A financial services company on Qi'ao Island, Tangjiawan was named China Best Cross-Border Remittance Product by The Asian Banker at the 2021 Finance China & China Awards Program in Beijing on July 22.

Zhuhai Traveltao (Yunyoudao) Technology was established in 2013 by Chen Jiaxin, a 2010 graduate of United International College (UIC) in Tangjiawan. Traveltao cross-border financial service platform xCurrency holds a Money Service Operator license and cooperates online with a dozen banks and financial institutions to provide multi-scene cross-border remittance services in many currencies. "We use fast and reliable cross-border financial solutions to help you remit money back to China efficiently and with low loss," states the website of xCurrency.

For example, deposits, insurances, rents, and tuitions at more than 5,000 schools across the world can be paid through the platform app, as can salaries for overseas employees of Chinese-funded enterprises. The money transferred could vary from Japanese yen, Australian dollar, and pound to euros, US dollars, Hong Kong dollars, and rubles.

Convenient conversion of exchange rates [Photo courtesy Zhuhai Daily]

The Asian Banker was impressed with the company's innovation in the search for exchange rates, plus exchange, remittance, and management of foreign currencies under new-retail service scenarios. The online cross-border remittance business increased 20-fold during the COVID-19 pandemic.

The cost, procedures, and time required for cross-border remittances is cut by more than 80 percent compared with overseas banks as it realizes mutual recognition of user ID verification between domestic and foreign banks and financial institutions relying on information technology. As of now, Traveltao users have covered half of the global distribution areas of overseas Chinese. It has provided exchange rate, remittance, and crypto-currency information services to more than 35 million users from over 180 countries and regions, Traveltao states on the company official website.

This year, the China Awards Program assessed more than 250 financial institutions of over 30 countries with strict standards in four months. Traveltao was the sole internet technology enterprise awardee with cross-border finance as its core business.

Traveltao CEO Chen said xCurrency will continue to solve difficulties in exchange rate information asymmetry, and reduce inconvenience of cross-border capital flow and financial services in the retail sector by creating an all-new service network for global users.

Zhuhai Traveltao was selected as a 2019 Zhuhai unicorn incubator high-growth innovative enterprise.