DLocal Limited (Nasdaq: DLO), the technology-first payments partner for global companies expanding into emerging markets, has partnered with ACE Money Transfer, a UK-based online international remittances service provider, to strengthen payout services across APAC and EMEA.
EMEA countries recorded $79 billion in remittances in FY22, which is 19% higher than the preceding year (FY21). On the contrary, APAC countries observed a mere 0.7% increase in remittances, reaching $130 billion in FY22. Strategic collaborations between financial institutions like ACE Money Transfer and dLocal can foster significant growth in remittance inflows to these regions through streamlined, secure, fast, and convenient processes.
Using ACE Money Transfer and dLocal, customers in the UK, Europe, Canada, Australia, and Switzerland can instantly transfer money to several corridors across APAC and EMEA through payment channels such as Bank Transfers and Wallet Payments. The new partnership furthers dLocal’s mission to build the best payment infrastructure in emerging markets, fostering fast, convenient, secure, and economical remittance solutions for expatriates. This is key to addressing digital divides in developing regions and supporting people at a local level.
As trusted partners to expand financial services into frontier markets, dLocal and ACE Money Transfer are set to revolutionise faster, compliant, and efficient remittance capabilities for expatriates from the said regions. Both organisations see the regions in question as areas for growth due to the increased demand for international remittances.
Agustin Cerisola, Head of Asia & Africa, Global Remittances at dLocal said: “We are passionate about improving payments at a local level, playing on regional nuance to ensure people are financially included, but also empowered, and benefit from technological developments in the payments space. Remittances can mean different things to each individual. For example, a lower income household may rely on remittances to finance the purchase of consumer goods, housing, education, and healthcare. For others, remittances may provide capital for entrepreneurial activities or cover business costs such as imports or debts. The key is that remittances and international payments need to be reliable and secure.”
Rashid Ashraf, the CEO of ACE Money Transfer expressed: “It is important to have a like-minded partner when you move into new territories. We found dLocal’s approach aligned with ours and was invaluable when we explored new markets. ACE Money Transfer provides fast and secure money transfers to over 100 countries and moves quickly to address payment gaps globally, ensuring our customers can transfer money abroad without friction and delays. I look forward to seeing where the partnership with dLocal takes us next.”
The groundbreaking partnership between dLocal and ACE Money Transfer marks a pivotal advancement in the financial technology sector, particularly concerning cross-border transactions. This alliance not only stands to bolster the economic links between APAC and EMEA and the diaspora communities in the UK, Europe, Canada, Australia, and Switzerland, but it also promises a future where financial inclusivity is within reach for global citizens. By prioritising speed, security, and accessibility, the collaboration is setting a new standard for remittance services worldwide, ensuring that expatriates can support their families and contribute to their home economies with unprecedented ease and confidence. As you watch this partnership unfold, it becomes increasingly clear that dLocal and ACE Money Transfer are not just redefining the remittance landscape – they’re fostering a more interconnected world.