WikiFX report: VBCE collaborates with EMQ to facilitate cross-border payments

Canadian foreign exchange and payment services provider Vancouver Bullion & Currency Exchange (VBCE) has joined forces with financial settlement network EMQ.

The partnership aims to facilitate near real-time cross-border payments as well as augment the international reach for businesses and consumers in Canada.

With the integration of EMQ‘s global network, VBCE’s customers will be offered instant access to ‘fast, secure and cost-effective’ cross-border solutions across Europe and in major Asian markets including China, Japan and India.

The companies are expecting to add more markets to the list in upcoming months.

VBCE Business Development vice-president Kevin Ma said: The speed and reach of EMQs global network allow us to pilot new services in one market and scale them rapidly across others to meet the evolving customer needs. This is especially important for our business with a diverse product portfolio.

“We look forward to further expanding our partnership with EMQ as we continue to innovate and deliver comprehensive financial services in Canada and beyond.”

The integration with EMQs Connect API is said to provide VBCE with access to its full suite of cross-border capabilities, such as competitive pricing, wholesale FX management and real-time AML screening.

It will enable VBCE to offer enhanced customer propositions without the need to manage complex network infrastructure.

Commenting on the development, EMQ co-founder and CEO Max Liu said: Digital transformation is driving rapid change in customer expectations across the payments ecosystem, which requires a more flexible and high performance network infrastructure like EMQ to deliver speed, certainty and a consistent international payments experience.

“With customers at the heart of our business, we are constantly optimising our network with real-time service levels to address their needs in this fast-changing landscape. We are delighted to partner with VBCE to expand its digital and customer capabilities across our global network.”

EMQs network covers key global markets across Africa, Europe, Asia Pacific and North America. The fintech currently offers in minutes cross-border payments throughout Singapore, China, Indonesia, India, Vietnam, Cambodia, Philippines, Nepal, the UK and 19 markets in Africa.

In January this year, EMQ expanded its operations into South Korea, offering cross-border payout capabilities to businesses worldwide.