Wallex, a growing B2B FX and payments solutions provider in Asia, has expanded its partnership with Currencycloud, the leader in providing B2B embedded cross-border solutions, to deliver a new range of collections services, using Currencycloud Spark, for their Asian customers in Singapore.
The partnership will provide the ability for Wallex’s Singapore and Hong Kong customers to collect funds in USD, GBP and Euro via local payment channels, enabling them to expand and be more competitive in overseas markets. Previously customers would need to use regional banks for these collections, or require international payments to be made, incurring as much as 1.5% foreign exchange charges, as well as conversion and payment fees for every transaction, making the process laborious and expensive.
By integrating Currencycloud Spark, Wallex customers will be able to hold these three currencies, and 11 others, simultaneously in a single account. Customers receive the funds within minutes and can choose to hold, convert, withdraw or make international payments when the time and rates suits them. As a result, Wallex’s customers will save both time and money, while adding a level of convenience that will make cross-border payments so much easier.
Anthony Man, Chief Commercial Officer & Country Head of Singapore for Wallex, commented: “Being able to add USD, GBP and Euro collections for our customers will bring a fundamental change for their businesses. The ability to receive these new currencies and hold them in our multi-currency account will provide significant cost-savings and convenience to our customers and we look forward to supporting them as they grow.”
Mike Laven, Chief Executive Officer at Currencycloud, commented: “What we are doing with Wallex is a perfect example of the benefits that Currencycloud Spark brings to our clients and their customers – convenience, control and cost-savings. We’re looking forward to growing our partnership with Wallex.”
The integration is complete and Wallex customers can take advantage of this new service today.
Moving money around the world is hard. Setting up overseas bank accounts and dealing with distinct regulatory regimes takes up time, money, and resources. Currencycloud removes that pain, helping customers achieve their ambitions sooner than they dared dream. With a global, multi-currency account infrastructure, customers are able to collect, convert, pay and manage multiple currencies, anywhere in the world. Launched in 2012, Currencycloud has processed more than $65bn to over 180 countries, working with banks and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar. Based in London with offices in New York, Amsterdam and Cardiff, Currencycloud works with partners including Visa, Dwolla, and Mambu to deliver simple, clear financial infrastructure solutions for clients. They are regulated in the UK, US, and the EU.
Wallex is a B2B focused FX engine that allows customers to convert and pay in 47 currencies, collect via virtual accounts, and hold funds in a wallet. Wallex offers SMEs seamless transactions with competitive exchange rates and fees, so they can take their money further.
Wallex is regulated by the Monetary Authority of Singapore (MAS) as a Major Payment Institution under license no. PS20200433, by Bank Indonesia (BI) under license no 20/235/DKSP/83, and by the Hong Kong Customs and Excise Department under license no. 19-12-02935.