It is the company’s first registered entity in China and has been backed with an investment of CNY100 million.

In the first 12 months, Thunes hopes to employ 60 people, thereby doubling the current number of employees.

According to Thunes, the move demonstrates the company’s commitment to “empowering Chinese businesses and consumers by providing faster and more affordable transactions with key international markets”.

It also signifies the Chinese authorities’ ambition to establish Beijing as a fintech hub. “The establishment of Thunes China is another achievement of Beijing in terms of its development and opening up of financial industry,” said LI Wenhong, director-general of Beijing municipal bureau of local financial regulation and supervision. “This will further promote Beijing’s efforts in developing into a leading fintech hub globally.”