Ria Money Transfer Partners with Tenpay Global to Enhance Remittances to China
Deal News | Dec 20, 2024 | Tencent Holdings Ltd
The strategic partnership between Ria Money Transfer and Tenpay Global marks a significant development in the cross-border remittance landscape. Ria, a prominent figure in the international money transfer sector and a subsidiary of Euronet Worldwide, has teamed up with Tenpay Global, a branch of Tencent's financial technology services, to facilitate seamless money transfers to Weixin Pay accounts in China. This collaboration allows users worldwide to send money to China efficiently, leveraging Ria's extensive global network and expanding the accessibility of Weixin Pay's digital wallet services. As China remains a major receiver of remittances, with US$50 billion reported in 2023, this partnership aims to tap into this market, contributing to Ria's vast reach of 3.1 billion wallet accounts globally. Executives from both parties, Shawn Fielder from Ria and Royal Chen from Tencent, emphasize the collaborative effort to enhance the mobile payment experience and provide inclusive, reliable cross-border financial solutions.
Sectors
- Financial Technology & Cross-Border Payment Services
- Digital Wallet & Mobile Payments
Geography
- China – China is the primary market impacted by this partnership and is one of the top remittance-receiving countries globally.
- Global – The partnership affects international money transfer services, impacting users worldwide who wish to send remittances to China.
Industry
- Financial Technology & Cross-Border Payment Services – The article focuses on the strategic partnership between financial technology companies to enhance cross-border payment services, particularly in the remittance and digital wallet sectors.
- Digital Wallet & Mobile Payments – This sector is relevant as the partnership expands the usage and accessibility of digital wallet services like Weixin Pay for global remittance services.
Financials
- US$50 billion – The remittance inflows to China in 2023, highlighting the significance of the remittance market in the country.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ria Money Transfer | Target Company | Companies | A global leader in cross-border money transfer services, part of Euronet Worldwide. |
| Tenpay Global | Partner | Companies | Tencent's cross-border payment platform facilitating international financial transactions. |
| Tencent Holdings Ltd. | Parent Company of Tenpay Global | Companies | A Chinese multinational technology conglomerate and the parent company of Tenpay Global. |
| Shawn Fielder | Executive/Spokesperson | People | President and Chief Executive Officer of Ria Money Transfer. |
| Royal Chen | Executive/Spokesperson | People | Vice President of Tencent Financial Technology. |