Traders in Australia can now make hassle-free payments to China in USD and other major currencies with Harbour & Hills
Traders, corporates and SME/VSE businesses Down Under can now make hassle-free payments to China in USD, EUR and other major currencies, while avoiding the traditional challenges encountered in such payments.
This is being enabled by Harbour & Hills (H&H) Financial Services Limited, a Hong Kong-headquartered B2B payments service provider, which has recently acquired a controlling stake in Global Envoi Limited, a payments processor with strong capabilities in clearing payments to China.
Global Envoi enjoys an exclusive partnership with Metropolitan Bank (China) Limited for processing B2B payments in China. Metrobank China is a subsidiary of Metrobank Group, a fully-licensed bank in China that can execute payment to all major banks in China connected through the country’s central clearing system.
With H&H’s acquisition of Global Envoi, an account with H&H gives businesses and traders across the globe a great alternative to make hassle-free payments to China in the USD and other major currencies.
H&H has a growing presence in cross-border money transfer space in Australia with absorption of Melbourne-based Kapruka Pty Ltd in November last year. Kapruka has since been renamed as Harbour & Hills Financial Services Pty Ltd.
On the opening of H&H’s unique B2B payments channel to China, Mr Rahul Tripathi, CEO of Harbour & Hills Financial Services said, “While China is the major trading partner for almost all countries, sending payments to China is still challenging for businesses, especially for the traders and SMEs/VSEs. However, with Global Envoi acquisition, H&H overcomes this challenge by getting an exclusive access to the local clearing system, for sending payments to almost all major banks in China.”
Local businesses in Australia can now fund their H&H account in AUD or USD, and H&H can route it further to their trade partners in China in USD, EUR and other major currencies. Moreover, with a multi-currency account with H&H, they can access H&H’s extensive network of correspondent banks globally ensuring hassle-free payments for its customers virtually in as many as 146 currencies and 190 countries.
H&H already offers FX clearing services in the USD and other major currencies to a number of destinations. The Global Envoi acquisition gives the company a further edge in the all-important Chinese payments market which sees billions of dollars moving in and out of the country in trade-related payments annually. In Global Envoi, H&H has acquired a vital channel to process commercial payments to all major banks in China. Also, H&H has its own SWIFT BIC code, which makes it a reliable payments partner for clients with cross-border payments and collection requirements.
To synergize with the parent company’s capabilities in the global payments business, Global Envoi will soon be renamed as “Harbour & Hills Financial Services (China) Limited”.