Hong Kong-based B2B payments service provider Harbour & Hills has acquired a controlling stake in payments processor Global Envoi.
The deal will allow Harbour & Hills to open its unique B2B payments channel to China.
Global Envoi is a fintech company with a license from the Hong Kong Customs & Excise Department. It has strong capabilities in clearing payments to China.
The acquired company has an exclusive accord with Metropolitan Bank (China) for processing B2B payments in China.
Metrobank China’s parent company Metrobank Group has licence to execute payment to all major lenders in China via the central clearing system of the country.
The strategic acquisition will allow Harbour & Hills to facilitate commercial payments in USD, EURO, JPY, GBP and other major currencies to all major banks in China.
Harbour & Hills Financial Services CEO Rahul Tripathi said: “While China is the major trading partner for almost all countries, sending payments to China is still challenging for businesses, especially for the SMEs/VSEs.
“However, with Global Envoi acquisition, H&H overcomes this challenge by getting an exclusive access to the PBoC central clearing system, thus effectively acting like a bank in sending payments to almost all major banks in China.”
As per the agreement, Global Envoi will soon be rebranded as Harbour & Hills China.
Global Envoi founder and CEO Ye Guimin said: “We are extremely pleased to be part of the H&H group which has strong capabilities in cross-border payments space in Hong Kong and elsewhere.
“Global Envoi compliments H&H’s capabilities and its infrastructure. The association of the two like-minded businesses offers a great opportunity for the SMEs/VSEs anywhere in the world to be able to make quick, convenient and cost-effective payments to China.”