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Fintech-as-a-Service provider Rapyd partners with Hong Kong's TNG FinTech Group to boost cashless transactions globally

August 29, 2019

·  Rapyd is adding more than 10 new Global E-money Alliance (GEA) wallets to its existing 500+ locally-preferred payment methods around the world

·  Rapyd now offers global customers the opportunity to accept payments from TNG, one of the Hong-Kong's leading e-wallets

·  TNG customers will benefit from increased connectivity with global and regional eCommerce players

HONG KONG, 29 August 2019 -- Rapyd, the global fintech-as-a-service platform that helps businesses collect and disburse money via locally preferred payment methods, announced today its partnership with TNG FinTech Group Inc. ("TNG"). The partnership will add TNG wallet, one of Hong Kong's leading e-wallets[1], and more than 10 other e-wallets that form the "Global E-money Alliance" (GEA) platform[2], to the list of 500+ existing payment methods that are already offered by Rapyd.


Rapyd's customers around the world will now be able to accept payments from these e-wallet users, even if they do not have a credit or debit card, or choose not to use them while shopping online. For TNG and its members, this partnership increases their number of consumers internationally through the Rapyd network.


"Rapyd's goal is to facilitate a cashless network where businesses are able to accept payment methods used by consumers from anywhere around the world. Our partnership with TNG enables us to not only offer our customers one of Hong Kong's most exciting payment methods, the TNG wallet, but also the member wallets under its GEA platform. Now, Rapyd merchants all over the world will be able to reach out to more APAC customers through Rapyd's simple API, SDK or Web-based Rapyd Checkout. There isn't any other platform or ecosystem that offers a similar solution that is even close to this scale," said Joel Yarbrough, Rapyd's Vice President for Asia Pacific.


"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,” adds Yarbrough. "With Rapyd's Global Payment Network, which links bank transfers, e-wallet and local debit schemes in more than 100 markets, TNG merchants and retailers are able to scale their business much faster and wider."


"We are excited to be collaborating with Rapyd. Businesses are always looking into scaling their operations and unlocking cross-border business growth. Through this partnership, we are able to close the gap between markets and help create new user experiences. Consumers from around the world can make a purchase for any products or services either online or offline, and make payments through our GEA platform seamlessly and simultaneously without having to use their global bank account, credit or debit card," says Alex Kong, Founder and Chairman of TNG.


Apart from TNG wallet in Hong Kong, the partnership will help Rapyd merchants gain access to more than 10 new markets via the GEA platform. The GEA platform currently covers Hong Kong and over 160 countries, including Mainland China, the Philippines, Indonesia, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal and Pakistan, European Union countries, which provides 24×7 cash-in and cash-out services to its users through a network of over 5,000 banks and over 400,000 cash pick-up points globally.


About Rapyd

Rapyd helps businesses create great local commerce experiences anywhere. The world's most innovative ecommerce, technology firms, and marketplaces utilize our Fintech-as-a-Service platforms: Collect, Disburse, Wallet and Issuing to seamlessly integrate fintech and payment capabilities into their applications. By accessing the Rapyd Global Payment Network, businesses can access over 500 locally preferred payment methods including bank transfers, e-wallets and cash in more than 100 countries. Now ecommerce, technology firms, and marketplaces can focus on growing new markets and reaching billions of consumers rather than building infrastructure. Investors include General Catalyst, Stripe, Target Global and others. For more information, visit www.rapyd.net

 

About TNG

Headquartered in Hong Kong, TNG FinTech Group Inc., together its affiliates, is an industry pioneer and unicorn providing the next generation financial services to over 1.2 billion unbanked population in Asia through its various e-wallet and e-money platforms. The financial services it provides include electronic payments, global remittance, global cash withdrawal and settlement, wealth management and more. Its "Global E-Money Alliance" (GEA) platform currently covers Hong Kong, Mainland China, the Philippines, Indonesia, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal and Pakistan, European Union countries, and provides 24×7 cash-in and cash-out services to its users through a network of over 5,000 banks and over 400,000 cash pick-up points globally. For more information, please visit www.tngfintech.com


[1] Operated by its wholly owned subsidiary, TNG (Asia) Limited

[2] Operated by TNG's another wholly owned subsidiary, GEA Limited