Irish money transfer platform CurrencyFair has partnered with Chinese online wholesale marketplace Buy-World to launch its marketplace payment product.

Buy-World links suppliers in China with its network of 2.3 million buyers worldwide. It operates under a factory-to-business-to-consumer (F2B2C) model.

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The launch of CurrencyFair’s cross-border collections solution will help Buy-World convert into a full-service online model. CurrencyFair will manage the marketplace’s global payments.

Buy-World chairman and CEO He Jui Feng said: “Partnering with CurrencyFair to manage global payments allows us to offer a fully integrated service with major cost and efficiency benefits for our suppliers and buyers.”

The alliance is said to be in line with CurrencyFair’s strategy for expansion in Asia. According to the company’s estimates, 33% of global money transfers will occur in the region by 2026.

The company started advancing its operations in Asia with the acquisition of Hong Kong-based Convoy Payments in August last year.

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CurrencyFair president and CEO Paul Byrne said: “2019 has seen tremendous growth at CurrencyFair, in terms of geographical expansion and diversification of service.

“This year, we have introduced some key Asian currencies to the platform, formally launched in Singapore and Hong Kong, and now bring our cross-border payment product designed to create significant efficiencies and savings for China’s exporting SMEs.”

CurrencyFair has operations in Ireland, Singapore and Australia. To date, the company’s user community of 150,000 have traded the equivalent of €9bn and saved the equivalent of €230m.