YouBiz, a multi-currency corporate card and spend management platform by YouTrip, has introduced a new Chinese Yuan Renminbi (CNY) remittance corridor.
This move addresses the growing need for efficient and cost-effective cross-border transactions between Singapore and China.
China, Singapore’s largest trading partner, facilitated nearly S$80 billion in imports in 2023.
The new CNY remittance corridor by YouBiz aims to streamline fund transfers from Singapore to China, offering a cheaper, more secure, and convenient alternative to traditional methods.
Businesses can set up company recipients for recurring payments to Chinese companies within 1-2 working days.
YouBiz supports overseas transfers with 20 currency corridors, offering mid-market exchange rates and low fees without hidden charges or FX markups.
The platform’s multi-currency corporate cards, available in nine major currencies including USD and EUR, come with no monthly fees and unlimited 1% cashback on spending in over 150 currencies.
Kelvin Lam, Chief Operating Officer of YouBiz, said,
“China is an important market for many of our customers with increasing cross-border payments made to Chinese suppliers and partners.
We are thrilled to introduce the CNY remittance corridor as part of our ongoing commitment to supporting businesses in their global expansion. This new service significantly enhances their ability to manage cross-border payments efficiently, at a lower cost.”
