Many Chinese online merchants struggle with the payment collection and payout process. Looking to simplify this, Currencycloud, the company simplifying business in a multi-currency world, and Pyvio (Hong Kong), the fintech building ‘Glocal’ financial services infrastructure, have announced a new partnership.
The partnership will allow Pyvio to leverage Currencycloud technology to collect and pay funds in over 180 countries and more than 30 currencies, including CNH and CNY. In turn, this will make the cross-border payments process not only more efficient but more cost-effective too.
The impact of the partnership will especially be seen in emerging regions. Specifically, those where infrastructure is not well-developed and ensuring compliance in payments can be challenging in a complex regulatory landscape.
Rohit Narang, managing director of APAC, Currencycloud
Rohit Narang, managing director, Currencycloud, APAC, said: “Pyvio is a fast-growing business in an exciting space. For Chinese firms, the challenges they face in the payment collection and payout process are a real blocker to expansion – so the solution that the Pyvio team has built is much needed.
“This partnership will help the Pyvio team further disrupt the online e-commerce payment landscape in emerging markets, and we look forward to being on that journey with them”.
By partnering with Currencycloud, Pyvio aims to build on its underlying business strategy of leveraging best-in-class partnerships with other licensed financial institutions to address payment challenges and provide a bespoke service for each merchant according to their specific needs and preferences.
Li Kai, CEO of Pyvio, said: “We are very excited to partner with Currencycloud as a new solution for online e-commerce businesses in emerging markets.”
“Our solution will help Chinese e-commerce merchants overcome the barriers and challenges to global growth and boost their sales and revenue. We are also committed to constantly improving our service and adding more features and functions to meet the evolving needs and demands of our customers”.
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