Digital money transfer provider InstaReM now enables the UK and European businesses to make payments into China. The payment facility comes into fruition with immediate effect with payments to Chinese businesses being faster and more efficient to allow stronger business ties to be built.
China is a key constituent of the global trade today and businesses from most of the countries have been sourcing from China. According to the European Comission (EC), China is the EU’s biggest source of imports and its second-biggest export market with China and Europe trading on average over €1 billion a day. Also, trade between the UK and China has grown rapidly in the recent past. According to a British Parliament research briefing, in 2017, UK imports from China stood at £45.2 billion, China accounting for 7.0 percent of all UK imports.
Despite high stakes, making payments to China has not been easy for UK and EU businesses. While B2C payments channels dominate the market, there remains a lag in the development of B2B payments solutions. Traditionally, the SME segment has been underserved and that has created the need for a platform catering specially to them, where they can make multiple payments to their stakeholders located in different parts of the world – quickly and efficiently.
Reiterating its commitment to the cause of SMEs, InstaReM has extended its “InstaReM for SMEs” cross-border payments service to UK and European businesses importing from China, making their cross-border payments as easy as the local payments. The move is part of InstaReM’s service expansion and its mission to address one the biggest pain points for SMEs growing overseas: collecting payments in multiple markets.
Prajit Nanu, co-founder and CEO of InstaReM said,
“With trade getting increasingly globalized, businesses need to make payments to multiple stakeholders – suppliers, staff, freelancers etc. – spread across different parts of the globe. Unfortunately, cross-border B2B payments have been challenging, especially for the SMEs, due to the legacy infrastructure that entails multiple touchpoints – each one adding to the overall costs and time taken. Delays in payments means opportunity cost for businesses. Leveraging its world-class digital money transfer platform, InstaReM is offering businesses in the UK and Europe a quick and easy way to make payments into China. We are confident that this service should help EU/UK businesses to build stronger connections with their counterparts in China.”