A new ecosystem connecting China’s export businesses with global buyers: Online marketplace, Buy-World is launched in partnership with CurrencyFair’s global business payments platform.
Photo: He Jui Feng, chairman and CEO of Buy-World, and CurrencyFair CEO and president, Paul Byrne
CurrencyFair, an international money transfer and payments service has launched its integrated cross-border collections solution in partnership with Chinese business-to-business trade marketplace, Buy-World. The partnership allows the Factory to Business to Consumer trade network, Buy-World, to completely transition to a full-service online model, including management of global payment collections.
This latest offering from CurrencyFair is presented as an extension of their existing platform, providing foreign exchange and international payments at a lower cost and faster speed than a traditional bank. The collection’s functionality will automate and scale the way Buy-World receive, exchange, and make cost-effective secure trade transactions between Chinese manufacturers and global buyers.
Originally based in Ireland, CurrencyFair has been focusing on expansion into the Asian market throughout 2019. Announcing the collaboration with Buy-World at Hong Kong FinTech Week, the fintech company’s CEO Paul Byrne commented, “Our partnership with Buy-World is a huge milestone in our bid to bring fair financial services to individuals and businesses all over the world. The payments solution we have created for this marketplace model will create significant savings and automation for Buy-World and their online traders. This business model brings an innovative way to connect Chinese suppliers with their foreign buyers.”
Most notably, the solution navigates the complexity of Chinese remittance regulations and provides Buy-World with the security and expertise needed for international, business-to- business payments. With business-to-business transactions increasingly migrating online, the model allows Buy-World’s settlements to take place more cost-effectively and in a much faster time than historical business payments.
Buy-World Chairman and CEO, He Jui Feng added, “Buy-World believes that delivering a globally focused F2B2C cross-border e-commerce integrated service platform will significantly improve the efficiency of the supply chain between Chinese factories and end consumers. Partnering with Currencyfair to manage global payments allows us to offer a fully integrated service with major cost and efficiency benefits for our suppliers and buyers.”
CurrencyFair is an international money transfer and payments platform focused on providing the best available exchange rates and experience for customers who need to send money and make payments overseas. CurrencyFair’s 150,000-strong user community have traded more than HK$81 billion and saved more than HK$2 billion using the service. This unique peer-to-peer model and secure, state-of-the-art technology, raises the industry standard in designing technology-led foreign currency services for web, IOS and Android use. The company has offices in Ireland, Singapore and Australia, and announced plans to expand further across Asia after acquiring Convoy Payments (Hong Kong) in December 2018.
Buy-World is an online marketplace connecting Chinese suppliers with its proprietary database of 2.3 million global buyers and an average annual purchasing demand of 500 billion US dollars. Buy-World is innovating the way the purchasing and supply chain operates all the way from the factory to the end consumer in its F2B2C business model. Working with major industrial clusters and professional exhibitions Buy-World integrates online and offline services, accurately connecting suppliers with pre-screened global buyers across 88 industry categories.