Xpress Money Expands Operations in China With Geoswift

Enables real-time bank transfers to UnionPay card account holders across 14 banks

DUBAI, UAE, Oct. 29, 2019 /PRNewswire/ -- Xpress Money, a Finablr company and one of the most dependable money transfer brands in the world, has partnered with Geoswift, an innovative payment technology company connecting China and the rest of the world. This collaboration will enable customers across the globe to send money to 14 banks in China directly to a receiver's UnionPay card account. Recipients will enjoy real-time cross-border bank transfers sent by their loved ones.

Real?time money transfers to UnionPay card account holders of these 14 banks
1. ICBC
2. Bank of China
3. Bank of Communications
4. Bank of Shanghai
5. China Construction Bank
6. China Everbright Bank
7. Harbin Bank
8. Linshang Bank
9. Hunan Rural Bank
10. Qinghai Rural Bank
11. Guangdong Rural Bank
12. Henan Rural Bank
13. Huxia Bank    
14. Fujian Rural Credit Cooperative

This partnership is aligned to Xpress Money's business expansion plan in key remittance-receiving geographies, namely Asia, Africa and LATAM. As Asia is home to the top 2 receivers of inward remittances in 2018 ? India (US$79billion) & China (US$67billion)¹, it is imperative to drive growth through such strategic business partnerships.

Speaking about this latest partnership, Xpress Money CEO, Sudhesh Giriyan said, "It is the expertise, our robust network, world-class technology and compliance systems, and ability to process secure cross-border money transfers that make us a partner of choice for companies across different geographies. The knowhow and commitment that Geoswift brings to the fore is a testimony to their growth in the payments technology space. I am confident about the success of this partnership by virtue of the combined proficiency that both the organisations have to offer."

"The payments ecosystem is always ever-changing, in particular for cross-border money transfers in and out of China. It can somehow be challenging due to complex regulatory requirements and differences in global and local compliance standards. With our strategic partnership with Xpress Money, we are confident that both our combined capabilities will enhance the cross-border money transfer experience for our end-users," said Raymond Qu, CEO and founder of Geoswift.

¹ https://www.worldbank.org/en/news/press-release/2019/04/08/record-high-remittances-sent-globally-in-2018

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