EMQ Raises USD6.5 Mln in A-Round Financing to Expand Cross-Border Money Transfer Network
Tang Shihua
DATE:  Dec 20 2017
/ SOURCE:  Yicai
EMQ Raises USD6.5 Mln in A-Round Financing to Expand Cross-Border Money Transfer Network EMQ Raises USD6.5 Mln in A-Round Financing to Expand Cross-Border Money Transfer Network

(Yicai Global) Dec. 20 -- Hong Kong-based cross-border money transfer company EMQ Ltd. has secured USD6.5 million in A-round financing and will use the proceeds to carry out technology research and development to expand its cross-border money transfer network in Asia, the company said in a statement yesterday.

The startup did not disclose specific information concerning its investors, who are known to be a group of Silicon Valley entrepreneurs and international venture capital firms, the online media outlet Lieyunwang.com reported.

EMQ is a fintech innovator and aims to achieve cross-border remittances through collaboration with other financial institutions and provide deposit and cash support through banks and other related ways, the firm says.

EMQ's mobile payment service helps overseas workers to wire their earnings back home. It currently covers many countries including the Chinese mainland, Hong Kong, Taiwan, Indonesia, Vietnam and Philippines. WeChat Pay Hong Kong operated by China's internet titan Tencent Holdings Ltd. [HKG:0700] is one of EMQ's many network service providers.

The fintech firm plans to take active approach to meet the requirements of regulatory bodies in various countries in the future, and expand the network to the main commercial markets in Asia and the world, including North America, Europe and the Middle East, it says.

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Keywords:   FINANCING,Cross-Board Money Transfer,EMQ,Fintech,Hong Kong