Global fintech platform enables overseas customers to remit funds into China
Partnering with Hong Kong payment technology firm
Global fintech platform NIUM has partnered with Geoswift, an innovative payment technology company connecting China and the rest of the world, to enable overseas customers to remit money into China. The tie up allows NIUM’s customers worldwide to send funds directly to a receiver’s UnionPay card account with 14 banks in China in real-time, and another 50+ within 48 hours.
The list of banks with real-time funds transfer are:
- Bank of China
- Bank of Communications
- Bank of Shanghai
- China Construction Bank
- China Everbright Bank
- Fujian Rural Credit Cooperative
- Guangdong Rural Credit Cooperative
- Harbin Bank
- Henan Rural Credit Cooperative
- Hua Xia Bank
- Hunan Rural Credit Cooperative
- Industrial and Commercial Bank of China
- Linshang Bank
- Qinghai Rural Credit Cooperative
Previously, to send cross-border remittances into China one had to rely on banking infrastructure or money remittance centres for personal and business purposes. The partnership with Geoswift eliminates the hassle of making trips to bank branches or remittance centres and waiting in line. It provides convenience and cost-savings to consumers and businesses looking to remit money into China. With social distancing measures being implemented all over the world there are other benefits:
- For overseas consumers looking to send money to their loved ones in China
- For businesses looking to make payments to workers or freelancers in China
- For banks and financial institutions looking to offer their clients remittance service to China
Consumers and businesses can conduct the fund transfers easily through InstaReM, NIUM’s consumer and SME brand, on its website or app. Banks and financial institutions looking to integrate the service can soon do so via an integration of NIUM’s enterprise API tools into their existing systems. All funds transfers into China can be initiated in any of the 40+ source currencies currently offered through NIUM’s Send service, and recipients will receive the payout in Chinese Yuan.
Prajit Nanu, CEO and Co-Founder of NIUM, said “I am extremely thrilled about our partnership with Geoswift, and it could not have been come at a better time. NIUM started off as a remittance service that aims to make money transfers more seamless and convenient for consumers, and I am glad to see this being extended to business and financial institutions as well. This partnership is a testament to our increasing focus to provide an easier and also more convenient way for people and businesses to conduct funds transfer.”
Prajit Nanu, CEO & Co-Founder NIUM
“The partnership with NIUM is a natural extension of our strategy to become one of the leading providers of instant P2P payments solution,” added Raymond Qu, CEO & Founder of Geoswift. “In order to fulfill the ever-growing business and customer demands for instant money movement into China, we will continue to offer our clients fast, safe and more convenient payment options with their business partners, friends and family.”
NIUM (formerly known as InstaReM) is a global financial technology platform headquartered in Singapore. NIUM is regulated in countries and regions including Australia, Canada, Europe, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore and the United States of America, and processes billions of dollars a year for banks and payments institutions, next generation of e-commerce players, OTAs and retail users across the world.
Geoswift is headquartered in Hong Kong with teams spread across Beijing, Shanghai, Shenzhen, Singapore, London, Vancouver, Seattle and San Francisco for strategic and regulatory functions. It is an innovative payment technology company connecting China and the rest of the world. Geoswift Cards Services secured the Stored Value Facilities License (SVF00015) from the Hong Kong Monetary Authority in May 2019.
 Real-time services applicable for 14 banks in China.
 Time taken for funds transfer to other banks is dependent on the response time of the beneficiary, who is required to register for an account (one time task) and accept the transfer.
 Service available soon.