Official: Azimo has now launched in Hong Kong

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  • Azimo becomes one of a handful of foreign fintech firms to be granted HK operating licence
  • Platform will now have access to huge Chinese, Indonesian and Indian money transfer markets
  • Launch occurs just months after $20 million funding round

 

Azimo, a leading European provider of digital services for people who want to transfer money internationally, has announced that it has officially launched in Hong Kong.

Hong Kong customers wanting to make international payments no longer have to fret over money transfer comparison issues with Azimo in town, as its global money transfer platform is radically less expensive than many other players, with highly competitive overseas transfer rates and low transaction costs that outperform many established money exchange brokers. Residents in the territory can now use Azimo to send money to any of the 180 countries supported by its platform, which enables transfers in 80 currencies.

The new service provided by Azimo in Hong Kong will be of special benefit to the territory’s Filipino immigrants, who constitute the largest foreign community there with over 180,000 people, and account for the bulk of money transfers sent from the territory.

Azimo itself stands to gain access to vast markets from Hong Kong, including mainland China, India and Indonesia. The launch is an unusual development for a European cross border payments firm. It has now become one of a mere handful of operators to be awarded a licence to trade in the territory, although Hong Kong is now starting to open its market to overseas fintech firms to bring greater competition into play.

Just two months ago in September, the Hong Kong Monetary Authority unveiled the territory’s Faster Payments System (FPS) which enables real time money transfers between individuals, shops, banks and stored value facilities. The area is also host to a thriving international community, which made it an enticing market for an international payments outfit such as Azimo. The more foreign nationals that reside in a country, the greater the need to send money home and make other international payments.

Commenting on the initiative, Azimo CEO Michael Kent said: “We are excited have entered the Hong Kong market, which offers a great opportunity for Azimo to support those that have been underserved by banks and established money transfer services for far too long.

“Our service will offer customers a fast, safe and convenient way to send money from their mobile phones to loved ones back home - at a significantly lower cost than other competitors. Azimo looks forward to serving new customers in the territory and to taking a share of Hong Kong’s multi-billion pound remittance market.”

Having launched just six years ago in 2012, Azimo has since extended its services to every continent, currently reaching in excess of five billion potential customers across the world. It offers a generous array of payout options, including cash pick-up, mobile wallets and bank deposits.

 

Commercially, it’s doing admirably well. The advantages Azimo provides in speed, price and simplicity of use have driven consistent top-line annual growth of well over 100%. Its service now claims bragging rights with over more than one million registered users and more than USD$1 billion in sending volume per year.

 

The Hong Kong launch comes just a few months after another major milestone for the firm. In May this year, Azimo successfully bagged USD$20 million in new funding in a round led by major Japanese investor, Rakuten Capital - the investment wing of Rakuten Inc.

 

If you’ve enjoyed reading about Azimo, you may like to try another of our articles featuring the company here.


Andrea Barnes
Editor
Andrea is Communications Manager at FXcompared. Prior to joining FXcompared, she worked as a communications consultant for companies seeking guidance with their social media, marketing and digital… Read more

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