CardUp launches operations In Hong Kong; partners with Visa

By Edil Corneille

Digital credit card enablement platform CardUp has launched a solution that enables businesses to instantly access credit on international payments at competitive rates. CardUp enables remittances to be made via credit cards to overseas suppliers who do not accept card payments. Businesses can make use of their available credit limit to delay the outflow of that expense for up to 2 months, on payments to 100+ countries.

CardUp’s solution leverages the company’s status as a registered Visa Business Payment Solution Provider (BPSP) to help more businesses in Hong Kong tap onto their underutilised credit limits. CardUp charges a processing fee per transaction, but the company’s status as a registered Visa BPSP means customised rates can be offered to businesses, helping companies maximise their cash flow at a competitive price.

“We are delighted to expand our services to businesses in Hong Kong, many of whom grappled both with cash flow problems and challenges digitising payables and receivables whilst finance teams work digitally in the new post-pandemic world. We saw an opportunity to help them with a more flexible digital business payment facility to enable their business continuity,” said Nicki Ramsay, CEO of CardUp. “By launching our platform in Hong Kong, we enable businesses here to tap onto existing credit card lines more easily to help them tide their cash flow during this uncertain time. Our collaboration with Visa allows us to double-down on this flexibility as our BPSP facility is competitively-priced, more convenient than using conventional credit lines and quicker as there is no need for applications or waiting times.”

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CardUp believes that its new B2B facility and its status as a registered Visa BPSP will help the businesses benefit from more flexible payment options to keep their businesses afloat during uncertain economic periods.

“Many businesses often think of a credit card as nothing more than a payment method. However, a business credit card can also double up as a planning and budgeting tool. Based on our research, Visa recognised that cash flow optimisation is one of the top pain points of Hong Kong SMEs,” said Maaike Steinebach, Visa General Manager, Hong Kong and Macau. “Our partnership with CardUp helps businesses extend their days of payable outstanding and optimise their working capital with their commercial cards, crucial under current business climate.”

CardUp’s technology connects to accounting and ERP platforms, to provide businesses with seamless data flow and reporting. This provides a solution that enables any payment made by bank transfer or cheque to be shifted to cards.

CardUp collaborates with major banks in the region such as Citi, DBS and UOB. Outside of Hong Kong, the company has already made its digital platform available in Singapore (where it first launched) and Malaysia and has managed hundreds of millions of dollars in payments to vendors globally. The company is currently seeking opportunities to expand its digital platform across the region to give more businesses an alternative digital payment facility to better manage their cash flow.

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