Payoneer Expands in China with New Approval

Payoneer has received approval from Chinese regulators to buy a licensed payment service provider in China. The company said with the approval, it will be able to provide better and more efficient payment solutions for small and medium-sized businesses in the country.

The new approval will give Payoneer the right to offer services in China as a domestic company. This means the firm will no longer be regarded as a foreign company and will be treated like other businesses in the country. This will help Payoneer offer smoother payment services, use advanced technology, and work more closely with Chinese businesses.

Payoneer Aims To Simplify Payments For Chinese Businesses

Reports show that Chinese businesses sell their services or products to many countries. Payoneer’s latest move will help them get their payments from buyers in different parts of the world. John Caplan, the leader of Payoneer, spoke about how important China is to the company’s future.

John said Payoneer wants to expand in fast-growing countries, and China will remain a key part of its business. He noted that China is the world’s largest exporter and the second-largest importer, which makes it an important market for Payoneer.

Payoneer expects the deal to be sealed in the first half of this year. Some final steps are still needed before it is complete. The firm said it is ensuring that the deal process works smoothly so Chinese businesses can use the new services without trouble.

The latest move is part of Payoneer’s larger plan to grow its business and work under local rules in different countries. Apart from China, Payoneer said it has already received licenses in places like the United States, Europe, the United Kingdom, Australia, Japan, Hong Kong, and Singapore.

Payoneer has been expanding its business each year. Two years ago, the company said it earned 40% more money than the year before. Payoneer shared that it hopes to support more businesses and improve its payment services.

Payoneer Plans To Expand Its Business Globally By Securing Licenses

This is not the first time Payoneer has invested in China. In 2014, the firm said it received funding from Ping An, a large financial company in China. This investment helped Payoneer grow its presence in Asia and offer better payment services for businesses that sell internationally.

Payoneer has also received other important approvals in different countries. The company earned a key license from Singapore’s financial authority in December 2022. It said getting approvals in different countries proves it is working to provide safe and legal money services around the world.

With the latest approval in China, Payoneer is ready to help more businesses in the country grow and sell their products worldwide. This step brings Payoneer closer to its goal of simplifying global trade for businesses of all sizes.