UK-based remittance firm TransferWise is supporting money transfers to China through an alliance with Ant Financial-operated mobile payment platform Alipay.
The partnership will enable the British firm to tap Alipay’s customer base of more than 1.2 billion.
With the alliance, TransferWise’s more than seven million customers can now send Chinese yuan from 17 countries to Alipay users.
TransferWise co-founder and CEO Kristo Käärmann said: “Our newest partnership with Alipay has been one of the most requested features from our users since our expansion in Asia. Alipay functions as the primary payment method for more than a billion people in China and we are excited to be bringing instant international transfers to the fingertips of Alipay’s users.
“This also brings us one step closer towards our mission of money without borders, and is a continuation of our vision of making cross border payments instant, convenient, transparent and eventually free.”
Alipay head of Global Remittances Ma Zhiguo added: “We look forward to working closely with TransferWise for global remittances, as we continue to explore new ways to apply our technology in order to benefit more people globally.”
Developments at TransferWise
At the end of last year, TransferWise, in collaboration with GoCardless, launched a global network for bank debit to facilitate recurring payments.
In 2019, TransferWise also partnered with British freelance payments platform Paydesk to support faster payments for freelance workers.