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.