Today, we're extremely excited to launch Reap cross-border payments to 40 different countries across the world.
What is Reap's New Cross-Border Feature?
Hong Kong continues to be a hub for global minded SMEs. As at September 2018, there were around 340 000 SMEs in Hong Kong. They accounted for over 98% of the total business units and provided job opportunities to over 1.3 million persons, about 46% of total employment. (Source: https://www.success.tid.gov.hk/english/aboutus/sme/service_detail_6863.html). Due to Hong Kong’s proximity to China and presence as a logistic and financial hub, starting a global minded business in Hong Kong has never been easier. In order for SMEs to access the global supply chain surrounding Hong Kong, seamless payment processing and trade financing will be an important point of consideration going forward.
We continue to build towards our mission of providing instant credit to SMEs at a moment's notice. Through Reap, Hong Kong SMEs can now facilitate payments to international suppliers, employees, contractors and any other business expense through their existing credit card. The mechanism to initiate cross-border payment has been seamlessly integrated into our existing platform. You simply add the credit card of your choice (we support American Express, Visa and MasterCard), tell us where and who you want to pay to, and the recipient will receive the funds in 3 business days. 46 countries across the world, guaranteed.
The internet has allowed businesses to transcend geographical boundaries for messaging (eg. WhatsApp), search (eg. Google), and social media (eg. Facebook). But when it comes to cross-border payments, these boundaries seem to materialize very quickly. From antiquated payment systems to exorbitant foreign exchange markups, innovation within cross-border payments has long been underserved. We’re excited to see what SMEs in Hong Kong can do with easier access to a more seamless cross-border payment process. If you have any questions or feedback, please let us know.
To know more about cross border option for Hong Kong SMEs, check our article here