YouBiz expands cross-border payments to China with ‘CNY’ Corridor

By Gloria Mathias

YouBiz, a multi-currency corporate card and spend management platform for businesses by YouTrip, has announced the launch of a new Chinese Yuan Renminbi (CNY) remittance corridor.

This strategic expansion caters to the increasing demand for efficient and cost-effective cross-border transactions between Singapore and China as businesses deepen their engagements. China is Singapore’s largest trading partner, with nearly S$80 billion in imports facilitated in 2023.

YouBiz’s CNY remittance corridor aims to empower businesses to seamlessly transfer funds from Singapore to China, offering a cheaper, more secure and convenient alternative to traditional methods.

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.”

YouBiz customers can easily set up company recipients for swift and easy recurring payments to Chinese companies within 1-2 working days. Supporting overseas transfers with 20 currency corridors, YouBiz offers true mid-market exchange rates and a transparent, low fee with no hidden charges or FX markups.

The introduction of the CNY remittance corridor enhances YouBiz’s comprehensive suite of cross-border financial services, which includes multi-currency corporate cards, expense management, and foreign exchange solutions. YouBiz will offer customers the flexibility to issue foreign currency-denominated corporate cards in nine major currencies, including USD, EUR and THB, with no monthly fees. This enables companies to eliminate additional conversions and transact directly in the preferred non-SGD currency for a more seamless experience. Businesses also benefit from unlimited 1% cashback and zero FX fees for card spending in over 150 currencies.

By providing a wider range of currency options and enhanced remittance capabilities, YouBiz empowers businesses to navigate the complexities of cross-border trade with confidence and ease.