Crown Agents Bank Limited (“CAB”), the UK-regulated bank specialising in emerging markets, is providing YeePay, a leading enterprise payment solutions provider, with wholesale foreign exchange solutions across G10 currencies.
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YeePay compares available quotes from its FX providers and may route transactions to CAB’s streaming FX pricing based on its applicable selection criteria.
The two companies are also exploring opportunities to broaden their wholesale FX relationship, subject to product eligibility, regulatory requirements and market availability, building on CAB’s expertise in hard-to-reach Global South trade corridors. These include FX in selected African currencies.
The relationship is an illustration of dynamic global commerce, with changes to trade, travel and payments flows creating the need for a financial infrastructure that can bridge markets that have traditionally been underserved by global banks.
CAB provides streaming wholesale FX pricing, with settlement by Crown Agents Bank Limited through its banking network of in-country relationships, and specialises in selected emerging and frontier markets where access, liquidity and local market requirements can be more complex.
As a leading enterprise payment solutions provider, YeePay operates nationwide and is accelerating its global expansion, with a growing presence across Asia, the Middle East, Europe, Africa, Latin America, and North America.
In August, YeePay’s UK subsidiary, YeePay UK, obtained an Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA).
Charles Mangin, Global Head of Foreign Exchange, Crown Agents Bank Limited, said:
“YeePay has built an exciting business connecting Chinese payments to the rest of the world with particular expertise in global travel. We are delighted to be supporting its continued growth.
As payments businesses expand internationally, they are increasingly looking beyond traditional corridors. But adding a market to a coverage list is not the same as being able to serve it effectively. Clients need providers that understand the local market and can solve the complexity behind the transaction.
Our clients don’t need another bank in the places that are already well served. They need a partner that offers streaming FX pricing in the major currencies and specialises in selected emerging and frontier markets, where access, liquidity and local requirements can be more complex. That is what Crown Agents Bank Limited does, and it is why a business like YeePay brings its FX to us.”
Chen Yu, Co-Founder, YeePay, said:
“The reason we chose Crown Agents Bank Limited goes beyond rate. Africa is one of our strategic markets, and in many African countries it is hard to find a reliable banking partner with real local capabilities and relationships. Crown Agents Bank Limited has that, and it gives us one trusted provider for both our major-currency and emerging-market FX needs.”