Hong Kong-based B2B payments service provider Harbour & Hills has acquired a controlling stake in Global Envoi (GEL) which is a payments processor with capabilities of clearing payments to China.
Harbour & Hills financial services offer FX clearing services in USD and other major currencies to several nations such as Indonesia, Korea and India. With the acquisition of Global Envoi, Harbour & Hills has acquired a channel to process commercial payments in USD, Euro, Japanese Yen and Sterling.
“While China is the major trading partner for almost all countries, sending payments to China is still challenging for businesses, especially for the SMEs/VSEs. However, with Global Envoi acquisition, H&H overcomes this challenge by getting an exclusive access to the PBoC central clearing system, thus effectively acting like a bank in sending payments to almost all major banks in China.” said CEO of Harbour & Hills, Rahul Tripathi.
Global Envoi has a licence from the Hong Kong Customs & Excise Department and also partners with the Metropolitan Bank (China) Limited for processing B2B payments in China. Metropolitan Bank is the subsidiary of Metrobank Group which is a fully licensed bank in China that can execute payment to large banks connected through the country’s central clearing system.