The Chinese payment firm, which helps MSMEs conduct cross-border trade, has plans for 200 countries, including Vietnam, Bangladesh, Thailand and Pakistan.
The bank has closed the drawdown of a RMB400 million short-term cross border loan for a Brazilian subsidiary of Chinese energy giant State Power Investment Corp, a move that will help internationalise China's currency.
Cross-border payments players globally saw a 35% decline in M&A activities in the first three quarters 2023, according to analysis from FXC Intelligence.
The partnership offers suppliers access to payments at an earlier stage of the traditional supply chain, enabling more efficient release of working capital.
Global payments system says its cross border payments are reaching banks within an hour but wholesale payments and interoperability between markets will remain a key focus.
Global small and medium-sized businesses (SMBs) expect to expand globally within the next year but say cross-border payments will be among their chief challenges.
The partnership will enable GTreasury’s network of more than 800 large corporate and enterprise clients to integrate with Convera’s payments platform, enabling access to global banking networks.