China Construction Bank partners with Thunes

Following this announcement, the China Construction Bank is set to leverage Thunes’ services in order to deliver international payment acceptance products for Chinese small and medium-sized businesses (SMBs). In addition, it will also introduce outbound cross-border payments for CCB’s customers, with both products being expected to be launched in 2024. 

China Construction Bank will focus on meeting the needs, preferences, and expectations of its clients and users while remaining compliant with the requirements and laws of the industry. 

Thunes’ recent partnerships and developments

Cross-border payments infrastructure provider, Thunes announced multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world.

In October 2023, the company teamed up with Smartcash PSB in order to provide international remittances in naira to mobile wallets. Throughout this strategic deal, Smartcash Payment Service Bank Limited (Smartcash PSB) was enabled to offer its customers and clients the possibility to access naira payouts to wallets, following the approval received in June 2023 from the Central Bank of Nigeria on the payout methods. 

According to the press release published at the time, the partnership was set to give Smartcash PSB’s customers the capability to receive inward remittances from countries around the world directly into their accounts by simply sharing their phone numbers, which also became their account numbers. The money was sent in an expanded manner, free of charge, directly to the recipient, and could be accessed across the Smartcash agent network. 

Earlier in the same month, Thunes announced its collaboration with Access Bank in order to optimise cross-border payments in and out of 13 African countries. The deal was set to allow Access Bank to facilitate inbound and outbound cross-border payments in Botswana, Cameroon, the Democratic Republic of the Congo, Gambia, Ghana, Guinea, Kenya, Mozambique, Nigeria, Rwanda, Sierra Leone, South Africa, and Zambia.

Furthermore, Access Bank’s customers, both non-account and account holders, were enabled to make simple international payments, as well as receive inflows in USD from multiple regions around the world, such as Africa, the Americas, Asia-Pacific, Europe, Greater China, and the Middle East, and North Africa regions in the form of either cash or bank deposits. The deal also focused on bringing the benefits associated with modern digital transaction tech to the involved parties, as well as addressing the friction within the traditional bank-based cross-border payment flows and making payments faster and more transparent.

For more information about Thunes, please check out their detailed profile in our dedicated, industry-specific Company Database.