8.6 C
New York
Thursday, May 26, 2022
Home Fintechs TransferWise and Alipay became partners to enable money transfers to China

TransferWise and Alipay became partners to enable money transfers to China

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.

Read also: Alipay owner Ant Financial takes minority stake in Klarna

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.

TransferWise founders Taavet Hinrikus (left) and Kristo Käärmann / Source: Transferwise

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 .”

Read also: Santander’s PagoFX to launch in spring to compete Trasnferwise

“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

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Money 20/20: speakers and agenda

With 4,000+ attendees from 1,900+ companies and 3,100+ IRL meetings booked in 2021, Money 20/20 proved yet again that this is the fintech industry’s premier conference.

Revolut CEO Nik Storonsky launches his AI-based venture capital fund

Billionaire Nik Storonsky, the co-founder of Revolut, one of Europe's largest and richest startups, plans to launch his own AI-based venture capital fund to compete with legacy venture capitalists.

This is how Klarna will merge e-commerce with physical shopping

Klarna launches "virtual shopping" where online shoppers get access to experts in physical stores.

Revolut reached 1.7 million Irish customers

Of the 5 million population, 1.7million people from Ireland use Revolut to some extent.