YouBiz unveils CNY remittance corridor

Chinese and Singapore businesses can make “swift and recurring” payments.

Card and spending platform YouBiz has launched a Chinese yuan renminbi (CNY)-denominated remittance corridor.

The corridor caters cross-border transactions between businesses in Singapore and China. 

YouBiz users can set up company recipients for swift and easy recurring payments to Chinese companies within 1-2 working days. 

YouBiz said that it supports overseas transfers with 20 currency corridors and promises low fees with no hidden charges or FX markups. 

China is Singapore’s biggest business partner, with nearly S$80b in imports facilitated in 2023.

YouBiz is the multi-currency corporate card and spend management platform for businesses by Singapore-based financial technology firm YouTrip.