Currencycloud, the Fintech focused on simplifying business in a multi-currency world, has more than tripled its Chinese customer growth rate across Asia-Pacific since establishing its APAC headquarters in 2021, “with its Chinese client base expanding from four to 12 organisations across the region.”
As one of the largest economies, China plays a pivotal role “in cross-border transactions and currency flows.”
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.”
Rohit Narang, VP of Visa Cross-Border Solutions, APAC, said:
“China stands as a pivotal cross-border market poised to emerge as the epicentre of a flourishing fintech ecosystem. We aim to continue facilitating swift and seamless transactions with higher visibility, at lower costs and greater interoperability for our customers.”
Currencycloud is also collaborating “with local partners and institutions to drive advancements in cross-border payments and multi-currency account management.”
To that end, Currencycloud has partnered with XTransfer, “a financial technology company headquartered in Shanghai, China, to render one-stop, cross-border financial and risk management services to small- and medium-sized enterprises (SMEs).”
Violas Xiao, Singapore CEO of XTransfer, said:
“The seamless integration of our payment collection service with Currencycloud’s plug-and-play platform optimised our payments infrastructure, enabling us to elevate our service offerings and expand our clientele to countries such as Canada, Europe, and the United States. We are also able to provide customers with accelerated trade cycles and streamlined payment flows through Currencycloud’s APIs, simplifying our clients’ experiences while reducing our operating costs by 80 percent.”
The news comes following the announcement of Visa Cross-Border Solutions, a division of Visa Inc, which “combines the best of Visa’s existing cross-border and cash management solutions with those of Currencycloud, which it acquired in late 2021.”
Visa Cross-Border solutions, which will “offer sophisticated cross-border money movement solutions to banks, fintechs, and corporates, is a major next step for the firm’s strategy in China and the Asia-Pacific region more generally.”
The solutions suite will enable “a range of capabilities including receiving payments in multiple currencies, foreign exchange (FX) 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.”