Singapore-based SME finance management platform YouBiz has launched an additional Chinese Yuan Renminbi (CNY) remittance corridor to optimise cross-border payments. By strategically expanding its operations, YouBiz intends to cater to the increasing need for efficient and cost-effective cross-border payments between Singapore and China, as companies further their engagements with the latter’s economy.

Also, considering that China is currently Singapore's largest trading partner, YouBiz’s CNY remittance corridor focuses on offering businesses the ability to transfer funds from one region to another through a more secure and convenient alternative to traditional methods. Moreover, representatives from YouBiz underlined that China represents a substantial market for the firm’s customers, with the number of cross-border payments made to suppliers and partners in the region being on an upward trajectory. YouBiz introduced the CNY remittance corridor as part of its commitment to assisting businesses in their global expansion, with the new service intending to improve their ability to manage cross-border payments at a lower cost. YouBiz’s CNY remittance corridor features The current news aims to optimise YouBiz’s suite of cross-border financial services, which includes multi-currency corporate cards, expense management, and foreign exchange solutions.

With the newly launched CNY remittance corridor, the company’s customers can set up their recipients for recurring payments to Chinese firms within one to two working days. Additionally, delivering overseas transfers with 20 currency corridors, YouBiz provides mid-market exchange rates and a low fee with no hidden charges or FX markups. Furthermore, YouBiz delivers customers the flexibility to issue foreign currency-denominated corporate cards in nine currencies, including USD, EUR, and THB, not imposing any monthly fees. Through this, companies can remove additional conversions and transact directly in the preferred non-SGD currency.

Also, by expanding its currency options suite and improving remittance capabilities, YouBiz aims to improve how businesses face the complexities of cross-border trade and payments. .