Hecto Financial Partners with YeePay of China to Build Cross-Border Payment Network for Tourism Industry

Fintech company Hecto Financial announced on the 27th that it will embark on a strategic collaboration with Chinese mobile payment company YeePay to establish a Korea-China B2B cross-border payment network utilizing domestic banking networks. The two companies plan to start by expanding their merchant base in the tourism sector, including airlines and travel agencies.

Hecto Financial is a fintech company specializing in payment services based on banking solutions such as firm banking and easy cash payments through integration with domestic banks. Recently, the company has expanded its business into kiosks and global foreign currency settlement services, while also preparing to enter the stablecoin market based on its experience in payment, prepaid charging, and local currency sectors.

YeePay is a leading B2B payment service provider in China, holding both cross-border and domestic payment licenses issued by the People’s Bank of China. With a global payment network spanning over 130 countries and regions and real-time settlement in more than 30 currencies, YeePay offers specialized payment solutions for sectors such as airlines, travel, and cross-border transactions.

Hecto Financial and YeePay plan to connect the banking networks of Korea and China, using both companies as hubs, to shorten settlement times and provide merchants with lower fees and more favorable exchange rates compared to existing settlement systems. This will enable more efficient and convenient international transactions. In China, the absence of an integrated open banking network and the complexity of overseas remittance procedures at some regional banks have made settlements between Korean and Chinese companies challenging.

The two companies intend to share their financial solutions and networks to initially target the airline and tourism sectors in Korea. In the future, they plan to expand their cooperation to other industries that require cross-border payments, beyond just the tourism sector.

A representative from YeePay International’s Global Travel Division stated, "The recovery of the Korea-China tourism market is creating new opportunities in the payments industry," adding, "We aim to serve as a more convenient and efficient payment bridge for the Korea-China tourism market."

A representative from Hecto Financial commented, "This collaboration will further strengthen Hecto Financial’s competitiveness in the cross-border payments sector," and explained, "By integrating the resources of both companies, we aim to become the preferred partner in the Korea-China tourism industry."