Money20/20: Visa and EMQ announce deal for cross-border remittances

Global payments provider Visa has teamed up with EMQ for cross-border remittances, it has been announced at Money2020 Asia today (Wednesday).

The partnership will provide cross-border solutions in Hong Kong and Singapore, and indeed across the APAC region. EMQ’s network and Visa’s payments platform Visa Direct will work together to give more choice, transparency and flexibility to customers wishing to make cross-border transactions.

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EMQ is a leading cross-border settlement network in Asia. Max Liu, co-founder and CEO of EMQ, said: “With a challenging, fragmented market across the Asia Pacific region, businesses and individuals will increasingly require a global money movement network that is versatile while making cross-border remittances streamlined, low-cost, secure, and real time.”

Meanwhile, Visa’s Head of Consumer Products and Digital Solutions, APAC, Rob Walls, added: “In today’s highly connected world, sending and receiving money globally should be a frictionless experience.” He added that Visa is increasingly looking into cross-border remittances and digital payment solutions. “We are excited about this new initiative and we look forward to our partnership with EMQ,” he concluded.

The announcement marks an ongoing theme at Money20/20, emphasising collaboration as well as financial inclusion. Many of the organisations attending the event are looking at how pain points can be removed and finance can be more easily accessible, especially in emerging markets.