Hong Kong-based fintech startup EMQ announced that it has raised a $20 million in a Series B round of funding led by WI Harper Group. The round of funding was also participated by new and already existing investors like AppWorks, Abu Dhabi Capital, DG Ventures, Intudo Ventures, VS Partners, January Capital, Hard Yaka, Vectr Fintech Partners, Quest Venture Partners and Sparklabs.
This funding is mainly supposed to be used to facilitate its Cross-border financial transactions technology.
The company aims to optimize it technology and network to enable a faster international payments. The company’s technology is integrated by its clienteles which includes online banks, digital wallets, e-commerce settlement providers and licensed financial institutions, into already existing network. This comprehensive network and strategic partners it leverages on enables EMQ to perform cross-border remittances.
EMQ has been license in Hong Kong, Singapore and Indonesia, and has successfully registered as a Money Service Business in Canada. It has also been accepted into Taiwan’s Regulatory Sandbox by the Financial Supervisory Commission in Taiwan.
Co-founder and chief executive officer Max Liu said: “As we look to the future, we will continue to invest significantly towards constant innovation of our cross-border solutions and compliance capabilities, to deliver additional value to the global payments ecosystem and capitalise on the explosive growth of the cross-border business-to-business payments market – valued to exceed US$218 trillion by 2022.”
Edward Liu, partner at WI Harper Group, said: “As digital transformation intensifies globally, enterprises today are increasingly international in scale and they will require a network infrastructure like EMQ with greater speed, more certainty, increased flexibility and transparency, to expand their business in Asia and beyond.”