ACE Money Transfer is a remittance service provider that offers online money transfer solutions to expatriates, having an extensive network of over 375,000 locations across more than 100 countries around the globe.
This integration represents an advancement for ACE, as it incorporates Alipay into its extensive network of payout locations. This development opens up an area of secure and convenient money transfer options for its international customers, particularly catering to the large Chinese diaspora of over 39.5 million individuals.
Representatives from ACE Money Transfer declared that this partnership will provide Chinese citizens in 130 countries and regions worldwide with a secure and efficient way to send money to their loved ones, strengthening financial support for their families.
The ACE Money Transfer-Alipay partnership provides several benefits for customers, especially those in the Chinese diaspora, including:
Convenience: they can receive international transfers directly into Alipay wallets or bank cards linked to their Alipay account;
Safety and security: ACE and Alipay both focus on security, guaranteeing that every transfer arrives safely at its intended location;
Global network strength: by merging ACE's extensive reach with Alipay's presence in China, users gain access to a broader array of options for receiving funds.
In January 2024, ACE Money Transfer partnered with HABIBMETRO Bank to promote the use of legal channels for remittances, thereby increasing inflows to Pakistan.
The use of informal channels led to significant financial losses for the country each year, as individuals often turned to unregulated money transfer methods. This partnership aligned with the government's efforts to eliminate the black market and included the nationwide ban on illegal money transfer practices. The initiative aimed to increase the effectiveness of the Pakistan Remittance Initiative (PRI).
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