Thunes has partnered with WeChat Pay HK, the Hong Kong dollar-denominated ewallet, to support the latter’s expansion in cross-border money transfers.
The collaboration has WeChat Pay HK users in Hong Kong sending money anywhere in the world in real time, and access faster and more affordable cross-border remittance options, thus improving the convenience of sending money abroad.
Instant and affordable remittances and transfers
Using Thunes’ Direct Global Network, WeChat Pay HK can support real-time outbound money transfers to billions of endpoints around the globe. The alliance will deepen the established partnership between Thunes and Tencent, WeChat Pay HK’s parent company. Thunes’ network members have been able to send fast payments to users in the Chinese mainland since 2022, when Thunes became a network partner for Tencent Financial Technology, Tencent’s fintech arm.
Leveraging the Direct Global Network, WeChat Pay HK can offer customers real-time and affordable money transfers anywhere, including in Southeast Asia, Europe and Australia. This is an advantage for expatriates who rely on remittances to send money back home. A Thunes research shows that speed in cross-border money transfer is crucial, as 65% of expats value speed above all else when choosing a payment method. Additionally, according to Statista, outbound money remittances from Hong Kong are projected to reach USD 1.1 billion by the end of the year, with a growth YoY rate of 5%, reaching USD 1,45 billion by 2030.
Thunes expressed positive sentiments about the partnership, saying that it will enable WeChat Pay HK users to send money across borders faster and more affordably, thus simplifying the remittance process for millions. This will ensure simple and cost-effective cross-border transfers anytime. The alliance is an instance of how the company offers instant cross-border transfers for popular brands, connecting more individuals across markets and making global instant transfers more accessible.
