Cross-Border Payments for Digital Native Economies

7 Cross-Border Payments for Digital Native Economies: Unlocking Speed and Efficiency Let the games begin While lockdown has been economically devastating for many businesses, some e-commerce industries such as online gaming have experienced exponential growth. The growth in app downloads will increase the volume of payments made to app developers. Many app developers are paid not just for the development of apps, but also receive royalties based on download volumes. As e-commerce industries including online gaming evolve and grow and as small businesses have easier access to global sellers, there is an increasing demand from digital native clients to make fast and efficient payments to complex markets. As an example, many app developers are based in countries such as China, Korea, India and increasingly across Eastern Europe. Making cross-border RMB payments to individuals in China can be complex, given its tight regulatory controls, the requirement for supporting documentation from the beneficiary, and high beneficiary bank charges. To enable digital native companies to make fast, reliable and full value payments to individuals in China (and other important but complex markets), it is important for banks to establish strategic fintech or local provider partnerships. The future is now... and we want to keep building it with you Citi has embarked on a multiyear digital transformation journey to develop industry- leading cross-border payment solutions to meet the needs of our digital native clients, both e-commerce and payment service providers. We are keen to hear from you, to understand more about your business, your needs, your customers experience, and how we can work together to continue building the future of cross- border payments. About Payoneer Payoneer’s digital platform streamlines global commerce for millions of businesses from 200 countries and territories, delivering a suite of services including cross-border payments, working capital, tax solutions, merchant services and risk management. About Kantox Kantox builds fully-automated FX management solutions that simplify multicurrency trading, in particular FX hedging, and that increases clients’ profitability. Author George Worden Global Market Manager, Cross-Border Payments, Treasury and Trade Solutions, Citi Thank you to Payoneer and Kantox for their valuable insights. Jody Perla Managing Director, Global Banking & Payment Infrastructure, Payoneer Philippe Gelis CEO, Kantox