Irish money transfer services provider CurrencyFair has agreed to acquire Convoy Payments, the Hong Kong-based payments arm of Convoy Global Holdings.

The acquisition forms part of a €20m investment strategy and marks CurrencyFair’s entry in the Asian market.

Under the partnership, Convoy will work as CurrencyFair’s payments and remittance partner.

Convoy Global chief digital officer Patrick Ho said: “Our long-term plan is to build Convoy into a full-service financial holding company with financial technology as a key component and enabler of our strategy.

“We are developing our Fintech business on three fronts, digital wealth management, AI-enabled comparison advisory and digital banking. This partnership with CurrencyFair forms a key part of the foundation of our development.”

The merger of the payments business is expected to generate significant operational synergies.

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Following receipt of regulatory approval, CurrencyFair aims to expand its payment services in various Asian markets starting with Chinese currency Renminbi.

Convoy Global venture capital head Michael Yap said: “CurrencyFair is one of the most successful and fastest growing FinTech firms in the world, and we believe our collaboration will enable us to generate value for our customers and shareholders.”

CurrencyFair offers money transfer services across EU region and Australia. With more than 100,000 customers, it provides an advanced automated matching system to enable money transfers in multiple currencies.