Wallex, Currencycloud spark additional collections opportunities for Asians

By Edil Corneille

Wallex, a B2B FX and payments solutions provider in Asia, has expanded its partnership with London-based Currencycloud, a provider of B2B embedded cross-border solutions. The collaboration entails the delivery of a new range of collections services, using Currencycloud Spark, for Wallex’s Asian customers in Singapore.

The partnership will provide the ability for Wallex’s Singapore and Hong Kong customers to collect funds in USD, GBP and Euro via local payment channels. This will enable those customers to expand and be more competitive in overseas markets. Previously customers would need to use regional banks for these collections, or require international payments to be made, incurring as much as 1.5 per cent foreign exchange charges, as well as conversion and payment fees for every transaction, making the process labourious and expensive.

Anthony Man, Chief Commercial Officer & Country Head of Singapore for Wallex apprised, “Being able to add USD, GBP and Euro collections for our customers will bring a fundamental change for their businesses. The ability to receive these new currencies and hold them in our multi-currency account will provide significant cost-savings and convenience to our customers and we look forward to supporting them as they grow.”

By integrating Currencycloud Spark, Wallex customers will be able to hold these 3 currencies, and 11 others, simultaneously in a single account. Customers receive the funds within minutes and can choose to hold, convert, withdraw or make international payments when the time and rates suit them. As a result, Wallex’s customers will save both time and money, while adding a level of convenience that will make cross-border payments easier.

Mike Laven, Chief Executive Officer at Currencycloud enunciated, “What we are doing with Wallex is a perfect example of the benefits that Currencycloud Spark brings to our clients and their customers – convenience, control and cost-savings. We’re looking forward to growing our partnership with Wallex.”