DigitalCFO Newsroom | 11 May 2022
OwlTing Group announced a partnership with Nium to power OwlPay, OwlTing’s new real-time cross-border payments service for e-commerce and travel platforms in Southeast Asia.
OwlTing Group, a global blockchain services company, today announced a partnership with Nium, the global platform for modern money movement, to power OwlPay, OwlTing’s new real-time cross-border payments service for e-commerce and travel platforms in Southeast Asia.
OwlPay provides a one-stop financial services integration service for global B2B transactions. The new service covers automatic reconciliation, online currency swaps, and cross-border payment services, to streamline traditional payment processes and significantly enhance operational efficiency for enterprises. Using developer-friendly APIs, OwlPay connects to business’ internal management systems and provides a one-stop service for the administration of orders and providers, financial reconciliation, online audit, and payment process automation. In addition, Nium’s competitive exchange rate, extensive settlement network, and support of more than 100 currencies with online currency exchange adds a unique advantage for businesses to complete real-time international remittance on the web interface.
“We are optimistic about the benefits OwlPay brings to global enterprises, cross-border e-commerce platforms, as well as online travel agencies (OTAs) offering various products and services. OwlPay’s partnership with Nium provides a new B2B payment experience. OwlPay not only allows enterprises to integrate cash flow and information flow, but helps them achieve operational excellence without the need to build an internal payment infrastructure that costs extra time and effort. It is estimated that OwlPay can save up to 50% labor cost for the financial team,” explains Una Peng, Senior Manager of OwlPay. “Currently, the average cross-border remittance fee falls between 25 to 30 USD per transaction, while OwlPay charges lower than 10 USD with same-day settlement. Payees can receive full payments even for a small amount, which makes OwlPay a faster and cheaper payment solution tailored to the needs of global enterprises. In addition, OwlPay supports six currencies for deposit, and the funds can be directly exchanged to local currency for payouts. By depositing funds to designated accounts in Singapore or Hong Kong in advance, enterprises can leverage OwlPay’s worldwide network and payout to global vendors in just a few clicks. Singapore- and Hong Kong-based enterprises can even enjoy further cost reduction through domestic deposits and experience OwlPay’s powerful services instantly.”
OwlTing will first target Southeast Asia, where the digital economy is fast growing. As pointed out in the Southeast Asia Digital Economy Trend Report released by Google, Temasek Holdings, and Bain & Company, the Internet penetration rate in Southeast Asia in 2021 was up to 75%. The Gross Merchandise Volume (GMV) of the internet economy was up to 174 billion USD, and it is expected to reach 363 billion USD in 2025.
Darren Wang, Founder and CEO of OwlTing Group, shares, “As a leading blockchain company, we’re actively looking for global partners to make B2B payments faster and cheaper. We are very pleased to cooperate with Nium to grow from domestic financial services to multi-currency, cross-border payments services. OwlPay’s services will expand from Asia to North and South America, and Europe. With OwlPay, we aim to help global enterprises enhance operational and capital arrangement efficiency with a new type of payment and send real-time remittances to other countries with ease. We plan to introduce stablecoins and various settlement networks to explore the infinite possibilities of financial innovation and digital payment development.”