PayerMax and Standard Chartered Partner to Navigate the Complexities of Cross-Border Payments

SINGAPORE, Dec. 11, 2024 /PRNewswire/ -- During the recent Singapore Fintech Festival, Wang Hu, Co-founder & President at PayerMax, and Luke Boland, Global Head of Fintech at Standard Chartered, shared on how their companies are jointly helping global brands address the challenges in 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 on 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 multi-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," explains Wang.

Boland adds that the partnership is a symbiotic relationship. He says "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 payment 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."

"We've learnt a lot from this partnership and gained insights on how to adapt and tailor our products to PayerMax's needs. We will continue bringing our network and solutions to clients like PayerMax so that they can better support global merchants' cross-border operations, especially in emerging markets, and target new customer segments," adds Boland.

As a fintech company committed to regulatory compliance in cross-border payments, 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. With a robust financial-grade risk management system, PayerMax strictly adheres to regulatory requirements to prevent transaction risks and safeguard merchants' funds.

"We will continue to focus on compliance, payment localization, and the R&D of related technologies to provide more secure and convenient cross-border payment services for merchants and consumers in emerging markets, continuously expanding our overall market share and jointly promoting the optimization and iteration of the global cross-border payment ecosystem," concluded Wang Hu.

The partnership between PayerMax and Standard Chartered showcases both companies' leadership in technological innovation and compliance, while injecting new vitality into the emerging market cross-border payment ecosystem. In the future, the two companies will continue to explore more cooperation opportunities to bring more convenient, efficient, and secure payment experiences to global merchants and consumers.

SOURCE PayerMax