Shanghai Commercial Bank (SCB), a Chinese bank in Hong Kong, has collaborated with settlement network EMQ to power cross-border money transfers.
Under the partnership, the payment platform of SCB will integrate with the EMQ network.
This is said to offer secure and cost-effective cross-border solutions.
The bank developed a mobile app called Shacom Pay a year ago to make instant low-value transactions.
The EMQ partnership is said to benefit users of this app, who will initially have the ability to make remittances to Indonesia and the Philippines.
SCB managing director and CEO David Kwok said: “We are delighted to partner with EMQ as a part of our digital banking strategy to offer customers a fast, convenient and secure money transfer service through our banking network and mobile app.”
At present, EMQ has reach in mainland China, Hong Kong, Singapore, India, Indonesia, Japan, Vietnam, Cambodia, Thailand, Taiwan and the Philippines.
Plans are on to expand the network’s presence in other regions across the globe.
The latest alliance between SCB and EMQ builds on the pair’s existing relationship, which started in 2015.
EMQ co-founder and CEO Max Liu said: “The payments ecosystem across Asia is undergoing significant transformation with the rise of local and cross-border cashless payments underpinned by a tech savvy population.
“With a challenging fragmented market across Asia, businesses and individuals will increasingly require a global money movement network that is versatile while making cross-border money transfers streamlined, low-cost, secure, and real-time.”