UK-based fintech startup TransferWise has enabled international money transfers to China through a partnership with Ant Financial’s Alipay. Transferwise’s users will be able to send Chinese yuan from 17 currencies to users of Alipay.
According to Transferwise’s 2019 report, China is projected to be one of the top transfer recipient countries around the globe, with Chinese ex-pats abroad expected to send more than $66 billion (£54 billion) back home to China.
Alipay and its partners have approximately 1.2 billion users globally. This move means a significant extend of Transferwise services, which now handles £4bn transactions every month for over seven million customers.
Transferwise focus on Asia has been apparent since it has begun processing international payments into digital wallets in Indonesia and the Philippines late last year.
Kristo Käärmann, co-founder and CEO of TransferWise says: “This brings us one step closer towards our mission of Money without Borders, and is a continuation of our vision of making cross border payments instant, convenient, transparent and eventually free .”
“We are committed to working with partners such as TransferWise, using innovative technologies to help global consumers gain access to inclusive financial services,” Alipay Head of Global Remittances Ma Zhiguo said
TransferWise was founded in 2011 by Estonian friends Kristo Käärmann and Taavet Hinrikus. It is based in London and has been a Finovate alum since their FinovateEurope demo in 2013. The company has already raised more than $772 million in funding and has earned a valuation of $3.5 billion as of its May 2019.
Sources: https://www.cityam.com/transferwise-partners-with-alipay-as-it-targets-expansion-into-china/ https://www.nasdaq.com/articles/transferwise-taps-into-china-market-with-alipay-partnership-2020-03-16 https://www.fintechfutures.com/2020/03/transferwise-teams-with-alipay-in-latest-asian-expansion/ https://www.techinasia.com/transferwise-partners-alipay