Geoswift Secures SVF Licence as Hong Kong Steps Closer Towards a Cashless and Digital Payment World

HONG KONG, May 20, 2019 /PRNewswire/ -- Geoswift, a leading provider of cross-border payment solutions between China and the rest of the world, announced today that its Hong Kong entity has been granted a coveted Stored Value Facilities ("SVF") Licence by the Hong Kong Monetary Authority. With the SVF licence, Geoswift can provide greater convenience and a better experience for consumers and merchants and move closer to providing a seamless cashless, digital payment world.

Stored value facilities are changing the fintech landscape in Hong Kong, and as more companies such as Geoswift hold SVF licences, it is creating a competition which is innovating the marketplace. This increase in diversity will result in new services which will bring more convenience and choice to both consumers and merchants.

Geoswift has been recognised as the leading global payments specialist, providing value-added, one stop payment solution for the e-Commerce, education and travel sectors. With the acquisition of an SVF licence, Geoswift can now integrate its product offerings and craft more comprehensive and diverse payment solutions to bring even greater convenience and better payment experience to consumers and merchants, alongside its other regional licences.

"With Hong Kong's proximity to China and its position as the gateway to China, Hong Kong is one of the most well-connected fintech hubs in the world. Obtaining the SVF licence in Hong Kong does not only allow us to meet our future growth plans within Asia Pacific and the Greater Bay Area in particular, but also enable us to expand our current set of product offerings to offer more comprehensive cross-border payments solutions globally."

Raymond Qu, Founder and CEO of Geoswift, said, "As a market-leading provider of cross-border payments solutions in and out of China, Geoswift takes a long view on all of our product developments and actively seeks opportunities to deliver sustainable value for our partners and clients today and tomorrow. With our new SVF licence as well as our other regional licences, we have a very solid foundation to deliver more comprehensive payment solutions to foster a truly cashless and digital payment world."

About Geoswift

Geoswift is an innovative payment technology company connecting China and the rest of the world. The company comprises the world's leading payment technology experts who have a deep understanding of the finance industry, technology, and global and China monetary policies. Geoswift customises one-stop, cross-border payment solutions to and from China to achieve growth for its clients, which include the world's leading e-commerce companies, prestigious universities, and some of the largest brands in the travel industry.

Geoswift is an acquirer of UnionPay International in North America, and a long-term partner of many other leading financial institutions. It also runs a number of currency exchange stores throughout China.

Geoswift is headquartered in Hong Kong with teams spread across Beijing, Shanghai, Shenzhen, Singapore, London, Vancouver, Seattle and San Francisco for strategic and regulatory functions.

Geoswift Cards Services secured the Stored Value Facilities Licence (SVF00015) from the Hong Kong Monetary Authority in May 2019. For more information, please visit www.geoswift.com or send your queries to info@geoswift.com

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