TransferWise, today announced a partnership with Alipay, to provide its users with fast, affordable and convenient international money transfers to China.

According to World Bank stats, China is projected to be one of the top remittance recipient countries in the world, with £54bn expected to be sent back home by Chinese expats and migrants living abroad.

The partnership is a major expansion for TransferWise as it reaches a new, additional market of people managing their money via the Alipay platform. Alipay is owned and operated by Ant Financial Services Group.

Kristo Käärmann, Co-founder and CEO of TransferWise, said:

“Our newest partnership with Alipay has been one of the most requested features from our users since our expansion in Asia. Alipay functions as the primary payment method for more than a billion people in China and we are excited to be bringing instant international transfers to the fingertips of Alipay’s users.

“This also brings us one step closer towards our mission of Money without Borders, and is a continuation of our vision of making cross border payments instant, convenient, transparent and eventually free.”