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China pact hands CurrencyFair Asia boost

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The agreement is in line with CurrencyFair's strategy for expansion in Asia. According to the company's estimates, 33pc of global money transfers will occur in the region by 2026. Stock photo: PA

The agreement is in line with CurrencyFair's strategy for expansion in Asia. According to the company's estimates, 33pc of global money transfers will occur in the region by 2026. Stock photo: PA

The agreement is in line with CurrencyFair's strategy for expansion in Asia. According to the company's estimates, 33pc of global money transfers will occur in the region by 2026. Stock photo: PA

CurrencyFair, an Irish money transfer technology company, has signed a partnership agreement with Chinese online trade network Buy-World to launch its marketplace payment product.

The management of global payments made over Buy-World will be outsourced to CurrencyFair. Through the partnership, Buy-World, which works as a factory-to-business-to-consumer trade network comprised of 2.3 million global buyers, will transition to a full-service online model.

The agreement is in line with CurrencyFair's strategy for expansion in Asia. According to the company's estimates, 33pc of global money transfers will occur in the region by 2026.

In 2018, CurrencyFair initiated an Asian expansion plan as part of a €20m investment drive, which included backing from UK growth investor Octopus Ventures. It acquired Hong Kong's Convoy Payments, paving its entry into the Chinese market.

CurrencyFair also launched several Asian currencies across its technology, including the Chinese renminbi. Paul Byrne, chief executive and president of CurrencyFair, said the deal would mean savings of €25m for every €1bn transferred through its service.

Byrne said 2019 had seen "tremendous growth" at CurrencyFair, particularly in relation to geographical expansion. He added that the firm had diversified its services, helping it bring its financial service tech to more consumers.

CurrencyFair, which was established in 2009 by Brett Meyers, Jonathan Potter, Sean Barrett and David Christian, has operations in Ireland, the UK, Hong Kong, Singapore and Australia.

To date, the company's user community of 150,000 have traded the equivalent of €9bn and saved the equivalent of €230m.

According to CurrencyFair's latest accounts for 2018, the company made a loss of nearly €891,000, bringing accumulated losses to nearly €26.6m.

The business employed an average of 54 full-time staff over 2018, down from 65.

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