According to the press release, Paysend stated that the agreement is a step forward towards creating a more inclusive and accessible global money transfer market, as Alipay, China's largest mobile payments business operated by Ant Group, currently serves about 1.3 billion users around the world together with its local e-wallet partners.
Moreover, Paysend is licensed and regulated by FCA in the UK and already services over 2 million customers in over 45 countries. Under the partnership, Paysend will facilitate overseas users to send money across borders through licensed banks in China, with the funds reaching bank accounts linked to the Alipay app. Therefore, the company expects the collaboration to benefit migrant workers around the world, particularly in Asia, where it has a foothold in the money transfer market through local partners.
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