Singapore-based payments platform Nium has signed a partnership to enable blockchain services company OwlTing Group’s real-time cross-border payments service, OwlPay.
OwlPay will offer financial services integration service for global B2B transactions of e-commerce and travel platforms in Southeast Asia.
The service, which is expected to scale up the operational efficiency of enterprises in the region, includes automatic reconciliation, online currency swaps, and cross-border payment services.
As part of the tie-up, OwlPay users will benefit from Nium’s competitive exchange rate, settlement network, and support of over 100 currencies with online currency exchange.
OwlPay senior manager Una Peng said: “Currently, the average cross-border remittance fee falls between $25 to $30 per transaction, while OwlPay charges lower than $10 with same-day settlement. Payees can receive full payments even for a small amount, which makes OwlPay a faster and cheaper payment solution tailored to the needs of global enterprises.
“In addition, OwlPay supports six currencies for deposit, and the funds can be directly exchanged to local currency for payouts. By depositing funds to designated accounts in Singapore or Hong Kong in advance, enterprises can leverage OwlPay’s worldwide network and payout to global vendors in just a few clicks. Singapore- and Hong Kong-based enterprises can even enjoy further cost reduction through domestic deposits and experience OwlPay’s powerful services instantly.”
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OwlTing cites Southeast Asia as its immediate target as it looks to tap into the region’s rapidly evolving digital economy.
According to OwlTing Group founder and CEO Darren Wang, the firm also plans to add stablecoins and multiple settlement networks in the future.
Wang added: “We are very pleased to cooperate with Nium to grow from domestic financial services to multi-currency, cross-border payments services. OwlPay’s services will expand from Asia to North and South America, and Europe.
“With OwlPay, we aim to help global enterprises enhance operational and capital arrangement efficiency with a new type of payment and send real-time remittances to other countries with ease.”
Last month, Nium agreed to acquire Singapore-based alternative payments network platform Socash to expand its technology and capabilities to facilitate several local payment acceptance methods for digital commerce.