Cross-border financial transactions are quite a challenge for both individuals and large companies. They have to wait long periods and pay high transaction fees in order to send the money to recipients living in other countries. This will not be the case in the future.
A Hong Kong-based startup company known as EMQ has been working on that and their technology includes online banks, digital wallets, e-commerce and merchant settlement providers and licensed financial institutions into their existing networks which in-turn makes it easier for them to send money to other countries.
EMQ is already licensed in Hong Kong, Singapore, Indonesia and registered as a Money Service Business in Canada. The company’s co-founder and chief executive officer Max Liu told TechCrunch that EMQ will focus on scaling its operations, especially for business remittances, in China, followed by India and Japan. EMQ’s tech is already used to process business payments in 80 countries.
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