YouBiz is a multi-currency corporate card and expense management platform. U-Triphas introduced a new Chinese Yuan (CNY) remittance corridor.
The move responds to the growing need for efficient and cost-effective cross-border trade between Singapore and China.
China, Singapore’s largest trading partner, facilitated imports worth about S$80 billion in 2023.
The new CNY remittance route by YouBiz aims to streamline fund transfers from Singapore to China, offering a cheaper, safer and more convenient alternative to traditional methods.
Businesses can set up a payee for recurring payments to Chinese companies within one or two business days.
YouBiz supports international remittances in 20 currency pairs, offering mid-market exchange rates and low fees with no hidden fees or FX markups.
The platform’s multi-currency corporate card is available in nine major currencies, including US dollars and euros, has no monthly fees and comes with unlimited 1% cashback on spending in over 150 currencies.
“We are thrilled to partner with YouBiz to bring our innovative, innovative solutions to the global market,” said Kelvin Lam, Chief Operating Officer of YouBiz.
“China is an important market for many of our customers with increasing cross-border payments to Chinese suppliers and partners.
“We are excited to introduce the CNY remittance corridor as part of our ongoing commitment to helping businesses expand globally. This new service will significantly improve businesses’ ability to manage cross-border payments efficiently and at low cost.”
