Nium, a Singapore-based fintech platform, is partnering with Geoswift to allow overseas customers to remit money directly into bank accounts in China via UnionPay.
The service will let users make real-time fund transfers into UnionPay card accounts connected to 14 banks in China, while another 50 banks will be able to get funding into another 48 banks in that market.
Nium officials said the agreement is being driven by heavy user demand to remit funds into China.
“InstaRem, the consumer and SME brand under Nium, has a huge userbase in Asia Pacific, and we see a lot of demand from users in countries such as Australia, Hong Kong, Singapore and Malaysia wanting to remit money to China,” Prajit Nanu, co-founder and CEO of Nium, told Mobile Payments Today via email. “This partnership provides the answer to that.”
Traditionally the way to send remittances to China required business or personal users to to transfer funds into that market, however the recipient has to pick up funds at a bank branch or through a remittance center.
Consumers can initiate the transfer through the website or app of InstaRem. The fund transfers can be made in more than 40 global currencies and will be paid out in Chinese Yuan.
Participating banks in the real-time transfer service include Bank of China, Bank of Shanghai, Bank of Communications, China Construction Bank and others.