Visa, Fuiou Pay and Nium partner to launch global payment solution

By Leandra Monteiro

Fuiou Pay recently launched a B2B global payment solution with global digital payment company Visa and open bank Nium in Hong Kong. This new product launch is another breakthrough since Fuiou and Visa started collaborating on B2B payments in Greater China.

Fuiou, Visa and Nium share a common goal in bringing better commercial payment experiences to enterprises in Greater China. Leveraging Visa’s strong commercial payment solutions and its global network, Nium’s card issuance support and Fuiou’s technical service capabilities, the three parties have joined hands to develop a safe and seamless payment tool for enterprise users in Greater China and Global.

Since the pandemic, small-and-medium enterprises (SMEs) have continued to receive more attention and support from governments in many countries as their business have been heavily impacted. However, the complex demands that SMEs have on payments and business operations are hardly satisfied by large institutions.

Through this collaboration with Visa and Nium, Fuiou seeks to create global payment products and solutions for cross-border e-commerce, advertising, overseas education and cross-border travel, among other major payment categories, and offer the following services to different sectors across a wide range of payment scenarios:

• Card customisation: users can tailor their payment cards based their needs, including the customisation of payment scenarios, regions, the period for actual usage, etc. The card allows users to handle funds online 24×7.
• Multi-format support: the card is compatible with all different operation platforms for both B2B and B2C users. Proven solutions are available for API connection, risk control rules, etc.
• Service support: as Visa’s B2B partner and Nium’s project manager, Fuiou focuses on its customers’ experiences in payment and technology. Exclusive communication channels are provided to different customers to ensure their payment issues are addressed in a timely manner.

With the bridge built by Visa, Nium and Fuiou, this brand-new business payment solution can expand the reach of B2B payments, narrow the gap between small enterprises and their suppliers, and make cross-border payment easier and more accessible.

Maaike Steinebach, General Manager Visa, Hong Kong and Macau said, “Halfway through the pandemic last year, only 4 in 10 small-and-medium enterprises (SMEs) in Hong Kong are selling online. Today more than 3 in 5 are engaged in eCommerce.[1] The ability to make and receive simple, fast and secure digital payments, and integrating that to overall business operation, is crucial. Visa is excited to partner with Fuiou and Nium to enable small businesses to bring such comprehensive B2B payment solutions to SMEs in Hong Kong region, Greater China and beyond.”

Yiqun Zhang, Fuiou Payment President said, “We want to thank Visa and Nium on co-developing this business solution. We really appreciate Visa’s product innovations and unswerving support to Fuiou’s internationalisation strategy. Thanks to that, we are able to offer more innovative products and services to SMEs and micro businesses. We are deeply impressed by Nium’s efficient teamwork and all-function technical capabilities. As a third-party payment service provider in China, Fuiou is committed to better services to merchants, especially SMEs and micro businesses. We have been doubling our efforts on FinTech exports in recent years, hoping to export our capabilities to a greater extent. Cross-border payment and FinTech exports have undoubtedly enlarged the reach of our services. We wish to proceed with innovation and cooperation with Visa and Nium in more dimensions and in more countries and regions in the days to come.”

Prajit Nanu, Co-founder and CEO of Nium said, “This collaboration with Fuioupay and Visa is a great example of how three forward-thinking companies can come together to create seamless solutions that empower global businesses. This partnership heralds our commitment to continue innovating and finding new ways to provide businesses with unique and convenient payment solutions that help them scale.”