Earlier this week, Payoneer, Inc. announced that it had received an investment from integrated financial services provider Ping An. Payoneer is an online payments company, and company executives believe that this partnership will be greatly beneficial, especially as Ping An is the largest non-state-owned business in China.
Payoneer CEO Scott Galit said in a company release that his organization shares a strategic vision with Ping An. Specifically, both businesses agree in how they can can help Chinese firms grow their cross-border sales by facilitating scalable, efficient, cross-border payments services.
“This is a huge market opportunity and this financing is just the beginning of our collaboration with Ping An, solidifying Payoneer’s position as the go-to payments company for businesses looking to scale in China, Asia and the rest of the world,” Gailit said.
Ping An Ventures Director Jiang Zhang explained that Payoneer’s business strategy is especially innovative, as it offers payment solutions to organizations including marketplaces, ecommerce platforms, and small business owners around the world. Zhang added that Ping An is confident that the relationship “will result in the addition of many value-added services and support Chinese business owners as they grow their sales around the world and support global companies as they expand in the fast-growing China market.”
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