EMQ enhances its cross-border payment capabilities

With cross-border commercial payments becoming more and more competitive, firms are offering improved technology and better infrastructure to open up new markets.

This week, Hong Kong-based global financial settlement network EMQ has announced that it has its enhancement in its cross-border payment capabilities by adding Hong Kong’s Faster Payment System (FPS) to the network. The company notes in its press release that this would extend its ‘network infrastructure deeper into domestic markets, enabling global customers to cost-effectively send funds in both Hong Kong Dollar (HKD) and Renminbi (RMB) in minutes, reaching a wider set of beneficiary accounts across all banks in Hong Kong’.

The company’s network is already live in Hong Kong and the expansion of new capabilities would allow EMQ to ‘streamline and process international payments for businesses anywhere in the world through one single integration with EMQ Connect API’.

“Across the global payments landscape, digital transformation is driving a paradigm shift in customer expectations for an agile network infrastructure like EMQ that facilitates near real-time cross-border payouts in local currencies with an intuitive international payments experience,” said Max Liu, co-founder and CEO of EMQ.

In 2020, EMQ expanded its operations in South Korea, launched high-value cross-border payment settlements in Japan, the company also raised $20 million in a Series B funding round and also launched a same-day cross-border payments settlement for B2B payments.

EMQ has a network in over 80 nations across the world and with addition to Hong Kong, EMQ offers in minutes cross-border payments across China, Singapore, South Korea, India, Indonesia, Cambodia, Vietnam, Nepal, Philippines, the United Kingdom, and 19 markets in Africa. The company is currently licensed in Hong Kong, Singapore, Indonesia and registered as a Money Service Business in Canada. EMQ was also accepted into Taiwan’s Regulatory Sandbox by the Financial Supervisory Commission in Taiwan, the press release noted.