017 2021
󶴨󵫳 󴍱󲘦󲺁 󶻩󳬿 󱼋󳍿󲼓󸉐󱛨 󷝉󳔳󲸪 󴱓󲓣 󸤫󱻣 󺀊󴊜󸉐󱛨 󳾾󱶩󲕸
󱜪󴤮󴄑󳍞󾗜󱘯󱻣󱛨󸽩󱲵󲓣󲸜󳫧󴈄󹄥󷺲纸󴋍󳦕󶌕󱶴󸢸󳉰󸢷󳧋󱻲󴪒󽘘15󲾉󱝥󱘔󱜤󱿂󽘙
󱜪󴤮󴄑󳍞󾗜󱛔󶴗󵿇󲃅󱛽󱛞󳸝󱠓󳘮󴦜󲔩󳰡󱶴󱘯󱻣󱛨󳽉󲵗󹚙󱹌󵵙󱡋󵫞
󱼋󳍿󲼓󸉐󱛨
󳾾󱶩󲕸
󺀊󴊜󸉐󱛨
󴱓󲓣 󷝉󳔳󲸪
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)29
u󸳼󳌤󴊜󽘜󱛨󴲮󱲡󵡂󱛌󾙔󸤥󶳊󳍟󵫞󾙕󽘜󳌨󸳞󸷀󱾥󲼾󽘜󸶲󸳣󳱠󱡹󱻟󸤫󵵙󲷱󳧋󱠅󺀪󲃅󱢲󱳥󳘮󽘜󳐫󶓉󱛌󳍱󲡱󵵙󵫞󳧋󶸩󸴐󷀦󴴁󵁱󱚓󸶗󴸐󸴔󱮧󱘯󱻣󱛨󽘜󳻦󱝑󸱒
󱝾󴵲󵷘󲡕󶋌󹄥󷺲󴈋󱶪󽘜󱝃󸣕󹄥󲵙󱩑󴭉󴥕󱳭󱣣󹢸󵫰󲇢󳻦󱝑󽘜󱶩󳗐󱘯󱻣󱛨󴴫󸣊󶻰󲀃󳽉󲵗󴭉󴥕󵵙󸳣󴸬
u󳙋󸽩󱟺󱛖󳾾󱶩󲕸󵵙󳨈󸱉󸱒󱝾Grab󽘜󵡂󲔩󴦜󲔩的󲡱󱯇󱜂󲄘󷕕󲓖󽘜󸉜󵷘󱳭󴭉󴥕󲃅󱯇󱝎󹄥󷺲󴈋󱶪󽘜2019󳌤󳰡󱲡󹚙󱹌󱳭󹚙󱹌󵵙󴭉󴥕󴈋󱶪󽘜󸴔󱮧󳻦󱝑󹲎󲘷
u󷝉󳔳󲸪󴇳󲡱󵵙󵫰󲵊󹚙󱹌GCash󴂞󱘈󱙂󱝥󹄥󷺲󱙚󴏮󳖒󵵙󸤥󶳊󳍟󵫞󽘜󵫬󳻦󱝑󲷩AyalaGroup󲃅󲓣󱯜󵫰󱣭󳱠󱡹󲇢GlobeGroup󵵙󱿷󸣕󱞒󱘭Mynt󳧟󴈄
u󴱓󲓣󵵙TrueMoney󹚙󱹌󱚓󴂞󱘈󱙂󹄥󷺲󸤥󶳊󳍟󵫞󽘜󴈃󴲿󵫞󳧋1400󱘑󽘜󵡂󲔩󴦜󳉿󴈦的󲡱󱯇󲔩务󲻎󳕯󱞒󱘭󹲎󲘷󵵙󸊿󴝘
󳽉研󴊜󴻣󾗜Statista󱜪󴤮󴄑󳍞EqualOcean
󳾾󱶩󲕸
󺀊󴊜󸉐󱛨
󸤫󱻣
󴱓󲓣
󱼋󳍿󲼓󸉐󱛨
󷝉󳔳󲸪
•1.8󱜪󵫞󳧋󽘜󴵲󵷘8󱙂󲓣󲸜
•󸤥󶳊󳍟󵫞app󽘜󳱠󱡹󱿎󸱉󴈋󱶪󹴚󲄘
󹀢󸵱󳽉󲵗󳻦󱝑󳗐󸶜󴈋󱶪󱣣󹢸󶖾
•󱿔󱝥封󸵱󲃅󳰚󳻱󴊜󷋩󵙖󲷢󱘯󱻣󱛨󲓣󲸜
󵵙󴭉󴥕
•1500󱘑󵫞󳧋
•󴭉󴥕󸢷󱻡󳻦󱝑󱛽󸶲󸣊󵫞󽘘󲤖󸶲󸀅
󸣊󲃅󱧃󸱉󸣊󽘙󱝥󱾛󸴔󸀅󶳢󱘔󶳢󱘕󲇢
󳧋󱝑󴥕
•3100󱘑󵫞󳧋
•󶳢󱘔/󶳢󱘕󲇢󲸜󱝑󴥕󲃅󴭉󴥕
•󱯐󲸣 14󱘑󱙂󳻦󱝑󵋠󱝥󱾛 70󲡕󲸜󹛟󸀅
󲃅󲓣󹢃⼦󶳧󶳪
•󸤥4000󱘑󵫞󳧋󽘜󴵲󵷘6󱙂󲓣󲸜
•󴭉󴥕󸢷󱻡󳻦󱝑󲇢󱘭󱝑󴥕
•封󸵱󲃅󳰚󳻱󸦸󲝐󴭉󴥕
•6000󱘑󵫞󳧋
•󴭉󴥕󲷫󱠅󲃅󲔩󶳢󲇢󳧋󱝑󴥕󱭴󱚩󲀀
󱝑󸢷󱻡󳻦󱝑
•󱜲󹢔󲓣󱯜󸱏󸢷󽘜󱿔󳰚󳻱󴴔󲡋󴭉󴥕
•󸤥1.1󱜪󵫞󳧋
•󶳢󱘔/󶳢󱘕󲇢󳧋󱝑󴥕󸱏󸢷󸢷󱻡󳻦󱝑
󲃅󴀞⼦󵡂󹄥󳱠󴥕
•󱜲󹢔󲓣󱯜󸱏󸢷󽘜󱿔󳰚󳻱󴴔󲡋󴭉󴥕
󳾾󱯄󳉲󲔿󾗜󱘯󱻣󱛨󸤥󶳊󳍟󵫞󸤬󱷘󴂲󵡂󽘜󴈄󴈦󳨈󶀗󳻦󱝑󴏵󲼘
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)30
uStripe󴂞󱮭󵢶󹲎󱭴󵵙󲔩󶳢󳻦󱝑󳌣󱿖󽘜2024󳌤󳻦󱝑󹲥󸤥1.4󱘑󱜪󶸁󱭬󽘜󴪒󱘔󳌤󲝿󹝬󱛌38%󽘜󵸒󳓓󱛖󱮭󵢶GDP󵵙1.3%󳉊󱿙󾗝
u󳻦󳬐󶍹󲷢󳉰󱾛AI󹴆󳰞󽘜󱙚󸦸󲝐󵫰󲇢󳱠󱡹󺂿󳼋󴉆󲔲󱹫󳻦󱝑󸋳󱰠󳿑󴐊󽘜󳑙󹲎󸦸󲝐󳻦󱝑󸀅󱘭󱳐󳾾
󳽉研󴊜󴻣󾗜Stripe󱜪󴤮󴄑󳍞EqualOcean
󴐊󱡟󾗜Stripe󱮭󵢶󳻦󱝑󵫑󳗷󱠅󶥚󵵙󹲎󷍵󶻰
󶘮󴁳 API󺀏󱶴󲝿󹝬
2010
󳌤
-2012
󳌤󾗜
󵫬Patrick󲃅JohnCollison󱳐󶓉󽘜封󳉳
󹺘󱙂󳻦󱝑API,󴀬󲔩󶘮󱹫󲔩󶳢󳻦󱝑󴳉󶌱
󲡕󱭬󱹫󳉳󲼘󱘙󲓣󹢃󳉲󲔿󸴔󱯺
2013
󳌤
-2018
󳌤󾗜
󳐴󲧅󳉳󲼘󱮭󵢶󳉲󲔿󽘜󳰡󱲡󲡕󱭬󱹫󱜂󲄘󽘜
󴈋󱶪󳌣󱿖󲖸󱞒󱘭󽘜󳻦󳬐󸦸󲝐󳻦󱝑󱘙󲡕󸢸
󳉰󱛽󴁳󽘜󳱠󱡹󵉔󴲿󲡕󴏬󵵙󳻦󱝑󶙸󵢻󳉉󱯉
󴋍󳐫󹄥󷺲󶋑󳩏󵫑󳗷󱠅󶥚
2019
󳌤
-2021
󳌤󾗜
󳉳󲼘󳄛󱮧󳑎󹄥󷺲󴈋󱶪󽘜󱙚󶁢󱣣󲶾󱮭󳘮󽘜
󸴏󲝿󱶩󱛌StripeRadar 󽘘󹡩󴥍󸚮󳉉
󱯉󽘙󽘜󳊱󱶵󱞒󱘭󱱙󲻒󹴆󹢸
󳉳󲼘󴉃󴊜󱘙󳬐󶴐󸴔󹡭
2022
󳌤
-
󷋼󱜻󾗜
󱝃󳻦󱝑󲠦󵢻󳌣󱿖󸳥󲀃󱮭󹪸󹄥󷺲󲙨󶀥󸚤󳿗
󳱠󱡹󲇢󲔩󹴆󹢸󶙸󵢻务󳑙󱮧AI󲃅纸󲏝󲵷
󱚕󳩏󴉊󽘜󱙋󲹃API󲃅󳉉󱯉
󳩏󴉊
󱳐󳾾
󱳓󴈮󶾙送务󲻎󱞒󱘭󲃅󳐴封󶻰󽘜󲀀󴈮󳰡󱲡󳌣
󱿖󳻦󱝑󶙸󵢻󳉉󱯉󽘜󴈋󱶪󳌣󱿖󲖸󱞒󱘭󽘜󸉜󵷘
󸤥100󱙂󲓣󲸜
󳐴封󶻰󱞰󱭴󳦗󵬽󱘙󵫑󳗷󴋍󳐫
󱛽󴁳󳧼󶴐󸣊󽘘2.9%+$0.30󽘙󱙚
󴏮󳖒󳻱󱮧󽘜󸣈󴥕󱘙导󴥍󸚮󶖾󲝿󱦊
󳻱󱮧2023󳌤󱻲󴪒󸳋35%
󲡕󱭬󱹫󳻱󱮧󶳶󴋍
󳻦󳬐135󶋌󸢸󳉰󱾛60󲓣󶌹󱶪󱿷󸊿󴈋󱶪󽘜󸶲
󸳣󱘗󲠦󵢻󸣕󹄥󴳉󵵙󾙔󶾙󱿷󳻦󱝑󾙕󴝘󳑎󽘜󸊿
󸺺󱿱󲓣󵷐󶙸󹢔󱳷󽘜󸉜󵷘120+󲓣󲸜
󴉆󲔲󱹫󱘙󱮭󵢶󱻙󱿻
󴝘󳑎
󱳐󳾾
Radar󶥚󶴂󱳥󵫞纸󲏝󲵷󱚕󽘜󳊱󱶵
󱞒󱘭󲺽󱛑󸚔󵠈󹢎󷋼0%󽘜AI󶳶󸢷
󲢼󱝾󱡋󸦸󲝐󸚈󱻡󸱏󱹫󵠈󳱠󱻏8%󽘜
󳻱󱮧󳌣󲕓󲝿󹝬17.8%
AI󺀏󱶴󵵙󹴆󳰞󱘙󳻦󱝑󱞰󱹫
󱛽󴁳󴀿󹠣󶵌󵾫󷋼󶋓󶳊󽘜󳧼󶴐󸣊󹢎󱟼󽘜󸵴󵫞
󱛖󱘯󱻣󱛨󶖾󳾾󱯄󳉲󲔿BNPL󱭴󱚩󲀀󱝑󴝘
󳑎󱡋󲡱󹲥󸚈󱻡󸱏󱹫󵠈󲝿󹝬30%󽘜󳦎󱙚󸦸󲝐
󵫰󲇢󲝿󹝬󵵙󴏮󳖒󺀏󱶴󱶣
󲷫󴀿󳻦󱝑󱘙BNPL󴝘󳑎
󳻦󱝑API󱜲󹧞󾙔7󸀅去󵿇󾙕󱼑󱿔󹥬󳦎󽘜󴋈󲡱
󹢎󱟼󱛌󳐴封󳦎󴉆󲃅󴀿󹠣󽘜󲁉󳑙󱛌󱮭󵢶󸤥󸳣
100󱘑󲸜务󲻎󱞒󱘭󱾛󳐴封󶻰
󳐴封󶻰对󲤊󵵙API󴌚󴋍
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󵸂󳓗
CONTENTS
󸦸󲝐󳻦󱝑󵵙󱾥󲼾󷁽󴃿󱘙󵡂󵚱󶴟󸵄
1.1󸦸󲝐󳻦󱝑󹧞󴭁󳬐󶴐󲝿󹝬
1.2󸦸󲝐󳻦󱝑󸊿󴝘󸋳󴋡
1.3 󶋑󳩏󱶩󸷀󸦸󲝐󳻦󱝑󱾮󹫁
01
务󲓣󸦸󲝐󳻦󱝑󳉲󲔿󴷠󳍿󱲵󴋡
2.1󱜤󴫸󳉰󳻦󱝑󸊿󴝘󸴗󳌤󲝿󱶩
2.2󸦸󲝐󵫰󲇢󳦎󱙚󳾾󺀏󱶴󱶣
02
󱮭󵢶󸦸󲝐󳻦󱝑󳉲󲔿󱺴󲘷󴲐󲹬
03
󸦸󲝐󳻦󱝑󴉃󴊜󱾥󲼾󸤬󱷘
4.1󸦸󲝐󳻦󱝑󳩏󴉊󹫁󳾾
4.2󸦸󲝐󳻦󱝑封󲼾󳿑󲀃
04
3.1󳦎󵒠󳉲󲔿󾗜󱹭󶸁󴤮󴲮
3.2󳾾󱯄󳉲󲔿󾗜务󱘯󹪬󴲮󱘯󱻣󱛨
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)32
u󲷫󴀿󳻦󱝑󱛽󱛞󳸝󱠓󳘮AI󸣜󷃫󴂞󸦸󲝐󳻦󱝑󵵙3󱙂󳾾󸤬󱷘󲔩󳓓󱜻󱮭󵢶󶳲󴳙󱘈󱠅󱹫󷁽󴃿󱘕󽘜󱞒󱘭󸦸󲓣󸳹󷞳󹪸󱙑󳻦󱝑󶥚󶴂󴎜󱱆󱘗󱘈󴥍󸚮󱘙󱿷󸊿󹴆󹢸
󶖾󳬬󳦗2025󳌤󽘜󳐴󳻿󹛟󸀅API󳰚󱿂󴃽󱾛ISO20022󴎜󱱆󳍟󵫞󱝥󱾛󸀅󱘭󱻙󱠓󱞰󱹫󽘜󳰡󱶴󱛌󳻦󱝑󶥚󶴂󱛞󳸝󱠓󳘮󳱠󱻏󽘜󹢎󱟼󱛌󱛽󴁳󳦎󴉆󽘜󵄉󱾥󱛌󱳐󳾾
󴲿󱶣󱿻󴀿󽘜󱜤󳉉󴄑󷃫󽘘AI󽘙󱘙󴉝󲏝󲵷󱚕󽘘ML󽘙󳩏󴉊󲔩B2B󳻦󱝑󹲎󲘷󵵙󳍟󵫞󽘜󲷫󵡂󱛌󲷫󴀿󴥍󸚮󴓍󴳖󲃅󷋩󱶴󱹫󱿷󸊿󴳉󶌱󽘜󲡱󳋕󹢎󱟼󱛌󹴆󹢸󱘙󳦎󴉆
󳽉研󴊜󴻣󾗜󱜪󴤮󴄑󳍞EqualOcean
󳩏󴉊󹫁󳾾󽘜󳊥󴊜󸦸󲝐󳻦󱝑󳾾󸤬󱷘
•󲷫󴀿󳻦󱝑󽘘RTP󽘙󴦜󳻷󱾮󱞒󱘭󱛽󴁳󳿑󳑎 RTP󳻦󳬐
7×24󲻎󴀿󲷫󴀿󸱏󸢷󽘜󱛽󴁳󲠦󵢻󱘙󶳶󶙟󱜲󹧞󳽉󶋓󽘜
󴴫󹢲󱛌󱞼󶴂󳻦󱝑󳐢󸴘󽘜󱡋󱞒󱘭󷃫󲷫󴀿模󳦎封󶈑󶳶󶙟
󱡹󳍟󲇢󱝑󴥕󱾛󲺧󸢷󲺧󱛖󱡽󸣧󺂿󳼋󵡂󹄥󴳉󲃅󳗐󸷀󳻦
󱝑󶁢󸚊󵵙󱞒󱘭󽘜RTP󷋼󱯃󹄟󸉔󹤆󵺂󱞒󱘭󲺧󳻦󱝑󸷀
󳍿󸶔󴁩󳍿󲃅󳼋󵠈󵵙󸉔󴭁󳱠󺂿󽘜󱮭󵢶󲺧RTP󵵙󹧞󴭁
󸳞󸷀󳺆󱻏󱯇󴏮󳖒󺀏󱶴󱶣󴂞󱞒󱘭󲺧󱞰󱹫󵡂󹄥󴳉󳱠
󱻏󲷱󳧋󱠅󺀪󲃅󱱙󲻒󱜤󳉉󲺧󸢷󵵙󸴷󱲸󹧞󴭁
•󲼕󶙸RTP󱾬󳕅󴂲󷠝󸴔󲼾󽘜󱟯󳌼󴰭󳍟󵫞󱝁󹪸󱙑󳬬󳦗
󸴐󱛩󳬬󳦗󱹌󳫮󲙨󶀥󸚤󳿗󱻏󶳊󹧞󴭁󵷐󶙸筛󶗜󱾮󱹫󱝥
󱾛󳾾󶥚󶴂󱘙󱞼󶴂󳻦󱝑󲙨󶀥󸚤󳿗󹥬󳦎󵵙󲠶󴉨󳘮󱘗󸳣󽘜
ISO20022󴎜󱱆󵵙󳰡󸀅󴦜󲔩󸶗󴦠󴴫󹢲󸴐󱛩󹤜󶂐󸛋
󴎜󱱆󱙚󱮭󵢶󳻦󱝑󱣭󳚣󱞼󸱶󳱠󱡹󶴂󱘈󴏵󳑎󽘜󴂲󷠝󲝿󳒣
󱘗󱿻󳻦󱝑󶥚󶴂󹠣󵵙󱛞󳸝󱠓󳘮󽘜󱙚󱮭󵢶󲷫󴀿󳻦󱝑󵵙󳗐
󸷀封󲼾󹛣󳌣󱛌󸹅󸧀
实时支付
•󲔩󱮭󵢶󶳲󴳙󶦳󲸺󶾌󶥚󵵙󷁽󴃿󱘕󽘜󱞒󱘭󸦸󲓣󸳹󷞳󹪸󱙑
󲡕󴏬󱹫󳻦󱝑󶥚󶴂󳊥󴊜󵵙󳬬󳦗󱘗󱿻󳻦󱝑󶥚󶴂󴎜󱱆󱿱
󳐸󱻙󸚔󱘗󱘈󽘜󶻽󶥚󶴂󹠣󵵙󱛞󳸝󱠓󳘮󴂞󲷫󵡂󺂿󳼋󱮭
󵢶󳻦󱝑󵵙󱯃󹜗2025󳌤󽘜󳐴󳻿󹛟󸀅API󳰚󱿂󵵙󴃽󱾛
ISO20022󴎜󱱆󵵙󳍟󵫞󱝥󱾛󸀅󱘭󱻙󱠓纸󱳷󵵙󱞰󱹫󽘜
󲺽󱯀󱿻󳰡󱶴󳻦󱝑󶥚󶴂󱛞󳸝󱠓󳘮󳱠󱻏󸴐󱘗󱜲󹢎󱟼󱛌
󲺧务󱜾纸󴋍󵵙󱡽󸣧󽘜󱴕󱱙󱛽󴁳󳦎󴉆󽘜󶘮󱹫󱮭󵢶󳻦󱝑
󴳉󶌱󽘜󸴏󵄉封󱛌󱳐󳾾󴲿󱶣󽘜󱙚󱞒󱘭󳐴󳫋󱮭󵢶󳉲󲔿󱳐
󸷄󴇠󳌼󹡃󶐀󹠣
•󲔩󲓣󹢃󲼜󹪸󽘜󲓣󹢃󴸂󶙟󹛟󸀅󱳐󳾾务󳖒󱙛󲺬󵵙Nexus
󹲁󵸂󴦜󲔩󴋍󳐫󾙔󸱑󴩪󸱑󸱗󾙕󴝘󳑎󽘜󸴗󳰚󱮭󵢶󲡕󱙂
󲓣󱯜󱼑󴀿󳻦󱝑󶥚󶴂󽘘IPS󽘙󸛋󹲁󵸂󲔩󲷫󵡂󱛞󶾌󱛞
󸶲󴎜󱱆󱹫󵵙󱿻󴀿󽘜󹄟󵋠󸋳󱰠󵷐󶙸󱻙󸛩󲃅󳽉研󲶾󱮭󶖾
󹥝󹲠󽘜󱭯󱲵󱠅󵡂󱛌󸀅󱘭󱙚󳨈󸷄󴀞󶵀󱘣󱿔的󲼾󵵙󱮭󵢶
󳻦󱝑󶶙󶳿󳧟󱦿󱲡󵵙󱻙󱠓󱘙󱶷󱶣
交互操作性
•󲔩B2B󳻦󱝑󹲎󲘷󽘜󱞒󱘭󹪸󱙑󴥍󸚮󱘙󱿷󸊿󹴆󹢸󽘜󱟯󱜤
󳉉󴄑󷃫󽘘AI󽘙󱘙纸󲏝󲵷󱚕󽘘ML󽘙󳩏󴉊󵵙封󲼾󳊥󴊜
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󴀿󴓍󴳖󴥍󸚮󵪗󱳧󳐸󳋃󳌨󹲌󴳖󴥍󸚮󸀅󱙚󽘜󱿻󴀿󷋩󱶴
󸺞󲶼导󴲅󹚙󽘘AML󽘙󲃅󱛌󸋳󱠚󵵙󲷱󳧋󽘘KYC󽘙󶖾󴰢
󸊿󸴐󱘗󱜲󲡱󳋕󱱙󲻒󱛌󱜤󱶣󳦎󴉆󽘜󸴏󳱠󺂿󱛌󱱆󶁢󳘮
󳌨󴇳󲡱󹢔󳍿󲔲󹢎󱟼󱛌󹴆󹢸
•󹪸󲺧󲠶󴉨󴥍󸚮󳧼󴩐󽘜AI󵵙󷋩󸵴󳍟󷃫󱶣󷋼󱯃󹄟󸉔
󳦎󱶧󳍟󵫞AI󹧞󸉔󱘻󴏵󵵙󳽉研󴯼󵢻󲃅󲷢󴈮󵷐󳰞󽘜󱝥󶁢
󱣣󱯇󶣖󱱆󳘮󱯇󳍟󵫞󲔿󴃿󱹌󳫮󲷫󴀿󱛽󴁳󵷐󳰞封󶈑
󴥍󸚮󸚬󱳧󱳷󸃋󱿽󱻡󶗤󴍦󱾛󹴆󹢸󸚪󱟏󶖾󸴐󱛩󳉉󱯉
󲔩󳱠󱻏B2B󳻦󱝑󲶾󱮭󳘮󵵙󱿻󴀿󽘜󱚓󱙚󱞒󱘭󱳐󸷄󱛌󹢎
󴉆󲝿󳼋󵵙󸳹󷞳󱞀󱦊
AI赋能
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)33
u2025󳌤󽘜󸦸󲝐󳻦󱝑󸀅󱘭󲺽󸳴󴊜󴂲󷠝󵵙󸀅󱘭󴿖󱾮󲔩󱮷尽󷺲󸣕󳿑󹪸󽘜󱘙2024󳌤󲒵󳉲󲔿󵚱󱰤󶻽󶾙󵎬󱿷󳌨󱘙󱲵眎󱘗󱿻󽘜2025󳌤󲺽󲁤󵡂󱮷󱯀󳉲󲔿󸴔󱲡󴇠󱙚
󹲙󶯷󵵙󲼘󹪸
u筛󶗜󱳷󲷢󶻰󲔩󴉃󴊜󱘈󳌤󱾛󱝥󲀀󲺽󱾥󳭇󴇠󲡱󱠓󵫞󽘜󱙚󱞮󲡕󸦸󲝐󳻦󱝑󱾍󱘙󶻰󱳷󲷢󸊿太󽘜󲔩󲷢󱞀󲃅󱛽󳮤󸣊󱘔󽘜󶳼󱲡󴇠󱙚󱘻󴏵󵵙󲷯󴍦󲃅󵷐󶙸󳰤󳿗
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󸚯󸚢󸴐󱛩󱙠󳰤󴀬󲔩的󲡱󱮭
󵢶󷕕󲓖󱯜󵵙󲷯󴍦󱶣󳍿󽘜󵙖󱳧
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󵵙󷁽󴃿󱘕󽘜󱿔󷃫󳑙封󱯇󱝎󲔲
󱺴󴇠󲡕󱯃󴱅
󲼾󴈦󴉃󴊜󽘜󸦸󲝐󳻦󱝑󴉃󴊜󵵙󱾥󲼾󳿑󲀃
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)34
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󱜪󴤮󴄑󳍞󽘘EOIntelligence󽘙󴂞󱜪󴤮󴀌󱘕󵵙󵿨󶏶󱘙󲃱󸛈󴉝󴋍󱙚󱮭󵢶󱞒󱘭󲃅筛󳍯󱰠󶗜󶻰󳱠󱡹󸀅󱘭󵿨󶏶󳩰󸣕󱲵󴋡󲃅󱳐󳾾󲃱󸛈󴈋󱶪󱜪󴤮󴄑󳍞󲺧󱴙󴰁
󹲎󲘷󱣣󳬐󵺂󳼖󹛹󵵙󴲐󲹬󽘜󱯉󴈄󵛾󱳐󵵙󳿑󴰢󸚠󲃅󴝘󲖸󽘜󴈋󱶪󷃫󱶣󲃅󸢹󹄡󷛇󳕅󲷱󳧋󵵙󳌼󴰭󸚊󱿔
󱜪󴤮󴄑󳍞󹝬󴈮󴷠󶼎󴴔󲡋󳉲󲔿󳾾󶋑󳩏󴴫󸣊󲡱󱧕󳎡󴮝󸱉󱲡󸀅󱜂󱘭/󳉉󱘭󹄥󷺲󶃌务󲃅󶖾󹲎󲘷󽘜󴀌󱘕󸳼100󱿽󱲵󴋡󳉸󲕓󴪔󱘭󱛖󱿽󴏆󽘜󶴀󲡱󲡕󳽉
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󳑙󵫞
󱝥󱘢󱘭󱙚󴉆󽘜󱥗󱶵󱜪󴤮󶶙󲃅󱜪󴤮󲓣󹢃󶶙󶓡󵵙󱞼󳷥󱞰󱷘󽘜󱜪󴤮󴄑󳍞󵵙󵿨󶏶󳦎󴋴󲔩󳔈󲄨󱶣󱘔󳔤󳔤󳽉󱤵󱛖󱿻󸀅󱿻󴀿󽘜󱜪󴤮󱯜󸽩󳫧󴈄󱘈󱙂󵫬󳽉󱘑󱿽󶋑󳩏󲃅
󱜂󱘭󺂿󶔏󱘢󲸜󴋍󳦎󵵙󸣕󴻣󳍞󽘜󱡋󱜪󴤮󴄑󳍞󵵙󵿨󶏶󲃅󲃱󸛈󴈄󳒣󲡱󳻦󳶳󽘜󴇠󱯉󴲐󲹬󳘮󲃅󷟦󲔲󳘮
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Email󾗜sunyisong@iyiou.com
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)35
u󵗽󴉪󲠏󴁩󾗜
󴉆盟󲁨󳧟󹄘󵫞󵵙󳽉研󲕓󴊜󷋩󱿷󸊿󴸩󸹅󽘜󱲵󴋡󸸅󸱴󲙨󱛖󴄑󳍞󵵙󱘢󱘭锐󸋳󽘜󴸂󴄁󱱆󶁢󲔲导󴂆󱛌󱠓󶻰󵵙󵿨󶏶󸊽󵋠󴉆盟󲁨󱜲󲔩󵸒󱯃󴰢󳔳󸚞󱿔󵵙󳜵󱰤󱘕󱾥󳻿󽘜
󳌨󱜲󱙚󳱠󱡹󱣭󳚣󶻽󱾥󳻿󽘜󴘬󱘗󴋍󳦎󱞄󱠇󳌼󲁨󲔩󱞄󱠇󳜵󱰤󱘕󽘜󴉆盟󲁨务󵵙󱣭󳚣󳦕󳧟󸀮󸵄󵵙󳞲󸊼󲕓󱘗󴋍󳦎󲺧󱞄󱠇󱜤󵵙󳩰󸣕󳐫󸚔󴉆盟󲁨󵵙󱣭󳚣󴊜󴻣󱛖
󳉛󱮷󳐴󵵙󸣕󳾒󽘜󱜪󴤮󴄑󳍞󲺧󸛋󶖾󱣭󳚣󵵙󱱆󶁢󳘮模󳽏󳘮󳦕󱿔󹪲󳘮󱠓󲼕󱿔󷃫󵵙󸵦󴭁告󱘗󱠓󱞄󱠇󱣣󸚧󴉆盟󲁨󳧟󸱠󵵙󸣕󳾒󳞲󸊼󱾛󳰡󴳖󱜲导󴂆󱜪󴤮󴄑󳍞
󱛖󱾥󳉳󴉆盟󲁨󳓓󴀩󱙴󱴙󵵙󱳝󳾸󽘜󲔩󱘗󱿻󴀿󴈮󽘜󱜪󴤮󴄑󳍞󱿔󱾥󱲡󱘙󴉆盟󲁨󳧟󸱠󸣕󳾒󳞲󸊼󱾛󳰡󴳖󱘗󱘈󷋾󵵙盟󲁨󱜪󴤮󴄑󳍞󱘗󱣣󸚧󴉆盟󲁨󳧟󲀯󱣭󳚣󱣣󳬐
󲔩󴇳󳾾󵚱󳗷󱿻󴀿󽘜󱜪󴤮󴄑󳍞󲺧󴉆盟󲁨󳧟󲀯󱣭󳚣󱿔󲔩󱘗󱾥󱲡󸶲󵾝󵵙󳜵󳓯󱘕󱦿󱲡󱣾󳻷󽘜󸛡󶻰󱿔󷋩󸀅󱯃󴱅󵸒󳍟󵵙󴇠󳾾󳦕󱣾󳻷
󴉆盟󲁨󵗽󴉪󳓒󲽊󱛖󱜪󴤮󴄑󳍞󽘜󴤦󸳴󲒵󵿨󶏶󹧞󸉔󳑙󵫞󴉆盟󲁨󱯜󲸣󽘜󳑙󵫞󴀿󹧞󴱅󴁩󱲡󲠦󱙚󾙔󱜪󴤮󴄑󳍞󾙕󲺧󱛖󴉃󴱅󴁩󴊜󴻣󵵙󳑙󵫞󵷙󵫞󶛵󳻷󱝥󱾛󱯇󱝎
󱢡󵚩󱜪󴤮󴄑󳍞󷠝󱠓󴉪󵵙󲇢󱘭󸀅󱙚󽘜󱜪󴤮󴄑󳍞󲺽󱣣󵬧󸵦󶏶󱯇󴰢󳔳󸢴󱞄󵵙󴉪󱳥
󱯃󱛖󱜪󴤮
u󱯃󱛖󳦏󱝭󾗜
󱜪󴤮󴂞󱘈󲸜󱘢󴱅󶋑󳩏+󱜂󱘭+󳩰󸣕󵵙󱣭󳚣󳌣󱿖󲃅󴄑󳍞󾗝󳦎󶓉󱛖2014󳌤2󴈃󽘜󳙋󸽩󱟺󱛖󱹭󱜊󽘜󲔩󱘔󴴔󴷠󲔶󱻣󱜊󶳠󶳉󸚤󴈄󱲵󱮷尽󱜪󴤮󶓉󸥩务󲓣
󳔈󲄨󱮭󵢶󽘜󵫞󳧋/󲷱󳧋󸉜󵷘󸤥󸳣50󱙂󲓣󲸜󳦕󲔲󱺴
󱜪󴤮󴀌󱘕󵵙󱜂󲄘󲃅󴈋󱶪󱹌󳫮󾗜󱣭󳚣󳌣󱿖󱜪󴤮󶶙󽘘iyiou.com󽘙󱜪󴤮󲓣󹢃󶓡󽘘EqualOcean.com󽘙󵿨󶏶󲃅󲃱󸛈󴈋󱶪󱜪󴤮󴄑󳍞󽘘EOIntelligence󽘙󽘜
󱜂󱘭󲃅󳩰󷺲󸣕󳽉研󱜂󲄘󱜪󴤮󳽉研󽘘EOData󽘙󾗝󸀅󱘭󲖭󵸍󲵊󱮷尽󱜪󴤮󲡱󱧕󳎡󽘘EOHealthcare󽘙󲃅󱜪󴤮󴮝󸱉󽘘EOAuto󽘙󶖾
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)36
u󴏮󳖒󱞰󱷘󾗜
EqualOcean󵵙盟󲁨󱞼󳷥󳌼󽘜󱘣󲃅󹱾󲻛󲵷󴉊󴉝󴋍󽘘󲤖撑󴀪󲡱󲵷󽘜󴳥󴭱󲡱󲵷󽘙󽘜󲷞󳿑󲮏󱠅󴈄󱿷󱠓󽘜󸽩󱲵盟󲁨󱿔󵸍󳰚󱾥󶳼󱳭筛󳍯󹲎󲺬󱦿󱾍󶻭󱲋󱥗󳌼
󴰭󵵙󴴔󲡋󱜤󵸴󶶙󶳿󱘙󴷠󳍿󸛩󵿨󽘜󴪇󴈃󱜂󱲡󱲡󴴔󵌻󹠗󲓣󲸜󴷠󳍿󵿨󶏶盟󲁨󽘜󴵲󵷘󱼋󲼓󸤫󱻣󴱓󲓣󴀩󴉆󽘞󴯋󵙖UAE󷁅󲼓󱛨󽘜󲞐󸉐󲅆󳉝󸉐󷔪
󲓣󳕿󲓣󲔝󵸂󱯇󶖾󲓣󲸜
EqualOcean󵸍󸴗󱲡󴴔󱮭󵢶󱹫󳿑󲀃󵵙󱰠󶗜󶻰󽘜󹄟󵋠󲷱󳧋󵵙󶎔󱝾󱿔󱻙󸛩󲔩EquaIOcean󴏮󳖒󴸩󸹅󽘘󱲡󴴔󱮭󵢶󱹫󵵑󱜤󱞵󶇃󶸩󱳐映󱿷名󱜤󵵙󱙂󱜤󶇃󱛽󴸩
󸹅󽘙󱞼󳷥
EqualOcean󱾥󸤑󵵙 󱲡󴴔󱮭󵢶󱹫󵵑󱜤󱞵 (GGC100󽘙󴂟󱲡󴴔󱮭󵢶󱹫󳿑󲀃󵵙󹱾󶳊󶳧󶳪󲃅󶇃󶸩󽘜󶾙󳩁󱛌󴇳󴈄去󸀮󳘮󵵙󱞒󱘭󲸜󳩰󸣕󱜤󽘜󲵷󶻰󲮏󱠅
󱜤󱲡󴴔󱮭󵢶󱹫󵵑󱜤󱞵󹄘󱾬󸺽󸛝󱳷󽘜󱘻󴏵󲷯󴏮󳦎󲁸󵵙󸣕󸢹󳌣󴀿󸶲󸳣󶳧󶳪󸋁󹲙󵸍󳷥󽘜󶊺󲸺󹹯󲼘󶊺󶓺󱞵󴴔󲡋󴹘󲵷󶖾󶳢󱘔󶳢󱘕󴲿󱶴󱡋󳦎󲁸󱙴
󹠣󱛽󳮤󳘝󳝾󸳋󳦎󵸒󱯃󱿷󱠓EqualOcean󱾥󸤑󵵙󱲡󴴔󹱾󶳊󴈋󱶪󲇢󹲁󵸂󽘜󶗤󸶆󱲡󴴔󱮭󵢶󱹫󳿑󲀃󱿱󵡁󷐽󴈄去󸀮󳘮󵵙󴈋󱶪󲇢󱠓󱙚󶦳󲸺󱿷󱠓󱟤󱟗󽘜
󲷫󵡂󱯀󸣳
󱯃󱛖EqualOcean
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)37
u󲙨󱛖󷋩󸬈󵵙󵿨󶏶󲃅󲃱󸛈󷃫󱶣󽘜󱿻󴀿󱥗󱶵󱜪󴤮󶶙󲃅󱜪󴤮󲓣󹢃󶶙󶓡󵵙󱞼󳷥󱞰󱷘󾗝󱜪󴤮󱙚󱳐󱘭󱮷尽󲡱󲖸󱞒󱘭筛󳍯󴉝󴋍󴉝󴋍󳩰󸣕󶻰󶖾󲷱󳧋󶡌󲖸󳱠󱡹󴈄
󹙰󲺧󳘮󵵙󴈋󱶪
u󱳐󱘭󱮷尽
󱜪󴤮󴀌󱘕󵵙󱜪󴤮󶶙󲃅󱜪󴤮󲓣󹢃󶓡󴂞󱳐󱘭󱳐󳾾󹲎󲘷󵵙󵾝󱿽󱣭󳚣󳌣󱿖󽘜󴂞󱿱󶡌VC󴉝󴋍󱜂󱘭󲙨󹄥󱳐󱘭󶻰󲃅筛󳍯󱜂󱘭󸽩󹠗󹄟󵋠󱯃󴱅󵵙󳌣󱿖󱳐󱘭󱮷尽󸂥
󱜪󴤮󶶙󲃅󱜪󴤮󲓣󹢃󶓡盟󸹅󲀀󽘜󷃫󷛇󳕅󳉎󲡱󵵙󲄘󵘆󴆶󱭶󽘜󴈄󱳥󱛖󹢎󱟼󷺲󸣕󸳣󶌱务󵵙󸋳󹄛󳦎󴉆󾗝󱿻󴀿󽘜󲺧󱛖󲁉󳑙󱘔󱘕󴹘󱿷󱠓名󱟗󱾛󳫙󱸌󱜤󳧿󴈄󶌅󴋈󱠓󵫞
󲺧󱛖󱞰󸢹󵵙󱳐󱘭󱮷尽󽘜󸴏󱿔󱝥󱠓󱙚󴐊󱡟󶳖󱮧󱜪󴤮󴄑󳍞󵵙󵸒󱯃盟󲁨󽘜󴎧󶓉󴉪󲩎󵵙󸀅󱘭󲔲󱟺
u󲡱󲖸󱞒󱘭
󱲋󱥗󲺧󶋑󳩏+󱜂󱘭+󳩰󸣕󵵙󴷠󱴁锐󸋳󽘜󱜪󴤮󹢲󱛌󱙚󱘈󱛩󲡱󲖸󱞒󱘭󳱠󱡹󲄘󵘆󴈋󱶪󲡋󽘜󴇠󲡕󲔲󲙨󱛖󷋩󸬈󵵙󵿨󶏶󷃫󱶣󲃅󶖇󱘓󳿑󸋁󸋎󽘜󱙚󲡱󲖸󱞒󱘭󳱠󱡹󸀅󱘭󵿨
󶏶󵫞󳧋󵿨󶏶󳩰󸣕󱲵󴋡󲃅󱳐󳾾󲃱󸛈󶖾󴈋󱶪󱿻󴀿󽘜󱜪󴤮󴈄󲷫󴀿󴇠󳾾󵵙󱜂󱘭󳽉研󳍞󲃅󳌼󴰭󵵙󹛧󳰚󷃫󱶣󽘜󷃫󱙚󲡱󲖸󱞒󱘭󸴔󸀅󱜂󲄘󷟦󲔲󲃅󳉳󲼘󵫑󳗷󳱠󱡹
󳻦󳬐
󱜪󴤮󴈋󱶪
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󷛇󱾬󴇠󲡕󶴗󳍿󳪄󲁨󳽉研󽘜󸛝󸚥󹠝󱜪󴤮󶶙 (www.iyiou.com)38
u筛󳍯󴉝󴋍
󹙰󲺧筛󳍯󶡌󲷱󳧋󽘜󱜪󴤮󳱠󱡹󲒬󶡌󴈋󱶪󾗜󱘈󴂞󹙰󲺧筛󳍯󹄟󵋠󱯃󴱅󵵙󹲎󲘷󳱠󱡹󱜂󱘭󳜵盟󽘜󴒺锐󵙖󲷢󱜂󱘭󲔩󲓣󱯜󲡋󵵙󱶴󳗷󲃅󱴙󴰁󸤬󱷘󽘜󱙚󵸒󱯃筛󳍯󹲎󲺬󳱠
󱡹󴄑󳍞󲡋󷄑󱛔󴂞󴏰研筛󳍯󵵙󸉔󴭁󽘜󶳧󶳪󵸒󱯃󱜂󱘭󵵙去󸀮󳘮󱞒󱘭󲃅筛󳍯󴉝󴋍󴯓󸶲󱛽󴳉󽘜确󸚎󱿷󱠓󴉝󱞵󾗝󱘓󴂞󹙰󲺧筛󳍯󴉝󴋍󲃅󴀌󱘕󵵙󱜂󱘭󲓊󱺴󽘜󳱠󱡹
󴈄󹙰󲺧󳘮󵵙󱜂󱘭󲙧󸚓󽘜󳱠󱻏󸀅󱘭󸚊󵾝󳱠󺂿󳫙󲇢󲃅󴈋󱶪󲘷󱯜󱞒󱘭󵵙󴬱󳌣󾗝󲒬󴂞󸱨󱶵筛󳍯󴉝󴋍󱦿󱜂󱘭󸊿󱳃
u󴉝󴋍󳩰󸣕󶻰
󱜪󴤮󹢲󱛌󴈄󳒣󲡱󵵙󱲵󴋡󳉸󲒺󹡎󲡋󽘜󱿆󲡋󴈄󱘈󱙂󸤥󸳣15000󱿽󱘢󲸜󵵙󸣕󴻣󳍞󾗝󷃫󱙚󴉝󴋍󳩰󸣕󶻰󳱠󱡹󱘢󲸜󲃱󸛈󲃅󴎜󵵙󸛩󵿨󴈋󱶪󽘜󱱙󲻒󳩰󸣕󸳣󶌱务󵵙󱣭
󳚣󱘗󲺧󶌇󽘜󱦿󱲡󴦜󶁢󵵙󳩰󸣕󱰠󶗜
u󴤦󸳴󱿷󱠓󹧞󴭁󳿑󶾌󶥚󳦏󱝭󽘜󱘈󸤑󳴡󳧼󸴔󴦠󾗝󵫰󸛃 010-53321289󽘜󸼒󶚓 zhengxinran@iyiou.com
󱜪󴤮󴈋󱶪
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󶶙󲕈󾗜https://www.iyiou.com/research
󸼒󶚓󾗜hezuo@iyiou.com
󵫰󸛃󾗜010-53321289
󱹭󱜊󾗜󱹭󱜊󳉲󴈫󹡪󱺴󱯃󳍆󸧀2尼󹢯务󱯃络󶋑󳩏󴈋󱶪󲡱󱽛C󳎁4󲼜󽙬 󱘔󴴔󾗜󱘔󴴔󳉲󳔼󴭉󱺴聚󳌣󸧀391尼󳾾󴿗󴯯󴱤󲓣󹢃󲇢󱶪务󳖒B󳎁1703
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