Citi has partnered with PAO Bank Limited to help the bank launch a new service that lets retail customers make real-time foreign exchange (FX) transactions in Hong Kong dollars, US dollars, and Renminbi at any time, 24/7. The two organizations also plan to add more currencies to the service.
Although the service uses Citi’s platform in the background, the FX offering is provided directly by PAObank to its customers.
By using Citi’s special FX API (Application Programming Interface), PAObank can now let its customers make instant foreign exchange transactions directly on the PAObank Mobile Banking App. Everything happens in real time.
The whole process is fully automated. When a customer exchanges money, their account is debited and credited immediately without any delays or manual steps.
Citi’s FX API is a plug-and-play tool, which means it can be easily added to a bank’s existing system without complicated setup or new infrastructure.
This solution gives Citi’s clients access to more than 100 currencies*, helping them launch FX services faster without needing to build their own technology or trading systems.
“For over a decade, Citi’s FX API solutions have been helping financial institutions and payment intermediaries drive their businesses forward, enabling them to offer FX and cross‑border payment services to their end customers,” said Darren Brighton, Global Head of Digital FX Sales for Citi. “We are excited to partner with PAObank on the launch of their currency exchange service for retail customers, supporting the company’s commitment to advancing financial inclusion through cutting-edge digital banking services.”
“We are delighted to partner with Citi for PAObank to introduce real-time FX service to our retail customers via the PAObank Mobile Banking APP, accelerating our goal towards offering comprehensive retail banking services. This collaboration strengthens PAObank’s capability to deliver seamless banking services, underscoring our commitment to enhancing customer experience and advancing digital banking in Hong Kong,” said Kenneth Tsoi, Head of General Banking Product, PAObank.
Citi is a leading global bank that supports institutions with cross-border financial needs. It is also a major player in wealth management and a trusted personal bank in the United States.
The bank operates in more than 180 countries and regions, offering a wide range of financial products and services to corporations, governments, investors, institutions, and individual customers.
PAO Bank Limited (“PAObank”) is a wholly-owned subsidiary of Lufax Holding Ltd and part of the Ping An Group. The bank focuses on promoting financial inclusion and building a strong digital banking ecosystem by using its deep experience in SME banking and its advanced financial technology.
PAObank received its banking licence from the Hong Kong Monetary Authority in May 2019 and operates fully through digital channels. The bank continues to grow its business across multiple areas, including retail banking and SME banking.
Read More- 10x Banking and Audax Partner to Speed Up Digital Banking Launches
