Hong Kong Fintech Launches B2B Payments Gateway to China
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Harbour & Hills has made a strategic acquisition that will allow it to facilitate USD and other major currencies’ payments to China.
Harbour & Hills Financial Services (H&H) has acquired a controlling stake in Global Envoi, a payments processor with strong capabilities in clearing payments to China, the Hong Kong-headquartered B2B payments service provider announced on Wednesday.
The acquisition, made for an undisclosed sum, gives H&H a vital channel to process commercial payments in USD, EUR, JPY, GBP and other major currencies to all major banks in China through Global Envoi’s exclusive partnership with Metropolitan Bank (China) for processing B2B payments in China.
While China is the major trading partner for almost all countries, sending payments to China is still challenging for businesses, especially for the SMEs/VSEs, said Rahul Tripathi, CEO of Harbour & Hills.
Tripathi said clients can now make direct payments to their trade partners in China in the currency of their choice with its access to the PBoC central clearing system.
Founded in 2010, H&H offers FX clearing services in several major currencies to destinations including Indonesia, Korea and India. The firm processed $12.3 billion in cross-border money transfers in 2019.
Questions & Answers
Q.Which company has Harbour & Hills acquired to facilitate payments to China?
Which company has Harbour & Hills acquired to facilitate payments to China?
Harbour & Hills Financial Services (H&H) has acquired a controlling stake in Global Envoi, a payments processor specialising in clearing payments to China.
Q.What currencies will Harbour & Hills now be able to process for payments to China?
What currencies will Harbour & Hills now be able to process for payments to China?
The acquisition allows H&H to process commercial payments in USD, EUR, JPY, GBP, and other major currencies to major banks in China.
Q.How will Harbour & Hills be able to process payments to all major banks in China?
How will Harbour & Hills be able to process payments to all major banks in China?
Global Envoi holds an exclusive partnership with Metropolitan Bank (China), which provides the channel for processing B2B payments to all major banks.
Q.Which financial institution's clearing system will clients gain access to for payments to China?
Which financial institution's clearing system will clients gain access to for payments to China?
Clients will gain access to the PBoC central clearing system, enabling direct payments to trade partners in China in their chosen currency.
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