- Nium has announced that it will work alongside Travelex to help build a new payment system for users based in Hong Kong, where non-domestic transfers can currently be difficult.
- The collaboration will see Travelex work with Nium’s Remittance-as-a-Service offering, which allows companies to get their payment systems up and running without having to be responsible for their own infrastructure.
- A senior figure at Travelex said that moving into the Hong Kong market was a “natural next step”.
Foreign exchange provider Travelex has announced a new collaboration with a major international money transfers company.
Nium will work with Travelex to power a new Hong Kong-based payment service.
The service, which is fuelled by Nium’s payment systems and capabilities, is already in action in other major economies in the region, such as Singapore and Australia.
It allows those who use Travelex services in Hong Kong to send cash abroad to over 50 markets around the world.
Transfers are made almost instantly.
The service aims to help Hong Kong money transfer users whose requirements involve sending cash overseas.
On a domestic level, cash transfers can be made easily using the Faster Payment System.
However, international payments from Hong Kong can be difficult to make – which is where Nium comes in.
Travelex will use the Remittance-as-a-Service (RaaS) service developed by Nium.
This will allow it to get a payment system in place without having to be responsible for its own infrastructure.
In a statement, the managing director of Travelex Asia Pacific, Cameron Hume, said that it made sense for the firm to expand in Hong Kong.
He said that the move represented an expansion of the firm’s “digital suite”.
“Expanding our Travelex digital suite to offer digital remittance services to users in Hong Kong is a natural next step for us,” he said.
He added that it was additionally important for customers in Hong Kong to be able to send money abroad during the coronavirus pandemic.
“With social distancing measures still in place across the globe, we understand the growing need for customers to have access to faster and more convenient ways to transfer funds across borders,” he said.
“We are excited to offer this new service to Hong Kong users, providing them a seamless way to send funds abroad.”
Nium’s co-founder and chief executive officer, Prajit Nanu, said that his company recognised that it was tough for firms to bring remittance services to their users at an adequate scale.
He added that the company’s solution was there to help businesses of all sizes.
“At Nium, we understand the difficulties for businesses to introduce remittance services at scale,” he said.
“This is why our RaaS solution aims to make it more accessible for enterprises of all sizes to facilitate their own payment systems.”
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