FXCC adds China UnionPay for deposits to expand in Asia Forex markets

China UnionPay mobile banking

CySEC regulated forex broker FXCC has announced that it has introduced an extra payment option through its association with China UnionPay. In creating this new relationship, FXCC (formally FX Central Clearing Ltd) has opened up a gateway, allowing new and experienced FX traders from Asian countries such as China, to trade directly through FXCC.

We recently reported that FXCC, which offers the MT4 and MT4-Mobile trading platforms, had also added the NETBANX Asia service of Paysafe Group Plc (LON:PAYS) for deposits from Asia,

China UnionPay was established in 2002, and has grown to be the third  largest payment services provider worldwide in terms of annual transaction value processed, behind only MasterCard and Visa. Due to its backing from the Chinese government CUP became the preferred payment service provider for the four main Chinese domestic banks.

China UnionPay rapidly became the preferred and accepted domestic payment method for Chinese residents to access international transactional markets. China UnionPay has become central to and a pivotal part of China’s bankcard industry. They’ve also played an essential role in the overall development of the card industry in China.

Saed Shalabi, FXCC director said:

Based on payment transactions and the number of cards issued, China UnionPay is the largest card payment organisation (debit & credit cards combined) globally. We’re therefore delighted to have established a relationship with the company.

UnionPay is also China’s first pre-authorisation service for secured transactions. The system allows payment for online transactions through any merchant that accepts UnionPay. During 2014, the total amount of cross bank transactions of CUP cards exceeded 41.1 trillion yuan.

At FXCC we pride ourselves on being a truly global, multi language broker, who easily communicates with and understands the requirements of traders worldwide. It’s my belief that the Chinese forex market offers exponential growth opportunities for ambitious forex brokers.

China is the second largest global economy, and it’s predicted to overtake the USA as the number one economy by 2025. The growth in forex trading will match China’s exponential growth in all other areas of their economy, as Chinese residents become familiar with the investment opportunities FX trading offers.

The acceptance of the Yuan (the renminbi) throughout global markets and the encouragement of trading of the yuan through, for example, London (the globe’s major trading forex venue), ensures that transactions in the Chinese currency are becoming far more common place.

We need to stay aware of new developments, opportunities and stay ahead of the curve to ensure we’re in a position to benefit from any increased Asian business, particularly from China. In forging this relationship with China Union Pay we believe we’re positioning ourselves in anticipation of a potential surge in future FX trading from China.

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