Paysend, a global fintech business headquartered in the UK, has begun an initiative supporting customers transferring money to loved ones in Coronavirus-stricken China, and is urging fellow fintech firms to come together in common cause and do the same. Zero-fee money transfers to China will be offered on Paysend’s online money transfer platform for the whole of March.
China has more than 50 million citizens living abroad who send a total amount of nearly $70BN annually back to China, making it the second largest receiving corridor in the world.
Abdul Abdulkerimov, Founder and President of Paysend, who announced the plan earlier this week, said: ‘The Coronavirus crisis has caused millions of families to be held in their homes and towns with minimum capacity for travelling, which has increased the need for extra funds from overseas to keep daily life running as smoothly as possible.
‘Paysend is on a mission to create a better-connected world where money is made available in places where it’s most needed, and we hope that by removing fees for our service, more money will be sent to China for those affected by the Coronavirus outbreak.
‘At Paysend we believe in the importance of sharing both financial expertise and human kindness to people who need it most.’
Paysend constantly evolves its platform in order to improve the way that money is moved around the world. China has been one of the top destinations for money transfers with Paysend since 2017.
Alongside this initiative, Paysend has started a donation programme for Wuhan hospitals dealing with Coronavirus cases. The company is urging colleagues, partners and peers within fintech to join in the global effort to help those affected by Coronavirus in countries around the world and do everything possible to help alleviate the current problems.