/Payments

Fintech News for Payments professionals

Thunes secures approval to commence operations in the US and China

Source: Thunes

Thunes, the leading interoperable global cross-border payments network for emerging markets has secured approval to operate in the world’s two largest economies – the United States (U.S.) and China.

In the U.S, Thunes is now officially registered as a Money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) and will be able to work with banks to receive funds into the U.S. for its global partners. In China, Thunes’ registration as a legal business entity signifies the establishment of operations in the world’s second largest economy and will allow the company to expand business partnerships and hire local technical expertise.

At present, Thunes’ global platform enables cross-border payments for mobile wallet operators, payment service providers, corporates and financial institutions in more than 80 countries and in 60 currencies. Following establishment of operations in the U.S. and China, Thunes will now be able to provide corporates and financial institutions in both countries with expanded reach through its interoperable membership network, and facilitate the movement of funds with greater ease, speed and cost efficiency.

According to the World Trade Organisation, the U.S. and China are the world’s two leading merchandise trade exporters, with combined annual volumes of USD 4 trillion exports in 2018.

In a period dominated by strong headwinds in global trade, there is a need for greater interoperability in payments to facilitate the free flow of goods, services and investments globally. Global trade represents a key component of international relations and is essential to the maintenance of stable economic relationships, especially for many overlooked/isolated geographies. Therefore, the official registration of Thunes in the U.S. and initiation of operations locally in China not only validates the company’s value proposition of reconciling the fragmented payments landscape globally with its innovative financial technologies, but also provides an added impetus in supporting global trade growth with efficient payments infrastructure.

“Our license in the U.S and launch in China mark a significant milestone for Thunes. We are delighted that we are now able to bring our interoperable membership network to more corporates and financial institutions in the U.S and China, helping to bridge the silos of the various established payment mechanisms. Given that they are the world’s two largest economies, it is important that funds can be transferred from/to their trading partners in a secure, fast and cost-effective manner. Our ability to support diverse payment methods within our network will enable more economic opportunities, as well as provide them the flexibility to do so credibly,” commented Thunes CEO, Steve Vickers.

Comments: (0)

Download the report - Cloud Banking - Innovation without limits