Tuesday, 3 October 2023

Wise partners with Tencent Financial Technology to bolster international money transfers to China through Weixin

5 min read

Wise, the global technology company building the best way to move money around the world, today announced a technology partnership with Tencent Financial Technology which will enable international money transfers to China through Weixin. Weixin (the mainland Chinese version of WeChat), owned and operated by Tencent, is a leading social platform in China.

With this latest launch, Wise’s customers will be able to send money from 11 currencies, including USD, GBP and SGD, to Chinese Yuan (CNY) within minutes at the mid-market exchange rate to users of Weixin. Only the recipient’s name and Weixin ID is needed, making international transfers a fuss-free and convenient process without requiring complicated bank details and codes. The funds will reach the bank card linked to the recipient's Weixin account.

Since launching transfers to China in 2016, Wise has continued to build partnerships and infrastructure to bring new ways for its customers to send money to the country. Wise customers have been able to send money to Alipay and UnionPay users in China, and today’s partnership further enhances the route by enabling its customers to send funds to loved ones who are managing their money on Weixin.

Wise has also recently bolstered its Wise Business offering by launching B2B transfers to China from 8 currencies, including USD, GBP and SGD. A long-standing customer request, this allows businesses to make payments to their partners in mainland China at the mid-market exchange rate.

Lim Paik Wan, Wise’s APAC Expansion Lead, said: “China is the world’s second largest remittance recipient with USD$60 billion inflow into the country in 2020, and through this tie up with Tencent Financial Technology, we’re thrilled to give Wise customers around the world yet another convenient option to send money to the country without exchange rate markups. With the upcoming Lunar New Year festivities, a service that is fast, convenient, affordable and transparent will provide immense value to people sending money home to their loved ones.”

Wenhui Yang, General Manager, Tencent Financial Technology Asia Pacific, said: “The partnership with Wise marks a key milestone in enabling users worldwide with the ability to send money into China through Weixin. The collaboration is another step in bringing convenience to our recipients in China leveraging on Wise’s global reach together with Weixin, a platform our recipients in China are most familiar with.”

Re-disseminated by The Asian Banker

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