Fintech firm Hector Financial and Chinese mobile payment company YeePay announced on the 27th that they are pursuing a strategic partnership to build a B2B cross-border payment network that connects the banking networks of both Korea and China. The two companies plan to begin by expanding their merchant base to the tourism industry, including airlines and travel agencies, and gradually expand the scope of their cooperation.
Hecto Financial is a fintech company specializing in payments based on banking services, including firm banking with domestic banks and simple cash payments. The company is expanding its business to include kiosks and global foreign currency settlement services. Furthermore, leveraging its experience in payments, prepaid recharges, and local currencies, the company is preparing to enter the stablecoin market.
Epay, a leading B2B payment company licensed by the People's Bank of China for cross-border and inland payments, boasts a global payment network spanning over 130 countries and a real-time settlement system in over 30 currencies. It provides specialized solutions in the aviation, travel, and cross-border payment sectors.
This collaboration will enable both companies to leverage their domestic banking networks to shorten settlement times and offer lower fees and more favorable exchange rates compared to existing systems, facilitating more efficient and convenient international transactions. China's lack of an integrated banking network and the complex international remittance procedures of some local banks have historically presented challenges for domestic companies when making payments to Chinese counterparts.
Hector Financial and Epay will share their respective financial solutions and networks, initially focusing on strengthening cooperation in the aviation and tourism industries, and later expanding their business to encompass all industries requiring cross-border payments.
“The recovery of the South Korean and Chinese tourism markets presents new opportunities for the payment industry,” said an official from the Global Travel Business Division of Epay International. “Our collaboration with Hector Financial will go beyond technological integration to build a flexible cross-border payment infrastructure while also serving as an efficient payment bridge for the South Korean and Chinese tourism markets.”
A Hecto Financial representative stated, “This collaboration is a significant opportunity to strengthen our competitiveness in the cross-border payments sector,” and added, “By integrating our two companies’ resources, we will establish ourselves as a trusted partner in the Korean and Chinese tourism industries.”
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