Harbour & Hills, a Hong Kong-based B2B payments service provider, has acquired a controlling stake in Global Envoi (GEL), a payments processor with functionalities in clearing payments to China.
Harbour & Hills (H&H) Financial Services offers FX clearing services in the USD and other major currencies to several destinations including Indonesia, Korea, and India. With Global Envoi acquisition, H&H has acquired a channel to process commercial payments in USD, EURO, JPY, GBP and other major currencies to all major banks in China.
A fintech company with a license from the Hong Kong Customs & Excise Department, Global Envoi enjoys an exclusive partnership with Metropolitan Bank (China) Limited for processing B2B payments in China, according to the official press release. Metrobank China is a subsidiary of Metrobank Group, a fully licensed bank in China that can execute payment to all large banks in China connected through the country’s central clearing system.
H&H has its own SWIFT BIC code, helping its clients with cross-border payments and collection requirements. H&H is already in talks to onboard some of the large corporates and traders in China to act as their collection, clearing, and settlement partner, the company added.
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