SAN FRANCISCO, CA — April 17, 2018 — Veem, the global payments provider designed for businesses, opened China up to the world today by announcing the ability to send cross-border payments for goods and services out of China to 60+ countries. With this new capability, Veem enables businesses to both send and receive in and out of China.
Veem’s vision is to connect businesses around the world. For businesses in need of sending Yuan out of China, complex bank wires and their high costs cause friction when trading with other countries. Veem’s innovative global payments platform now gives businesses in China, the world’s largest exporter and second largest importer, the ability to use their local currency to buy goods and services abroad, enabling a massive step forward in global economic integration.
We are excited to lead the way by offering this capability and opening up payments out of China
“We are excited to lead the way by offering this capability and opening up payments out of China,” said Marwan Forzley, founder and CEO at Veem. “As a company, we want to empower businesses across the globe and in order to do that, it was a priority to open up the China market so that businesses in China can send payments out of their country. We are excited to be one of the few payments companies offering these capabilities.”
Since 2014, Veem has empowered businesses to send payments to suppliers and vendors in China. With this new feature, Veem opens the doors to continued growth for businesses across the globe. Veem eliminates the need to send traditional bank wire transfers that take a lot of time and money. By leveraging multi-rail routing technology, including blockchain, treasury and existing methods, the router finds the easiest, fastest, cheapest and safest way to send and receive cross-border payments.
More than 50,000 small businesses use Veem to send and receive money in 60+ countries.
To learn more, please visit: https://www.veem.com/money-out-of-china
Veem is a next generation platform for business-to-business payments. Veem enables businesses to send and receive payments in local currency with a few simple steps using our unique multi-rail technology across several global networks. Founded by a world class team of industry veterans with over 100 years of combined experience in payments, payment processing and banking IT infrastructure management, we aim to change the financial payment system through innovation.