International payments innovator Currencycloud is extending the reach of its system to six new countries in the Asia Pacific region.
Payments will be available in the Hong Kong dollar, Singapore dollar, Thai baht, Chinese yuan, Australian dollar and Indian rupee.
The Currencycloud system intends to make local payments cheaper and more predictable, while helping clients to manage the complexity of global payments by providing one single connection.
It connects directly to local clearing systems, allowing clients to avoid the correspondent banking network and offering them wholesale foreign exchange rates.
According to Currencycloud, the expansion is a reaction to the quickly growing Asia Pacific economies, and is intended to support digital enterprises in the region. Moving money across borders more quickly and easily could help smaller business to scale more efficiently, Currencycloud says.
The new capabilities will be rolled out over the next three months, starting with Hong Kong and Singapore.
Todd Latham, chief marketing officer at Currencycloud, said: “We are witnessing an exciting era, with the emergence of a new cohort of dynamic digital based offerings. Traditional financial services offerings risk slowing this wave of innovation, due to their limited capability and flexibility.”
“By connecting new applications to Currencycloud, innovators can bring their ideas to market quickly and seamlessly, and we will deal with the complexities of the global banking system in the background. This move into Asia makes it easier for our customers to access low cost payments in the fastest growing economies in the world.”
