Global payments provider Visa announced at the Money 20/20 Asia conference in Singapore that it is collaborating with Asia’s cross-border settlement network EMQ on a cross-border remittances initiative.
The partnership will provide cross-border solutions in Asia’s major financial hubs of Hong Kong and Singapore, and across the Asia Pacific region. EMQ’s network and Visa’s payments platform Visa Direct will work together to give more choice, transparency and flexibility to customers making cross-border transactions.
“The payments ecosystem across Asia Pacific is undergoing significant transformation with the rise of local and cross-border cashless payments underpinned by a tech savvy population,” commented Max Liu, co-founder and chief executive of EMQ.
“With a challenging, fragmented market across the Asia Pacific region, businesses and individuals will increasingly require a global money movement network that is versatile while making cross-border remittances streamlined, low-cost, secure, and real time.”
“Our partnership with Visa will provide the additional infrastructure and technology to partners across our entire payments ecosystem.”
Visa’s head of consumer products and digital solutions, APAC, Rob Walls, added: “In today’s highly connected world, sending and receiving money globally should be a frictionless experience. We are excited about this new initiative and we look forward to our partnership with EMQ.”
Walls said that Visa is increasingly looking into cross-border remittances and digital payment solutions.
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