Geoswift, a provider of two-way cross-border payments with China, has entered into a strategic partnership with Bank of Shanghai to launch new remittance services.

The partnership allows businesses and individuals to securely transfer funds into China through a secure and efficient medium, which is recognized by China’s regulators.

The service allows money transfer in seven currencies USD, GBP, HKD, CAD, AUD, JPY and EUR to the local currency RMB for recipients in China. It uses a fixed daily rate to eliminate foreign exchange fluctuations.

Geoswift founder and CEO Raymond Qu said: “We are proud to be partnering with Bank of Shanghai in delivering swift, secure and efficient remittance services for our clients and partners globally.

“Given our expertise in understanding the requirements of China’s authorities, we are strategically positioned to guide businesses and consumers through the complex regulatory system in China.

“Our aim has always been to simplify transactions amidst the multilayered and constantly changing regulatory environment in China. The fact that Geoswift operates at a global scale with its roots deeply embedded in China — makes our knowledge and expertise of the Chinese market our core capability.”

According to World Bank statistics, China has received $32.2bn worth of personal remittance in 2016.