Singapore-based cross-border payments firm Thunes has set up a regional hub in Miami to accelerate its expansion into new Latin American markets.

The move is part of Thune’s efforts to take advantage of the region’s evolving payments and e-commerce segment, which is witnessing a boom in online shopping and digital banking.

Thunes currently has regional payout partnerships in 16 countries in Latin America, including Brazil, Chile, Argentina, Mexico, Uruguay and Colombia.

The firm is planning additional local tie-ups in Brazil, Mexico, Colombia, and Costa Rica to further tap into the region’s payment space.

Thunes chief commercial officer Aik Tan said: “Thunes is actively expanding into new markets and regions and becoming a truly global player. Given the exciting opportunities in Latin America and the Caribbean, we are expanding our team and technology to build a robust and inclusive payments infrastructure.

“Our goal is to become a large payments platform in the region, making interacting with, managing and accepting cashless payments as fast and effortless as possible.”

As part of its expansion efforts, Thunes recently named Jenna Wyer as senior vice president for the Americas.

Wyer will be responsible for leading its Latin American expansion strategy and developing alliances with local digital payment players.  

Wyer said: “I’m thrilled to have the opportunity to build new strategic partnerships and drive Thunes’ continued expansion across Latin America’s vibrant markets.

“Fintech solutions like ours are playing a pivotal role in the development of the region’s economic activities, bringing vast benefits to millions of businesses and consumers.”

In December 2021, Thunes revealed plans to ramp up its operations across Greater China, including in mainland China, Hong Kong, Taiwan, and Macau.

In November, the firm signed a partnership with financial software company Finastra to help Finastra customers access new payment rails across more than 115 markets.