CurrencyFair Announces Marketplace Payment Product in Partnership With Chinese Network Buy-World
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He Jui Feng, chairman and CEO of Buy-World, and CurrencyFair CEO and president, Paul Byrne (Photo: Business Wire)
The partnership will allow the “factory-to-business-to-consumer” trade network, comprised of 2.3 million global buyers, to transition to a full-service online model where global payment management is outsourced to the Dublin-based FinTech company.
Commenting on the partnership, Buy-World Chairman and CEO, He Jui Feng said: “Partnering with CurrencyFair to manage global payments allows us to offer a fully integrated service with major cost and efficiency benefits for our suppliers and buyers.” These advantages are at the core of CurrencyFair’s service to individuals, small businesses, and now large marketplaces.
The partnership is one of the many steps CurrencyFair has recently taken as part of an ambitious expansion into Asia, where 33% of global money transfers are estimated to take place by 2026. The company’s advances into the region began in 2018 with the acquisition of Hong Kong business, Convoy Payments, and has gained momentum during this year.
“2019 has seen tremendous growth at CurrencyFair, in terms of geographical expansion and diversification of service,” said Paul Byrne, CEO and President of CurrencyFair.
“This year, we have introduced some key Asian currencies to the platform, formally launched in Singapore and Hong Kong, and now bring our cross-border payment product designed to create significant efficiencies and savings for China’s exporting SMEs.”
“It’s all part of our mission to bring fair financial services all over the world, to all segments of the market,” he concluded.
CurrencyFair is an international money transfer and payments platform focused on providing the best available exchange rates and experience for customers who need to send money and make payments overseas. CurrencyFair’s 150,000-strong user community have traded the equivalent of over €9 billion and saved more than the equivalent of €230 million using the service. This unique peer-to-peer model and secure, state-of-the-art technology, raises the industry standard in designing technology-led foreign currency services for web, iOS and Android use. The company has offices in Ireland, Singapore and Australia, and announced plans to expand further across Asia after acquiring Convoy Payments (Hong Kong) in December 2018.
Buy-World is an online marketplace connecting Chinese suppliers with its proprietary database of 2.3 million global buyers and an average annual purchasing demand of 500 billion US dollars. Buy-World is innovating the way the purchasing and supply chain operates all the way from the factory to the end consumer in its F2B2C business model. Working with major industrial clusters and professional exhibitions Buy-World integrates online and offline services, accurately connecting suppliers with pre-screened global buyers across 88 industry categories.