Wise Ties up With Tencent for Remittance to China Through Weixin
by Fintech News Singapore January 27, 2022Wise, an online money transfer service, announced a partnership with Tencent Financial Technology which will enable international money transfers to China through Weixin.
Weixin is the mainland Chinese version of WeChat that is owned and operated by Tencent.
With this latest launch, Wise’s customers will be able to send money from 11 currencies to Chinese Yuan (CNY) within minutes at the mid-market exchange rate to users of Weixin.
The 11 currencies include Australian Dollar (AUD), Brazilian real (BRL), Canadian dollar (CAD), British Pound (GBP), Indonesian Rupiah (IDR), Indian Rupee (INR), Japanese Yen (JPY), Malaysian Ringgit (MYR), New Zealand Dollar (NZD), Singapore Dollar (SGD), and United States Dollar (USD).
Only the recipient’s name and Weixin ID is needed and the funds will reach the bank card linked to the recipient’s Weixin account.
Wise customers have been able to send money to Alipay and UnionPay users in China since its launch in 2016.
The company has also recently bolstered its Wise Business offering by launching B2B transfers to China from 8 currencies, including USD, GBP and SGD.
Lim Paik Wan
Lim Paik Wan, Wise’s APAC Expansion Lead said,
“China is the world’s second largest remittance recipient with USD$60 billion inflow into the country in 2020, and through this tie up with Tencent Financial Technology, we’re thrilled to give Wise customers around the world yet another convenient option to send money to the country without exchange rate markups.
With the upcoming Lunar New Year festivities, a service that is fast, convenient, affordable and transparent will provide immense value to people sending money home to their loved ones.”
