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Papaya's Hong Kong will leverage its international payments network using money transfer licenses to offer tailored cross-border payment solutions for global organizations headquartered in Hong Kong
NEW YORK, Oct. 29, 2024 /PRNewswire/ -- Papaya Global, the workforce payroll and payments platform, today announced the upcoming launch of Papaya Global Hong Kong, that will enable local and cross-border payouts from Hong Kong.
Papaya's innovative technology and wallet infrastructure, coupled with its partnership with established banking providers like J.P. Morgan, aims to enable Hong Kong based global organizations to manage international workforce payments, thus supporting their growth.
Papaya Global Hong Kong will provide a unified platform which will allow local customers to fund in HKD and pay out internationally. The solution will enable such organizations to pay the wages of employees and contractors internationally.
"Money makes the world go round, and Papaya can move money," said Eynat Guez, CEO and Co-Founder of Papaya Global. "We recognize Hong Kong as a hub of technology and business and know that supporting our clients there will drive not only their growth, but also the market in general. We harness our innovation and payments network to provide cross border payments that deliver accuracy and timely landing date."
Papaya Global Hong Kong will simplify cross-border payments for Hong Kong based organizations by enabling them to:
- Fund in local currency and pay out internationally.
- 95% same day global payouts transfers and timely land dates internationally, including key Asian markets.
- Pay internationally on local rails, knowing in advance the fees and costs, thus avoiding those accumulated by multiple correspondent banks, while benefiting from secure and efficient transactions.
- Gain transparency and control with real-time visibility and monitoring on every payment, and funds throughout the payment lifecycle.
- Mitigate global financial risks with Papaya's advanced pre-payment and real-time monitoring. Papaya's platform checks and balances are automated and eliminate delays due to manual screening and compliance checks.
- Comply with high data protection standards and ensure encrypted and efficient data transfers, avoiding paper-based methods.
- Eliminate manual inputs. Papaya's APIs and data connectors integrate seamlessly with existing systems, reducing the risks of fraud and human error.
- Establish adaptable international payment schedules and process mass payments of up to 10,000 transactions at once, ensuring smooth cross-border disbursements with minimal admin effort.
Papaya Global was built for payroll and payments since its inception in 2016. Since the acquisition of Azimo in 2022, it has established a network of licensed entities that allows for the provision of a cross border solution that delivers payments in hours. The acquisition combined advanced technology, extensive expertise in cross-border payments, and a global digital payment network reaching more than 150 countries.
To find out more about how Papaya is licensed globally (including Hong Kong), click here.
About Papaya Global:
In an ever-expanding world economy, Papaya Global is the ultimate workforce payments platform. Papaya's Workforce OS enables organizations to hire globally and pay locally, on time every time. Delivering full compliance and liability coverage, and supporting all employment models, Papaya's platform uses AI to consolidate and automate payroll and payments operations to seamlessly connect HR and Finance tech stacks. Streamlining these business-critical processes optimizes their efficiency and transparency, transforming workforce payments from an organization's biggest expense and liability, into its strongest strategic asset.
Papaya has recently been named NetSuite International Partner of the Year, as a Leader in NelsonHall's NEAT Matrix, and recognized by top tier publications including Inc., Forbes, and CNBC. Papaya's team is nearly 1000 strong, serving customers like E-Toro, SentinelOne, SodaStream and others, in 160+ countries worldwide.
source: Papaya Global
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