PAObank has joined Citi in a strategic collaboration aimed at launching a new currency exchange (FX) solution for its retail customers across Hong Kong.
With the service, PAObank’s retail customers are set to be able to conduct real-time foreign exchange transactions in Hong Kong dollar (HKD), USD, and Renminbi (RMB). The two financial organisations intend to extend the foreign exchange solution and include more currencies as part of their development strategy.
Even if it is supported by Citi’s platform, the newly rolled-out foreign exchange solution is provided by PAObank directly to its end customers.
24/7 FX service across Hong Kong retail
Connecting to Citi’s FX API enables PAObank to support its retail customers in conducting real-time FX transactions on its Mobile Banking APP. This process is completely automated, while accounts of the end users are set to be debited and credited more optimally in real time.
Citi FX API is a plug-and-play service that can be integrated into the financial institution’s clients’ existing systems and processes, offering them access to over 100 currencies. Additionally, it enables users to expand their operations more efficiently and go to market faster, without requiring tech infrastructure buildout and in-house FX trading capabilities.
Talking about the move, Darren Brighton, Global Head of Digital FX Sales for Citi, mentioned that, through this strategic partnership, the financial institution aims to assist PAObank’s commitment to scaling financial inclusion through advanced digital banking services. With its FX API solutions, Citi focuses on helping financial organisations and payment intermediaries further grow their business, supporting them in providing FX and cross-border payment services to their end customers.
Adding to this, Kenneth Tsoi, Head of General Banking Product, PAObank, stated that this initiative accelerates the company’s goal towards facilitating comprehensive retail banking services. Also, the collaboration solidifies PAObank's ability to offer simplified banking solutions, emphasising its allegiance to improving the customer experience and scaling digital banking across Hong Kong.
