Source: Harbour & Hills
Harbour & Hills (H&H) Financial Services Limited, a leading Hong Kong-headquartered B2B payments service provider, has announced acquisition of a controlling stake in Global Envoi Limited (GEL), a payments processor with strong capabilities in clearing payments to China.
H&H offers FX clearing services in the USD and other major currencies to a number of destinations including Indonesia, Korea and India. The GEL acquisition gives the company a solid edge in the all-important Chinese payments market which sees billions of dollars moving in and out of the country in trade-related payments annually. With Global Envoi acquisition, H&H has acquired a vital channel to process commercial payments in USD, EURO, JPY, GBP and other major currencies to all major banks in China.
A fintech company with a license from the Hong Kong Customs & Excise Department, Global Envoi enjoys an exclusive partnership with Metropolitan Bank (China) Limited for processing B2B payments in China. Metrobank China is a subsidiary of Metrobank Group, a fully licensed bank in China that can execute payment to all major banks in China connected through the country’s central clearing system.
H&H’s extensive network of correspondent banks globally ensures hassle-free payments for customers from any currency to any currency. With their multi-currency accounts and dedicated FX Management desk, H&H clients can now make direct payments to their trade partners in China in the currency of their choice. For instance, H&H clients in Europe can fund their H&H account in EUR and H&H routes it further to their trade partners in China in USD, EUR or their preferred currency.
H&H has its own SWIFT BIC code, which makes it a reliable payments partner for clients with cross-border payments and collection requirements. H&H is already in talks to onboard some of the large corporates and traders in China to act as their collection, clearing and settlement partner.
On the opening of H&H’s unique B2B payments channel to China, Mr Rahul Tripathi, CEO of Harbour & Hills Financial Services said, "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.”
Mr Ye Guimin, the founder-CEO of Global Envoi said, “We are extremely pleased to be part of the H&H group which has strong capabilities in cross-border payments space in Hong Kong and elsewhere. Global Envoi compliments H&H’s capabilities and its infrastructure. The association of the two like-minded businesses offers a great opportunity for the SMEs/VSEs anywhere in the world to be able to make quick, convenient and cost-effective payments to China.”
In order to leverage the parent company’s capabilities in the global payments business, Global Envoi will soon be renamed as “Harbour & Hills China Limited”.