Currencycloud, the fintech company that specializes in simplifying business in a multi-currency world, has experienced significant growth in its Chinese customer base since establishing its APAC headquarters in 2021. The company’s Chinese client base has expanded from four to 12 organizations across the region.
China plays a crucial role in cross-border transactions and currency flows due to its status as one of the largest economies in the world. The country’s rapid adoption of digital payment methods, coupled with the rise of e-commerce, has led to a significant increase in the volume of cross-border transactions in recent years.
Rohit Narang, VP of Visa Cross-Border Solutions in APAC, sees China as a pivotal market in the cross-border fintech ecosystem. He aims to facilitate swift and seamless transactions with higher visibility, lower costs, and greater interoperability for customers.
Currencycloud is actively collaborating with local partners and institutions to drive advancements in cross-border payments and multi-currency account management. The company has partnered with XTransfer, a Shanghai-based financial technology company, to offer one-stop, cross-border financial and risk management services to small- and medium-sized enterprises (SMEs).
Violas Xiao, Singapore CEO of XTransfer, highlights the seamless integration of their payment collection service with Currencycloud’s platform, which has optimized their payments infrastructure. This has allowed them to expand their service offerings and clientele to countries like Canada, Europe, and the United States. The partnership has also simplified their clients’ experiences and reduced operating costs by 80% through Currencycloud’s APIs.
This news follows the announcement of Visa Cross-Border Solutions, a division of Visa Inc, that combines the best of Visa’s existing cross-border and cash management solutions with those of Currencycloud, which Visa acquired in late 2021. Visa Cross-Border Solutions aims to offer sophisticated cross-border money movement solutions to banks, fintechs, and corporates, representing a significant strategic move in China and the Asia-Pacific region.
The solutions suite offered by Visa Cross-Border Solutions enables a range of capabilities, including receiving payments in multiple currencies, foreign exchange with persistent and real-time rates, multi-currency wallets holding more than 35 currencies, and the ability to send payments to over 180 countries.
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