Singapore, 24 October 2023 – Shanghai-based global payment company Fuiou Pay has partnered with Visa Cross-Border Solutions (VXBS) to open up global opportunities for Fuiou Pay’s China-based SME exporter clients, enabling them to have a comprehensive, secure cross-border funds collection and settlement solution and access to more than 30 currencies at competitive foreign exchange (FX) rates.
The VXBS partnership enables Fuiou Pay to provide a holistic payment service, opening up global trading opportunities for its China-based clients, who range from SME exporters to commerce and online travel agents. They can now benefit from the end-to-end money movement platform and extensive, competitive FX capabilities VXBS provides, Fuiou Pay has also obtained Visa’s acquiring membership so they can facilitate payments within Mainland China with cards issued by overseas issuers, increasing Fuiou Pay’s clients’ reach.
By utilizing USD collections and FX conversion through VXBS, alongside access to Visa Payables Automation solutions, Fuiou Pay’s SME exporters now have a cost-effective, frictionless, safe payment facility, giving them more opportunities to achieve their growth ambitions.
Mr. Hu Tao, Director of Fuiou Pay Business to Business Cross-Border Payment Department, said: “VXBS is a safe, stable, efficient, and powerful platform that greatly meets our exporter clients’ needs. It supports remittance from more than 200 countries and territories worldwide with more than 30 currencies, which provides convenience for our clients who are global traders and helps us better serve all our clients.”
Rohit Narang, Vice President of Visa Cross-Border Solutions, Asia Pacific, said: “Visa CrossBorder Solutions is all about putting the power of international money movement into people’s hands, ensuring cross-border payments are as smooth, simple, and secure as making transfers locally for even the smallest of businesses. By choosing to embed VXBS in its platform, Fuiou Pay is truly leveling the playing field for its China-based SME clients, and opening up the world for them.”
About Fuiou Pay
Shanghai Fuiou Payment Service Co., Ltd. The family member of Fuiou Group is a technology- driven payment company with full licenses in China which provides technology, service, and solution for global mobile payments. Fuiou Group is a large financial integrated service group with high-tech enterprise qualifications with 7 subsidiaries and 37 branches.
As an institution with MSO (HK), MSB(USA), and Payment Gateway (SK), Fuiou Pay serves more than 200 financial institutions, 3 million merchants and 30 thousand cross-border ecommerce firms.
Fuiou Pay is a pioneer as a cross-border financial service provider, with respect to business capacity and quality of services. Fuiou Pay aims to realize SMEs’ potential to foreign marketplaces, by providing a compliant, reliable, efficient, and convenient funds collection and settlement solution.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories.
Our mission is to connect the world through the most innovative, convenient, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.