United Kingdom-based fintech firm Currencycloud has on Wednesday announced a partnership with Chinese payment firm Pyvio, offering efficient and cost-effective cross-border payment solutions for Chinese e-commerce businesses operating in emerging markets.

Currencycloud said in a statement that the partnership will allow Pyvio to leverage Currencycloud’s technology to collect and pay funds in over 180 countries and more than 30 currencies, including CNH and CNY.

It is noted that one of the main challenges faced by Chinese online merchants is the payment collection and payout process in different markets, especially in emerging regions where infrastructure is not well-developed and ensuring compliance in payments can be challenging in a complex regulatory landscape.

By partnering with Currencycloud, Pyvio aims to build on its underlying business strategy of leveraging best-in-class partnerships with other licensed financial institutions to address payment challenges and provide a bespoke service for each merchant according to their specific needs and preferences.

“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,

“This partnership will help the Pyvio team further disrupt the online e-commerce payment landscape in emerging markets, and we look forward to being on that journey with them,” said Rohit Narang, Managing Director, Currencycloud, Asia Pacific (APAC).

Li Kai, Chief Executive Officer of Pyvio, said their solution will help Chinese e-commerce merchants overcome the barriers and challenges to global growth and boost their sales and revenue.

“We are very excited to partner with Currencycloud as a new solution for online e-commerce businesses in emerging markets,

“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,” he added.

Currencycloud is a cloud-based global payments platform that enables various financial institutions to offer their clients multiple currency exchange services, such as real-time notifications on foreign exchange transactions, multi-currency wallets, and full account management.

Since 2012, the firm has processed more than $200 billion to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut and Lunar.

Based in London with offices in New York, Amsterdam, Cardiff, and Singapore, the firm works with partners including Integrated Finance, GPS and Mambu to deliver cross-border infrastructure solutions for clients.

They are regulated in the United Kingdom, Canada, United States, the European Union (EU) and Australia, and were acquired by Visa in December 2021.

Pyvio is a fintech company dedicated to building robust global financial services infrastructure.

The firm has presence in Europe, America, and emerging markets, including Southeast Asia, Latin America, and Africa.

Pyvio provides the widest coverage of global payment network and customized payment solutions for the entire industry, integrating with global banks and payment providers, covering a greater number of emerging markets, and resolving cross-border funding issues.

Alipay+ enables digital payment of 14 overseas e-wallets from nine countries and regions in Hong Kong