Thunes is a global leader in cross-border payments. Today, it announced plans to dramatically accelerate its expansion in Greater China. This includes mainland China, Hong Kong and Taiwan. This announcement follows the recent appointment Daphne Huang (Senior Vice President (SVP), for Greater China) who will use her market knowledge to lead Thunes’ growth strategy.
Thunes will increase its focus on local partnerships with digital payment leaders in China to allow consumers and businesses to make cheaper and faster payments to China. This will enable them to support business payments and global collections.
Thunes will also increase its China team. It will triple its total headcount over the next 12 month and localize all major functions to provide better customer service.
It will also test its virtual account service, which connects China-based Payment Service providers to Indonesian ecommerce buyers. Virtual bank accounts allow cross-border Chinese sellers to easily join Southeast Asia’s marketplaces. They can also receive money from local buyers through local bank transfers. Thunes’ goal for cross-border payments is to make it as simple as possible.
China’s cross-border Ecommerce exports jumped 46.5% in the first quarter 2021, to 419.5 billion Yuan (US $63.83billion). Ecommerce platforms are being used by more Chinese factories and merchants to sell directly to consumers rather than through traditional supply chains or retail outlets. A survey found that more than 40% of Chinese cross border ecommerce businesses showed their business on Amazon or AliExpress in 2020. Shopee and Lazada are increasingly being used by merchants who target Southeast Asian markets. It was estimated that 75% (or 75%) of Amazon’s top 4 core markets, the US, UK and Germany, were based in China in January 2021. This is a significant increase over the 47% recorded in the previous year. China is home to 38% of Amazon’s top sellers in these core markets.
Thunes is excited about this moment, both for me and Thunes as a company. We plan to significantly expand our presence in Greater China. Thunes was naturally drawn to China because of its strong position in digital payments and online commerce. We are looking forward to forging strong partnerships and integrating ourselves in the local financial community and are committed to strong and stable operations in this crucial marketplace,” stated Daphne Huang SVP for Greater China, Thunes.