International payments and money transfer service CurrencyFair has announced Friday (Nov. 22) the launch of its new cross-border collections solution for marketplaces, according to a press release.
Dublin-based CurrencyFair has a user community of 150,000, who have traded the equivalent of over 9 billion pounds ($11.6 billion) and saved more than the equivalent of 230 million pounds ($296 million) using the service. In addition to its new solution, the company signed a partnership with Chinese wholesale online marketplace, Buy-World, which connects Chinese suppliers with 2.3 million global buyers and an average annual purchasing demand of $500 billion.
The partnership will enable Buy-World to transition to a full-service online model, and outsource its global payment management to CurrencyFair.
“Partnering with CurrencyFair to manage global payments allows us to offer a fully integrated service with major cost and efficiency benefits for our suppliers and buyers,” Buy-World Chairman and CEO He Jui Feng said in the release.
CurrencyFair already has offices in Ireland, Singapore and Australia, and it has been working to expand into Asia, where it is estimated that 33 percent of global money transfers will take place by 2026. This partnership follows its acquisition last year of Hong Kong business Convoy Payments.
“2019 has seen tremendous growth at CurrencyFair, in terms of geographical expansion and diversification of service,” said Paul Byrne, CEO and president of CurrencyFair. “This year, we have introduced some key Asian currencies to the platform, formally launched in Singapore and Hong Kong, and now bring our cross-border payment product designed to create significant efficiencies and savings for China’s exporting [small to medium-sized businesses].”
“It’s all part of our mission to bring fair financial services all over the world, to all segments of the market,” he added.
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