Cross-border remittance service CurrencyFair has acquired Hong Kong payments company Convoy Payments.
This merger comes alongside a strategic partnership with Convoy Payments’ parent company Convoy Global.
Currently, Convoy Global is researching and acquiring a virtual banking license in Hong Kong. Once it has received this, it will look to implement CurrencyFair’s payment solution to its virtual banking and wealth management solution.
The acquisition is part of CurrencyFair’s €20m investment plan, and will help it to expand its services into the Asian market.
CurrencyFair will look to kickstart its move to Asia with the launch of its transfer services for China and its Renminbi. Alongside this, the company is also looking to make product enhancements to improve the customer experience on CurrencyFair.
In the future, the company will look to support the Indian Rupee and other currencies in Asia.
Ireland-based CurrencyFair is an international money transfer solution which offers better exchange rates and doesn’t have excessive bank fees. The platform works by a consumer indicating the recipient of the funds and the currency it needs to be converted to, and then transferring the funds via CurrencyFair.
The platform, which is regulated by the Central Bank of Ireland, uses bank level security and has transferred €7bn, to date.
Last month, Hong Kong challenger bank Neat collected an investment from Dymon Asia Ventures and Portag3 Ventures. The capital was raised to support the bank’s next wave of growth and the launch of new consumer tools.
Earlier in the week, AXA Hong Kong announced it is looking to invest HK$200m into the development of FinTech in the region.
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