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Rapyd teams with Hong Kong's TNG Fintech to boost cashless transactions

August 29, 2019

Rapyd, a fintech as-a-service startup, has partnered with TNG Fintech Group Inc., a Hong Kong-based digital wallet operator, to boost cashless transactions.

The partnership will add TNG wallet — one of the city's leading e-wallets — along with more than 10 other e-wallets that form the "global e-money alliance" platform to the list of more than 500 payment methods Rapyd already offers, according to a company release.

As a result, Rapyd's customers will now be able to accept payments from TNG's e-wallet users, even if they don't have — or choose not to use — a credit or debit card while shopping online, the company said.

Like other payments platforms, such as Adyen, Stripe and PayPal, Rapyd aims to make the complicated and costly process of sending payments across borders easier. Via a collection of API-enabled services, the platform automates the behind-the-scenes steps — such as funds collection, funds payouts, currency transfers, ID verification and card issuing — to simplify sending money to a business or merchant in another country.

"Hong Kong is an incredibly vibrant small business market, and we are giving large regional enterprises as well as local merchants opportunities to increase their revenue by enabling them to accept the locally-preferred payment methods used by consumers from anywhere around the world," Joel Yarbrough, Rapyd's VP for Asia Pacific, said in the release.

Earlier this year, Rapyd raised $40 million in Series B funding led by General Catalyst and Stripe.