Currencycloud’s expansion in APAC

Chinese foreign payments have risen over the past ten years, according to analysis from the major investment bank Goldman Sachs. By leveraging this expansion and quickening cross-border payments even further since establishing its headquarters in the area, Currencycloud has increased the rate at which its customer base is growing.

The cloud-based B2B cross-border payments provider Currencycloud opened an APAC headquarters in 2021. It was able to grow its clientele of Chinese people from four to twelve in the area as a result.

Despite having doubled its market share, the renminbi is still the fifth most utilized currency globally, behind the US dollar, the euro, the British pound, and the Japanese yen, according to Goldman Sachs research. Still, there has been a rise in the use of cross-border payments due to growing foreign trade of securities denominated in renminbi.

In 2021, total current account cross-border payments (including trade in goods and services) were only RMB 7.9 trillion, according to Goldman Sachs. “Cross-border renminbi payments related to portfolio investment (i.e., stock and bond investments) were RMB 21 trillion ($2.9 trillion).”

Since2018, China’s A-shares in the local stock market and onshore bonds denominated in yuan have been a part of key international equities and bond indexes, respectively, which has led to an increase in cross-border renminbi payments for portfolio investments.

In China, cooperation is key to consumer growth

China, one of the biggest economies in the world, is essential to international trade and currency movements. The increase in e-commerce and the nation’s quick adoption of digital payment systems have resulted in a notable spike in cross-border transaction volume in recent years. Working together will be essential to guaranteeing that this growth continues.

One company trying to make an impression on regional partners and establishments is Currencycloud. It is working together with these organizations to promote developments in multi-currency account management and cross-border payments.

In order to achieve this, Shanghai, China-based financial technology company XTransfer and Currencycloud have teamed. Small and medium-sized businesses (SMEs) can obtain comprehensive, cross-border financial and risk management services from it in one place.

“Our payment infrastructure was optimized by the smooth integration of our payment collection service with Currencycloud’s plug-and-play platform,” stated Violas Xiao, CEO of XTransfer in Singapore. This gives us the ability to improve the services we provide and reach new markets in the US, Canada, and Europe.

Through Currencycloud’s APIs, we can also offer our clients faster transaction cycles and more efficient payment processes, which makes their experiences easier while cutting our operating expenses by 80%.

Cross-border visa services are now available throughout Asia-Pacific

The development follows the launch of Visa Cross-Border Solutions, a part of Visa Inc., which integrates Currencycloud’s late 2021 acquisition with the best cross-border and cash management offerings from Visa. Visa Cross-Border solutions represent a significant advancement for the company’s strategy in China and the Asia-Pacific area as a whole. They will provide banks, fintechs, and corporates with advanced cross-border money movement solutions.

According to Rohit Narang, vice president of Visa cross-border solutions, Asia, “China stands as a pivotal cross-border market poised to emerge as the epicentre of a flourishing fintech ecosystem.” “We want to keep helping our customers transact quickly and easily, with more visibility, at lower costs, and with more interoperability.”

Receiving payments in different currencies, foreign exchange (FX) with constant and real-time rates, multi-currency wallets holding more than 35 currencies, and sending payments to more than 180 countries are just a few of the features made possible by the solutions package.