Geoswift partners with Bank of Shanghai for remittance services
Geoswift, a cross-border payments provider between China and the rest of the world, has unveiled its partnership with Bank of Shanghai to launch a new remittance service in 2017.
The partnership will enable businesses and individuals globally to remit funds into China through a secure medium that is recognised by China’s regulators.
The partnered service will allow for 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 minimise 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 labour, rise in global emigrants, as well as the e-commerce rise have been instrumental in the popularity of digital remittances. According to the latest statistics from the World Bank, China has received a total of $32.2 billion worth of personal remittance in 2016.
Raymond Qu, founder and CEO of Geoswift, says: “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 are key to our business success and why we continue to work with global financial partners and merchants”.
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.