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China key to Currencycloud Asia-Pacific growth
XTransfer, Visa division collaborations expand fintech’s range of payments solutions
The Asset 27 Sep 2023

Fintech payments company Currencycloud has more than tripled its Chinese customer growth rate across the Asia-Pacific region since establishing its Asia-Pacific headquarters in 2021, with its Chinese client base expanding from 4 to 12 organizations across the region.

China, as one of the world’s largest economies, the fintech notes, plays a pivotal role in cross-border transactions and currency flows as the country’s rapid adoption of digital payment methods, along with the rise of e-commerce, has led to a substantial increase in the volume of cross-border transactions in recent years.

The fintech is also collaborating with local partners and institutions to drive advancements in cross-border payments and multi-currency account management. To that end, it has partnered with XTransfer, a fintech headquartered in Shanghai, to render one-stop, cross-border financial and risk management services to small and medium-sized enterprises.

This partnership, the company notes, comes following the launch of Visa Cross-Border Solutions, a division of Visa, which combines the parent firm’s existing cross-border and cash management solutions with those of the Currencycloud, which Visa acquired in late 2021. This division will offer sophisticated cross-border money movement solutions to banks, fintechs and corporates and is a major part of the fintech’s strategy in China and Asia-Pacific more generally.

The solutions suite will enable a range of capabilities, including receiving payments in multiple currencies, foreign exchange with persistent and real-time rates, multi-currency wallets that hold more than 35 currencies, and the ability to send payments to more than 180 countries.

 

 

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