EMQ, a Hong Kong Fintech Company, Expands Footprint in Africa
The global financial settlement network plans to expand across the Americas in the second quarter.
The global financial settlement network, EMQ Ltd., has expanded its presence to Africa to offer its customers secure, affordable, and real-time cross-border settlements across multiple markets.
The Hong Kong-based company said in a statement on Monday after the markets closed that EMQ's customers across the globe can now "seamlessly" transfer money directly back home in minutes to 18 countries. It also noted that Africa is one of the most important "strategic growth" markets for EMQ, as the mobile economy is estimated to reach $185 billion in 2023 in Sub-Saharan Africa with "technophiles" across the continent expecting to drive growth.
"Our new African gateway bridges the gap in making financial services more accessible and affordable by offering real-time payment capabilities for our global senders, including the over 30 million Africans living outside of their home countries," Max Liu, the co-founder and chief executive officer of EMQ, said.
He added, "This is an exciting milestone for EMQ as we continue to invest in our network infrastructure and strengthen our compliance capabilities across Europe, Middle East and Africa (EMEA) to deliver innovative financial services in the region."
The move follows several financial headlines EMQ has made this year, beginning with its bolstering of international money transfers into China, as well as its successful outward expansion into heavily regulated markets including Taiwan. The company became the first fintech startup to get approved in Taiwan's regulatory quagmire.
Along with Africa, EMQ has made moves to strengthen its network through Europe, the U.K., Singapore, Malaysia, China, Hong Kong, India, Indonesia, Japan, Vietnam, Cambodia, Thailand, Taiwan, and the Philippines.
In March 2019, EMQ teamed up with one of the world's leaders in digital payments Visa Inc. (NYSE: V) to offer cross-border remittances across the Asia Pacific region.
Going forward, EMQ intends on expanding across the Americas in the second quarter.