Tencent invests in Easy Transfer

Friday 14 January 2022 11:45 CET | News

China-based technology company Tencent has financed Easy Transfer, a startup that augments tuition payments for overseas Chinese students.

Easy Transfer doesn't handle transactions directly, instead, it works with financial institutions with cross-border payments licenses in China. The startup's value-add is to make remittance hassle-free. Company officials stated that in the old practice, parents and students would need to visit a bank, fill out a stack of forms, double-check if the routing information is correct, and wait for the tuition to deposit in time into the university's account.

With Easy Transfer, users fill out a form online and the startup takes care of the rest for a fee of up to USD 31. Through Tencent's strategic investment, Easy Transfer hopes to further streamline its user experience. The partners have jointly developed a WeChat-based tuition remittance service called WeRemit. Unlike the millions of third-party lite apps inside WeChat's ecosystem, WeRemit is partly operated by WeChat, with deep support from the messaging giant.

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Keywords: remittance, cross-border payments, investment, startup, online payments
Categories: Payments & Commerce
Companies: EasyTransfer, Tencent
Countries: China
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Payments & Commerce




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