Geoswift, Bank of Shanghai partner for new remittance service launch

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fintech insurtech wealthtech regtech ai cybertech esg news

Cross-border payments solution Geoswift has partnered with Bank of Shanghai to launch a remittance service later this year.

Through the partnership, consumers from around the world will be able to remit funds into China, through a safe and compliant system.

Geoswift is a payment technology company, connecting transactions from China to the rest of the world. The platform has a cross-border payment solution which is used by e-commerce companies, universities and travel businesses.

The new service will allow real-time remittance of funds in seven currencies, including dollar, pound and euros, in to China’s Renminbi. This network uses daily fixed rates to minimise risk from exchange rate changes.

Geoswift founder and CEO Raymond Qu said, “Our aim has always been to simplify transactions amidst the multi-layered and constantly changing regulatory environment in China. The fact that Geoswift operates at a global scale with its roots deeply embedded in China — makes our knowledge and expertise of the Chinese market our core capability.”

Earlier this month China-based risk control and data analytics company Tongdun Technology closed a $72.8m funding round, and China’s carmaker Geely, increased its stake in Denmark’s Saxo Bank to over 50 per cent.

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