EMQ launches high-value cross-border payment settlements in Japan
With Asian markets reviving faster than other parts of the globe amidst the pandemic, commercial payments companies are increasing their focus towards this region. This week, Hong Kong-based global financial settlement network EMQ has launched high-value cross-border settlement services in Japan which will allow businesses around the globe to send funds of up to JPY 30 million directly into local banks.
Cross-border payments, which are touted as expensive due to complexity in exchange and settlement rates and unreliable due to technology drawbacks, have gained focus in pandemic times. As more and more businesses are going digital, this space has gained momentum.
Earlier this year, EMQ had raised $20 million funding in series B round and had launched a same-day cross-border payment services settlement function in local currencies in eight nations which included countries such as China, India, Indonesia, the Philippines, Malaysia, the United Kingdom, Singapore, and Japan.
The company is already live in Japan and has expanded its network’s capability by adding this feature. This addition of high-value settlement service would allow the company to streamline its payments services for businesses around the globe through one single integration with EMQ Connect API.
“Our API-powered solutions can effectively settle any cross-border transactions and support a multitude of front-end use cases while enabling global businesses to streamline their workflows for seamless user experience,” the press release noted.
The company currently operates in 80 markets throughout Asia Pacific, Africa, Europe and North America. It is 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.
In the Asia Pacific region last month, Wallex also partnered with Volopay to launch an integrated platform for Singapore based SMEs.