Embedded B2B payments infrastructure provider TransferMate has recently introduced the New Zealand Dollar (NZD) to its Global Accounts solution.
Global Expansion Strategy
This move is part of TransferMate’s broader strategy to enhance its global presence and strengthen its position in cross-border payments. With this update, clients wishing to engage with businesses based in New Zealand can now open a local account that allows them to manage payments, receivables, and maintain a NZD currency balance under their own name.
New Zealand’s vibrant economy, particularly active in sectors like agriculture and technology, as well as the growing ecommerce sector, underscores the importance of seamless international trade and financial flows. TransferMate’s local account setup helps mitigate transactional hurdles and opens up new revenue streams where localized collections and compliance are crucial.
Global Accounts Update
Following the addition of NZD to its Global Accounts solution, TransferMate continues to expand its offering, having recently integrated Brazilian Real, Chinese Yuan, and Philippine Peso. According to TransferMate representatives, the inclusion of NZD is driven by increased client demand from various regions.
This move aims to reduce barriers and lessen friction for clients, especially those operating in ecommerce and foreign exchange (FX) sectors. By facilitating smoother transactions, TransferMate supports its partners’ growth ambitions within New Zealand’s market.
Regulatory Milestones
The NZD inclusion builds on TransferMate’s recent progress in Singapore, where it obtained an in-principle approval from the Monetary Authority of Singapore (MAS). This approval paves the way for TransferMate to offer additional services such as account issuance, domestic money transfers, and e-money issuance under its Major Payment Institution (MPI) licence.
This regulatory milestone further cements TransferMate’s position in the Asia-Pacific region, enabling it to expand its operations and better serve customers and partners operating both within and outside Singapore.
