The Korean paid technology company Hecto Financial announced strategic cooperation with YeePay, a domestic paid service provider, to build a B2B cross-border payment network linking the banking systems of China and Korea. The parties plan to gradually expand the scope of their cooperation to cover a wider range of industries, using as an entry point such as airlines and travel agencies.
According to the joint statement of Hecto Financial and eBay payments, the parties will create an efficient and convenient cross-border B2B payment network by consolidating their respective payment technology and banking network resources. The initial cooperative focus on the tourism industry, which covers the payment needs of companies such as airlines and travel agencies, will be extended to a wide range of fields, including electricians, education and retailing.
Hector Financial, a Korean financial technology company focused on banking services, specializes in providing business banks, simple cash payments and global foreign currency settlement services through cooperation with domestic banks. The company has expanded in recent years to the area of self-service terminals and regional currency, and plans to enter the stable currency market. Founded in 2003, e-money payments were one of the first enterprises in China to obtain cross-border payment licences, with a global payment network covering more than 130 countries, supporting real-time settlement in more than 30 currencies, serving a number of vertical areas, including aviation, tourism, electricity, and education.
This cooperation coincided with the rapid growth of cross-border payment markets in Asia. According to Straits Research, the B2B payment market in the Asia-Pacific region is projected to grow from $64.349 billion in 2025 to $1.42 trillion in 2033, with a complex annual growth rate of 10.4 per cent. As the two major economies in Asia, trade and tourism flows are high, especially in the post-epidemic era, and the demand for digital payments in the tourism sector has surged, providing a vast market space for cooperation between the two sides.
Hecto Financial and eBay payment schemes serve, first and foremost, airlines and travel agencies, to provide safe and convenient cross-border payment solutions for businesses, taking advantage of the vast experience of eBay payments in the tourism industry and the localization of Hecto Financial ‘ s business in Korea. It was indicated that the tourism sector would be used as a starting point for the gradual expansion to other high-potential areas such as electricity, retail and education. A global payment network for e-money payments and a multi-currency real-time settlement capacity, combined with Hecto Financial local bank cooperation and virtual account technology, will provide customized cross-border payment solutions for enterprises.
This cooperation is part of the trend towards integration of cross-border payment markets in Asia. In recent years, e-money payments have developed cooperation with a number of international financial technology companies (e.g. TerraPay, Sunrate, M-DAQ Global) to expand their global payment networks. The accession of Hector Financial has further strengthened payment linkages between Asia and the Pacific countries and has helped to promote faster and lower-cost cross-border transactions in the Asia-Pacific region.
