The Hong Kong Monetary Authority has granted Stored Value Facilities (SVF) licence to Geoswift, allowing the company to offer digital payment services in the country.
Geoswift offers cross-border payment solutions for customers in China. The company serves e-commerce, education and travel sectors.
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The new licence will help the company to integrate its product offerings and provide payment solutions to both consumers and merchants.
A statement from Geoswift read: “Obtaining the SVF licence in Hong Kong does not only allow us to meet our future growth plans within Asia Pacific and the Greater Bay Area in particular, but also enable us to expand our current set of product offerings to offer more comprehensive cross-border payments solutions globally.”
The company offers cross-border payment collections, where its payment gateway links to multiple domestic payment channels in China. This service enables international businesses to accept Chinese currency and convert to foreign currencies for clearing.
As part of Geoswift cross-border payment settlements, its multi-channel payment switch connects to domestic payment service providers and Chinese Banks.
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By GlobalDataThe company’s portfolio also includes a remittance platform as well as a range of card and wallet schemes to allow settlements and payments.
In October last year, Geoswift introduced a new suite of products and services, Geoswift X, for quick and cost-effective cross-border payments.
Designed as a platform-as-a-service (PaaS), the new suite comprises Geocollection, Geosettlement, Georemit, Geocard and Geofx.
