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Here’s how global senders can transfer money in real-time directly to their loved ones in China

Consumers from around the world carry out enormous amounts of online transactions and payments from ordering goods and services to remitting money back to families regularly in times of need, celebration or sickness thousands of miles away.

Similarly, for millions of Chinese citizens living and working outside of their hometown, the most important thing on their minds is their loved ones. In today’s world a digital connection with family and friends can make all the difference, whether they are in the same city or thousands of miles apart.

The world’s second largest remittance recipient still faces high costs

Today, cross-border payments are still costly, cumbersome and opaque, while navigating the complex regulatory landscape.

China is the second largest recipient of remittances in the world yet the average costs of remittances stand at 8.32%, which is well above the global average of 6.37%, according to the World Bank. These costs are also substantially higher compared to the United Nations’ Sustainable Development Goal to bring down the costs globally to 3% by 2030.

One way forward for many individuals to ensure they are not inhibited by high remittance costs is to tap on a trusted financial settlement network that streamlines the cross-border payment process and eliminates additional costs.

Through this, customers can be assured of secure, transparent and cost effective financial settlements at competitive foreign exchange rates, improving their customer journey significantly.


Seamless cross-border payments with EMQ’s expanding China gateway

EMQ is a neutral financial settlement network with the largest footprint in China offering unparalleled access into the world’s second largest economy. It has the widest coverage in China, currently covering 126 banks and will be expanding to over 150 banks in the coming months. Leveraging our comprehensive network, our global customers can send money to their relatives in China in an efficient, compliant and cost effective way.

Globally, EMQ’s network spans across Europe, China, Hong Kong, Singapore, India, Indonesia, Japan, Vietnam, Cambodia, Thailand, Taiwan and the Philippines, with expansion underway across key business markets in the Middle East, Africa and the Americas.

Adhering to the financial regulations of many countries can be a complex and lengthy process if not managed well. EMQ adopts a ‘hub and spoke’ model, working strategically alongside a local partner bank in each of them.

“Building bank partnerships across the region takes time and patience to cultivate,” says Liu. And for every country it enters, it also needs regulatory clearance.

However, Liu’s company not only works towards building partnerships with banks. In every country, it also builds comprehensive networks of strategic partnerships and last-mile solutions, offering customers immediate access to thousands of distribution points.


Turning challenges into opportunities for growth

Even as the company grows beyond its home base rapidly, there was never any question for Liu that EMQ would begin in Asia Pacific.

Liu explains: “We built the network here first because of the market across the Asia Pacific region is highly fragmented.”

“Every country in the Asia Pacific region has a different set of regulations, a different local settlement system and a different currency. Due to such challenges, businesses and individuals will increasingly require a network that is versatile while making cross-border payments streamlines, low-cost, secure, and real-time,” Liu says.

EMQ works towards providing a unified, more affordable and efficient cross-border settlement solution for businesses and individuals in the region.

By turning these challenges into opportunities for growth, EMQ has built a strong footprint in the region while expanding to the world’s fastest economies. The company is currently operational in China, Hong Kong, Singapore, Japan, India, Indonesia, Vietnam, Cambodia, Thailand, Taiwan and The Philippines.

So what’s next for EMQ?

“Our goal is to allow companies and individuals to move money anywhere in the world in a seamless and compliant manner. Following our expansion in the Middle East, we’re launching our network globally.

“By the end of the year, we will be able to offer pay-outs in Africa and Europe. And in 2020 we will be entering the US market and we’ve set our eyes on Latin America too,” says Liu.

“We always follow our customers.”