PayerMax & Standard Chartered to streamline Cross-Border Payments

By Gloria Mathias

Standard Chartered and PayerMax announced a collaboration at the recent Singapore FinTech Festival to assist global brands in addressing the challenges of cross-border payments.

This collaboration, spanning multiple countries and regions, has significantly advanced the landscape of cross-border payments in emerging markets through robust compliance frameworks, technological innovations, and ecosystem cooperation.

Merchants with a global footprint need to support their operations with a trusted payment solution that can effectively serve multiple markets and regions. PayerMax, therefore, partnered with Standard Chartered to ensure its solution can deliver that capability by tapping into the bank’s strong global network and deep local knowledge of emerging markets.

PayerMax integrated its solution with Standard Chartered’s FX Scale product to link accounts in other countries through its hubs in Hong Kong and Singapore. They have also achieved technical integration across several countries using host-to-host (H2H) connections and APIs. This integration supports multi-currency virtual accounts and batch payment solutions, helping merchants efficiently manage multiple currency accounts and distinguish fund flows by currency and channel.

“Working with Standard Chartered enables us to build a much more robust payment network and efficient payment solutions for global merchants. By leveraging Standard Chartered’s banking infrastructure, we can offer an easy-to-use and full-fledged payment solution while reducing transaction costs and payment processing time. The partnership also enables merchants to centralise their treasury management,” explained Wang Hu, Co-founder & President at PayerMax.

Luke Boland, Global Head of FinTech at Standard Chartered, added, “The partnership is a symbiotic relationship. Today, we’re seeing the growth of payment tech firms coming into the cross-border payments space, looking at different ways to move liquidity, use foreign exchange (FX), and leverage local payment networks. We’re working with those firms, including PayerMax, to use application programming interfaces (APIs) to link payment processing and FX to enable real-time local payments. Doing so will better support the collection and distribution of last-mile payments for merchants. This is where our relationship with PayerMax is complementary; PayerMax’s licensing approach across Southeast Asia and the Middle East matches our footprint.”

PayerMax has obtained licenses from regulatory authorities in key markets such as Saudi Arabia, the UAE, Singapore, the Philippines, Thailand, Indonesia, and Hong Kong China, as well as certifications from global banks.