Embedded B2B payments IaaS provider TransferMate has announced the addition of the New Zealand Dollar (NZD) to its Global Accounts solution.
The move comes as TransferMate works towards further growing its global footprint and solidifying its position as a participant in the cross-border payments space. As of the announcement, any TransferMate client wishing to conduct business in New Zealand can open a locally based account that provides addressable details. Through this, businesses can manage payments, receivables, and maintain a NZD currency balance in an account in their own name.
As New Zealand is a dynamic market with significant activity across sectors such as agriculture and technology, besides an expanding ecommerce trade, the reliance on simplified international trade and optimal financial flows is substantial. By allowing businesses to pay, receive, and hold funds locally, TransferMate is mitigating friction and facilitating new revenue opportunities where local collection and compliance are fundamental.
Holding one of the largest fintech payment infrastructures globally, TransferMate aims to include further currencies and markets throughout the year, following the recent addition of Brazilian Real, Chinese Yuan, and Philippine Peso. Commenting on the news, representatives from TransferMate highlighted that the decision to include NZD as part of its Global Accounts solution comes after increased demand from clients and partners across multiple jurisdictions. By expanding its Global Accounts coverage into New Zealand, the company intends to mitigate barriers, minimise friction, and enable growth opportunities for its clients, especially in the ecommerce and FX spaces.
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The addition of NZD follows TransferMate’s recent expansion in Singapore, with the company obtaining an in-principle approval from the Monetary Authority of Singapore (MAS). With this authorisation, the company was set to be able to add account issuance, domestic money transfers, and e-money issuance to its Major Payment Institution (MPI) licence. This was set to solidify TransferMate’s regulatory footprint in the APAC region, enabling it to expand its operations and provide better services to its partners and customers operating in and out of Singapore.
