Tuesday, 28 May 2024

TDB partners with Currencycloud to open up trade for small businesses

5 min read

Tonga Development Bank (TDB) has partnered with Currencycloud, a company that simplifies business in a multi-currency world, to help open up frictionless commerce and extend the reach across Oceania and beyond for Tonga’s small and medium businesses (SMBs).

By partnering with Currencycloud, TDB can seamlessly settle and clear a wide range of currencies for their SMB customers. Tonga’s businesses trading in Australian, US and New Zealand dollars, Japanese yen, and euros now have access to Currencycloud’s market-leading low foreign exchange (FX) rates, making exporting and importing goods and services across the region much more cost-effective.

The partnership with Currencycloud means TDB can use Currencycloud’s international payment rails to open up new global trading opportunities for Tonga’s businesses.

Lolinita Maue, head of marketing at Tonga Development Bank said, "Our partnership with Currencycloud exemplifies our motto: ‘HA’AMO 2 MO E TONGA, Talu mei he 1977. Together we grow - with our Tongan people since 1977. Our partnership delivers technology and digital connectivity to Tonga’s SMBs. We are able to open up a new revenue stream for the bank while practising financial inclusion. By enabling small businesses to have access to digital payments, they can reach more markets across Oceania and beyond. Thanks to the partnership, our Tongan business customers can enjoy a safe, quick transfer of funds, helping facilitate the import and export of their goods and services to new and existing markets”.

Rohit Narang, managing director, Asia Pacific at Currencycloud commented, “Tonga’s businesses have long been advanced by TDB, who are committed to helping them evolve and grow digitally. Now with our real-time, wholesale FX and extensive global network, Currencycloud in partnership with TDB is able to help SMEs expand and operate profitably on a global scale”.

Re-disseminated by The Asian Banker

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