Tencent Financial Technology, Tencent’s fintech arm, is introducing Tenpay Global, a new international brand for its cross-border payment business. The Tenpay Global brand consolidates a suite of business and consumer cross-border payment products and solutions to serve different customer segments. Tenpay Global Remittance Services is launching new capabilities to enable qualified Weixin users¹ in the Chinese Mainland to receive global remittances to their Weixin Wallet. This new functionality provides an easier, more convenient, and seamless solution for our international partners to enable their customers in over 50 countries and regions to transfer salaries and family remittances to qualified Weixin users in the Chinese Mainland.
HONG KONG, Nov. 30, 2022 /PRNewswire/ — Tencent Financial Technology, Tencent’s fintech arm, is pleased to introduce Tenpay Global, a new international brand for its cross-border payment business. It is also unveiling new inbound remittance capabilities to Weixin to facilitate easy money transfers to China.
The Tenpay Global brand consolidates a suite of business and consumer cross-border payment products and solutions to serve different customer segments, including e-commerce platforms, global corporate and individual customers, as well as customers seeking personal remittance services.
Tenpay Global Remittance Services is an innovative remittance solution that enables global fintech institutions to connect with Weixin’s open ecosystem by leveraging simple APIs and powerful global fund process capabilities.
Qualified Weixin users in the Chinese Mainland will now be able to receive remittances from abroad directly to the balance of their Weixin Wallet. This new feature builds on the existing remittance service available through Weixin-bundled bank card and is the latest evolution in our commitment to ensuring simpler, more convenient, reliable and compliant cross-border money transfers.
Tencent Financial Technology has partnered with dozens² of leading global remittance institutions over the past two years including Wise and Remitly, helping partners connect Weixin users with international remittance users in over 50 countries and regions through a Weixin Mini Program called Weihuikuan.
To celebrate this new capability, Tenpay Global Remittance Services is pleased to offer an incentive programme to reward users sending remittances to Weixin through our partners, including E9Pay, Debunk Remit, Panda Remit, Paysend, Remitly, WireBarley, and Wise.
Royal Chen, Vice President, Tencent Financial Technology said: “The global e-commerce industry has developed rapidly in recent years, with China’s cross border B2C export and import exceeding RMB2 trillion, prompting strong demand for faster, more convenient, and high-quality cross-border payment services. Our new Tenpay Global brand represents an exciting new development for us in response to the market and growing demand from customers. We will continue to leverage our experiences and strengths in technology, risk control and compliance, as well as our ecosystem, to create more value for our users and partners and build a more inclusive financial ecosystem.”
¹Qualified Weixin users refer to Chinese citizens with National ID cards who have completed real-name authentication through Weixin Pay and have authorised Weixin Wallet to receive money.
²As of November 2022, Tenpay Global Remittance Services’ global partners include Aleta Planet, Debunk Remit, E9Pay, Omipay Global, OuiTrust, OTT Pay, Panda Remit, Paysend, PayForex, Remitly, Thunes, WapiPay Global, WireBarley, Wise, SentBe.
Founded in 1998 with its headquarters in Shenzhen, China, Tencent’s guiding principle is to use technology for good. Our communication and social services connect more than one billion people around the world, helping them to keep in touch with friends and family, access transportation, pay for daily necessities, and even be entertained. Tencent also offers a range of services such as cloud computing, advertising, FinTech, and other enterprise services to support our clients’ digital transformation and business growth.
About Tencent Financial Technology
As Tencent’s fintech arm, Tencent Financial Technology follows the principle of operation in compliance with law, offering high-quality products and services, continuous risk control, openness and doing business for good. It is committed to connecting users with financial services and building an open ecosystem with various partners.
Photo Download: shorturl.at/gKLP0
Lydia Guo, Director, Global Communications, Tencent