CurrencyFair Continues Asia Expansion

26 Nov 2019 | 09.33 am

CurrencyFair Continues Asia Expansion

Fintech company partnering with China’s Buy-World

26 Nov 2019 | 09.33 am

Dublin fintech company CurrencyFair has launched a cross-border collections solution for marketplaces and signed a partnership with Chinese wholesale marketplace Buy-World.

The Irish business said that the partnership will allow the ‘factory-to-business-to-consumer’ trade network, comprising 2.3 million global buyers, to transition to a full-service online model, where global payment management is outsourced to the CurrencyFair.

Founded in 2009, CurrencyFair’s online platform handles international money transfer and payments, with a focus on providing the best available exchange rates for customers who need to send money and make payments overseas.

CurrencyFair’s 150,000-strong user community has traded the equivalent of over €9bn since the platform officially launched in 2010. The business has offices in Ireland, Singapore and Australia, and plans to expand further across Asia after acquiring Convoy Payments (Hong Kong) in December 2018.

Filed accounts for 2018 show that CurrencyFair booked a loss of €891,000, bringing accumulated losses to €27m. The business had year-end cash of €11m and equity investments worth €40m.

CEO Paul Byrne said that 2019 had seen tremendous growth for CurrencyFair in terms of geographical expansion and diversification of service. “We have introduced some key Asian currencies to the platform, formally launched in Singapore and Hong Kong, and now bring our cross-border payment product designed to create significant efficiencies and savings for China’s exporting SMEs,” he added.

He Jui Feng, chairman and CEO of Buy-World, said that the CurrencyFair partnership allowed his company to offer a fully integrated service with significant cost benefits.

 

Photo: Paul Byrne (right) and He Jui Feng

 

 

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