Geoswift, a leading provider of cross-border payments between China and the rest of the world, announced its partnership with Bank of Shanghai to launch a new remittance service in 2017.
This announcement was made at Money 20/20 Las Vegas today. This partnership will enable businesses and individuals globally to remit funds into China through a secure and efficient medium that is well recognized by China’s regulators, combining the network and market expertise of Geoswift and Bank of Shanghai.
This service allows continuous real-time remittance of funds from seven currencies USD, GBP, HKD, CAD, AUD, JPY and EUR to the local currency RMB for recipients in China. The service uses a fixed daily rate to minimize risks arising out of foreign exchange fluctuations, and is designed to provide ease of transaction and transparency for both the sender and receiver.
Factors such as the mobility of labor, rise in global emigrants, as well as the e-commerce boom have been instrumental in the popularity of digital remittances. According to the latest statistics from the World Bank[1], China has received a total of US$32.2 billion worth of personal remittance in 2016. Geoswift performs transactions between China and the rest of the world through online and offline payment services, operating across key segments in travel, e-commerce and education.
Raymond Qu, Founder and CEO of Geoswift said, “We are proud to be partnering with Bank of Shanghai in delivering swift, secure and efficient remittance services for our clients and partners globally. Given our expertise in understanding the requirements of China’s authorities, we are strategically positioned to guide businesses and consumers through the complex regulatory system in China.”
“Our aim has always been to simplify transactions amidst the multilayered and constantly changing regulatory environment in China. The fact that Geoswift operates at a global scale with its roots deeply embedded in China – makes our knowledge and expertise of the Chinese market our core capability. With regards to remittances, we understand that speed and clarity play a key role in the cross-border payments and remittance process. High standards of regulatory compliance is key to our business success and why we continue to work with global financial partners and merchants.”