Grey pitches direct China payments to African businesses at Moonshot
rey is offering businesses direct payments to Chinese bank accounts to reduce currency conversions and intermediaries involved in paying overseas suppliers.
Femi Aghedo, co-founder and chief operating officer of Grey, unveiled a new service at Moonshot by TechCabal in Lagos that enables direct payments to Chinese bank accounts for businesses. This move aims to minimize currency conversions and intermediaries that often burden international payments, causing added costs and delays. By offering this service, Grey Business targets companies with frequent international transactions involving multiple banks and currencies, which can be particularly beneficial for African importers sourcing from Chinese manufacturers.
Grey’s platform serves over 3 million users across 70 countries and facilitates payouts to more than 170 destinations, with stablecoins comprising the majority of its cross-border flows. The China payment feature empowers businesses to convert their dollar or stablecoin balances into renminbi, facilitating seamless payments to Chinese suppliers without the need for numerous intermediaries.
Apart from this, Grey Business also provides tools for managing global spending, such as holding USDC and USDT, issuing prepaid expense cards to employees, and making bulk payments through spreadsheets or API integrations. Aghedo emphasized that this service is integral to Grey’s broader mission of streamlining international business operations, reducing friction in collecting revenue, holding funds, and paying suppliers to optimize margins for companies engaged in cross-border trade.
Written by urgent.news from TechCabal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
