- EMQ will offer fast and transparent cross border payments services to customers in Canada
- It has been given the green light to operate by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
- “Our expansion to Canada marks another major milestone”, said EMQ’s CEO
A leading financial settlement network has signed up with a Canadian government body in order to provide cross border payments services in the major economy.
EMQ will now operate new services in Canada as part of its North American package.
It has signed up to be a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada – which is also known as FINTRAC.
This move has enabled it to offer a package of services for both business to business customers and to individual consumers.
It will allow international money transfer services to be more transparent, while also improving the speed with which such transactions can be placed
Now, Canadian consumers will be able to use the financial settlement network which EMQ operates across the globe in order to both send and receive payments.
These payments can come and go from more than 80 markets across the world.
According to Max Liu, who serves as the co-founder and chief executive officer of EMQ, the new move makes sense given Canada’s position in the world’s network of remittance corridors.
“Canada is among one of the leading remittance sending markets in the world. This year, digital remittances in the country make up a value of over US$1.4 billion and is expected to reach US$2 billion in 2023”, he said.
“To support the rapidly growing demands for cross-border settlements, customers will require a network infrastructure that can facilitate faster, secure and real-time payments.”
“With our new Money Service Business registration, we can now connect EMQ’s global network to Canada and provide increased access and value-added services to the financial sector”, he added.
Liu also said that his firm’s expansion decision was “another major milestone”.
“As a network infrastructure provider that connects the whole payments ecosystem, our goal is to enable everyone to send money anywhere in the world and to any end point in a fully compliant and transparent manner.”
“Our expansion to Canada marks another major milestone in our journey to fulfill this promise”, he said.
EMQ is a global business with a presence in a wide range of markets.
These include Europe and the Asia Pacific region as well areas like Africa.
The Asia Pacific region appears to be something of a hub for the firm, as it has regulatory approval from a range of government bodies.
It is licensed in markets such as Singapore and Hong Kong, for example.
This story is just one of many which show how firms in the dynamic international money transfer sector is helping customers around the world. To learn more about the goings-on in this sector, please visit our magazine pages.
