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Thunes Kicks Off Expansion into Greater China

Thunes Kicks Off Expansion into Greater China | Fintech Finance

Thunes, a leader in global cross-border  payments, today announced plans to significantly accelerate the expansion of its  operations in Greater China, spanning mainland China, Hong Kong, Taiwan, and Macau.  This news follows the recent appointment of Daphne Huang, Senior Vice President (SVP)  for Greater China, who will leverage her deep market expertise to spearhead Thunes’  growth strategy.

Taking into consideration China’s flourishing digital economy, Thunes will intensify its  focus on building local partnerships with local digital payment leaders to enable  businesses and consumers to make faster and cheaper payments to and from China,  supporting business payments, global collections, and virtual accounts setup.

Thunes will also expand its China team, tripling its total headcount in the next 12 months  and localising all major functions to ensure better customer service and quality of support.

The company will also pilot its virtual account service to connect China-based Payment  Service Providers to Indonesia ecommerce buyers. The ability to issue virtual bank  accounts makes it significantly easier for Chinese cross-border sellers to join Southeast  Asia marketplaces, and allow them to receive money in their local currency from buyers  via local bank transfers. Thunes’ goal is to make the cross-border payments experience  as easy as making a local payment.

China’s cross-border ecommerce exports surged 46.5% year-on-year in the first quarter  of 2021 to 419.5 billion yuan (US $63.83 billion). At the same time more Chinese  merchants and factories are tapping ecommerce platforms to sell directly to consumers,  rather than going through traditional retail or supply chain models. In a survey in 2020,  more than 40% of Chinese cross-border ecommerce companies showed their business  on Amazon and Alibaba / AliExpress, with Shopee and Lazada increasingly used by  merchants targeting Southeast Asian markets. In January 2021, it was estimated that  75% of new sellers in Amazon’s top four core markets – US, UK, Germany, and Japan – were based in China. This marks a significant increase from 47% in the previous year.  And overall, 38% of the top sellers on Amazon in those core markets are based in China.

“This is an exciting moment for me personally and for Thunes as a company, as we plan  to dramatically expand our presence in Greater China. China’s strong standing in digital  payments and ecommerce makes it only natural for Thunes to come in and provide the  payments infrastructure connecting this dynamic market with the rest of the world. We  look forward to forging strong partnerships with Chinese Financial Institutions and  integrating ourselves into the local financial community, and are committed to strong,  stable, and reliable operations in this crucial market,” said Daphne Huang, SVP for  Greater China, Thunes.

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