Currencycloud and Wallex partner to provide collection services
Fintechs are racing to break the stranglehold of bank incumbents over cross-border payments in the Asia-Pacific region.
Currencycloud, which is a UK based cross-border payments company, had a trail of partnerships in the past few months such as a team-up with Radius Bank to expand its footprints in the US, and partnering with Mambu in Europe. On B2B cross-border payment services, it partnered with Sokin, TranSwap and Apply Financial.
While on the other hand, Wallex, a Hong Kong-based payments firm which has launched a number of cross-border payments products in the Asia-Pacific region, has teamed with Currencycloud this week. They will deliver a range of collections services which would use Currencycloud’s Spark product for Asian customers in Singapore.
Under this partnership, Wallex’s Singapore and Hong Kong customers can collect funds in USD, GBP and EUR via local payment channels, which would give them an edge in global markets, the press release said.
Beforehand, clients would need to use regional banks for collections or would require international payments to be made which would incur as much as 1.5% FX charges as well as conversion fees, the press release noted.
“Being able to add USD, GBP and Euro collections for our customers will bring a fundamental change for their businesses,” said Anthony Man, Chief Commercial Officer & Country Head of Singapore for Wallex. “The ability to receive these new currencies and hold them in our multi-currency account will provide significant cost-savings and convenience to our customers and we look forward to supporting them as they grow.”
With this integration with Currencycloud Spark, Wallex customers will be able to hold these three currencies along with 11 other currencies in a single account. Customers would be able to hold, convert, withdraw or make international payments when the time and rates suit them.
Wallex is regulated by the Monetary Authority of Singapore (MAS) as a Major Payment Institution. Currencycloud is regulated by the UK Financial Conduct Authority.