Currencycloud & Pyvio to streamline Chinese e-commerce payments

Currencycloud and Pyvio have announced a partnership aimed at enhancing cross-border payment solutions for Chinese eCommerce businesses operating in emerging markets. Currencycloud specialises in simplifying business in a multi-currency world, while Pyvio focuses on building financial services infrastructure with a global-local approach.

This collaboration will enable Pyvio to utilise Currencycloud's technology to manage transactions and payments in over 180 countries and more than 30 currencies, including the Chinese Yuan (CNH and CNY). The partnership is designed to address some of the key challenges faced by Chinese online merchants, particularly in emerging markets where the financial infrastructure is often underdeveloped, and regulatory compliance can be complex.

One of the major hurdles for Chinese online merchants expanding into these regions is the collection and payout process, which can be cumbersome and costly. By leveraging Currencycloud's expertise, Pyvio aims to offer a more bespoke and efficient solution that aligns with its overarching strategy of forming best-in-class partnerships with other licensed financial institutions.

Rohit Narang, Managing Director for Currencycloud in the Asia-Pacific region, noted the significance of this partnership. "Pyvio is a fast-growing business in an exciting space. For Chinese firms, the challenges they face in the payment collection and payout process are a real blocker to expansion, so the solution that the Pyvio team has built is much needed," he said. "This partnership will help the Pyvio team further disrupt the online eCommerce payment landscape in emerging markets, and we look forward to being on that journey with them."

Li Kai, CEO of Pyvio, expressed similar enthusiasm about the partnership. "We are very excited to partner with Currencycloud as a new solution for online eCommerce businesses in emerging markets. Our solution will help Chinese eCommerce merchants overcome the barriers and challenges to global growth and boost their sales and revenue," he said. "We are also committed to constantly improving our service and adding more features and functions to meet the evolving needs and demands of our customers."

This partnership comes at a crucial time as the demand for seamless, cost-effective cross-border payment solutions continues to rise. Many Chinese eCommerce businesses are looking to tap into new markets but are often held back by inefficient payment processes that can eat into their profit margins and hamper their growth prospects.

By joining forces, Currencycloud and Pyvio hope to offer a solution that not only simplifies these payment processes but also ensures compliance with local regulations, making it easier for Chinese online merchants to expand into new territories.

Currencycloud has established itself as a key player in the cross-border payment industry, having processed more than USD $200 billion in transactions to over 180 countries since 2012. The company, now a Visa solution, works with a wide range of banks, financial institutions, and fintech companies across the globe, including notable names like Starling Bank, Revolut, and Lunar.

Pyvio, on the other hand, is known for its strong focus on technological innovation and its commitment to emerging markets, including Southeast Asia, Latin America, and Africa. The company provides a comprehensive global payment network and custom payment solutions that cater to the specific needs of its clients, integrating with global banks and payment providers to tackle cross-border funding issues effectively.