PAObank and Citi have entered into a strategic partnership to introduce a new foreign exchange (FX) solution for retail customers in Hong Kong.

Service Details

Customers of PAObank will be able to perform real-time FX transactions using the Hong Kong dollar (HKD), US dollar (USD), and Renminbi (RMB). The partnership intends to expand the available currencies as part of their development strategy.

The foreign exchange solution is offered directly by PAObank, although it leverages Citi’s platform for support.

Integration with Mobile Banking APP

By connecting to Citi’s FX API, PAObank can provide its retail customers with real-time FX transactions via the Mobile Banking APP. This process is fully automated and optimizes account debits and credits in real time.

Citi’s FX API service can be easily integrated into existing systems, offering access to over 100 currencies. It allows financial institutions to expand their operations efficiently and go to market faster without requiring additional tech infrastructure or in-house FX trading capabilities.

Strategic Partnership Insights

Darren Brighton, Citi’s Global Head of Digital FX Sales, highlighted that the partnership aims to support PAObank’s efforts in enhancing financial inclusion through advanced digital banking services. Citi’s FX API solutions focus on helping financial organizations and payment intermediaries grow their businesses by providing FX and cross-border payment services.

Kenneth Tsoi, Head of General Banking Product at PAObank, noted that the initiative accelerates the company’s mission to provide comprehensive retail banking services. This collaboration further solidifies PAObank’s commitment to offering simplified banking solutions and improving customer experience in Hong Kong.