Currencycloud boosts Chinese consumer growth with APAC expansion

By Gloria Mathias

Currencycloud has formed alliances with local partners and institutions to drive advancements in cross-border payments and multi-currency account management.

Following a consortium of collaborations led by Currencycloud, it has partnered with XTransfer, a financial technology company 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 client’s experiences while reducing our operating costs by 80%.”

Currencycloud has 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.

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.

“China stands as a pivotal cross-border market poised to emerge as the epicentre of a flourishing fintech ecosystem,” said Rohit Narang, VP of Visa Cross-Border Solutions, APAC. “We aim to continue facilitating swift and seamless transactions with higher visibility, at lower costs and greater interoperability for our customers”.

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.

Visa Cross-Border solutions, which will offer sophisticated cross-border money movement solutions to banks, FinTechs, and corporates, is a major step for the firm’s strategy in China and the Asia-Pacific region more generally.