Zhongguo Remittance (ZGR) commits to secure money transfers within regulatory frameworks amid recent Monetary Authority of Singapore (MAS)’s suspensions. ZGR has completed over 129,223 transactions to China since their partnership with UnionPay in 2015. As a UnionPay MoneyExpress member, ZGR streamlines transactions by remitting funds directly without third party processes for faster and safer remittances.
SINGAPORE, Jan. 3, 2024 /PRNewswire/ — Remittance service provider Zhongguo Remittance (ZGR) reaffirms its unwavering commitment to ensuring safe and compliant money transfers. Considering the recent suspensions of non-bank and non-card channels for remittance to China enforced by the Monetary Authority of Singapore (MAS)[1], ZGR is well-positioned to assist customers in remitting money to China within the specified regulatory framework via UnionPay International and providing remittance services via MoneyExpress.
Secure Money Transfers Aligned with Regulatory Frameworks
Since the initiation of ZGR’s collaboration with UnionPay in November 2015, the company has successfully completed over 129,223 remittance transactions to China, solidifying its position as a trusted partner in the remittance industry. UnionPay International, with a global network encompassing more than 2500 institutions, has played a pivotal role in facilitating card acceptance in 181 countries and regions, with card issuance in 79 countries and regions. As a UnionPay MoneyExpress official member[2], ZGR has the capability to offer their customers a seamless solution for transferring Chinese Renminbi (RMB) directly into recipients’ UnionPay accounts in China through the efficient UnionPay system, eliminating the involvement of third parties. This streamlined process ensures faster and more secure transactions, aligning seamlessly with the new regulatory frameworks set by MAS.
Jed Huang Guanhua, CEO of Zhongguo Remittance, says: "We are proud to affirm our unwavering commitment to providing secure and compliant money transfer services. Our strategic partnership with UnionPay International exemplifies our dedication to offering our customers a reliable and efficient platform for their financial transactions. In navigating the evolving regulatory landscape, we remain focused on enhancing the customer experience, upholding the highest standards of security, and reinforcing our position as a trusted leader in the remittance industry. Our continued collaborative efforts with UnionPay International underscore our commitment to innovation and excellence in meeting the diverse needs of our valued customers."
MoneyExpress, a cross-border remittance service provided by UnionPay, operates in more than 57 countries and regions worldwide. With cooperative desks, official websites, mobile apps, and other service channels, overseas remitters can easily make cross-border remittances to UnionPay cards of 70 national and local banks. Cardholders in China can conveniently collect the remittance in RMB, avoiding the hassle of foreign exchange. The advanced features of MoneyExpress, such as settling exchange rates in advance and depositing remittances directly into UnionPay accounts in RMB, provide a hassle-free experience for customers. The payee can use the funds immediately, with remittances generally deposited in real time, or within 12 hours. Additionally, given UnionPay’s compliance with regulations enforced by the State Administration of Foreign Exchange (SAFE) of China, ZGR customers can securely and confidently execute remittances to China. This reliability is reinforced by ZGR’s outstanding track record, exemplified by the uninterrupted processing of customers’ remittances via UnionPay.
ZGR’s Pioneering Role in Singapore’s Remittance Landscape
ZGR is the first remittance company in Singapore to provide money transfer services from Singapore to China[3]. Over the years, ZGR expanded its reach – establishing remittance corridors in over 200 countries and regions. Their expertise in money transfers now extends to Malaysia, Hong Kong, Taiwan, Indonesia, the US, and other parts of the world. The company’s professional and efficient remittance consultancy team ensure secure and seamless transactions, earning them a reputation as a top player in the industry.
The dedication to continued customer service is further reinforced by obtaining a money changer license in November, attesting to ZGR’s commitment to providing customers with a one-stop hassle-free experience and peace of mind.
Looking Ahead: ZGR’s Continued Commitment to Customers
In these dynamic times, ZGR continues to stand by its customers, ensuring that their financial transactions are handled with the utmost care, efficiency, and security. As a pioneer force in the China remittance industry, ZGR remains resolute in its commitment to providing customers with secure, compliant, and customer-centric remittance solutions, ensuring a seamless and secure money transfer experience.
For more information on ZGR, visit https://zhongguoremittance.com/en/home/
[2] Source: https://www.unionpayintl.com/en/servicesProducts/servicesBenefits/crossBorderRemittance/
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