A number of licensed exchanges and payment platforms now let users swap Tether (USDT) for major fiat currencies under full compliance. For example, some European fintechs hold Electronic Money Institution licenses (Lithuania, Estonia, etc.) to convert crypto to fiat via SEPA/SWIFT. Others are crypto exchanges with local fiat rails. The bullets below outline representative firms, their licenses, and how they implement USDT↔fiat services: • Kraken (UK, Global): Kraken secured a UK Electronic Money Institution license to offer fiat on- ramps/offs. It supports USDT trading pairs (e.g. USDT/USD, USDT/EUR) and lets users withdraw USD, EUR or GBP via bank transfer under FCA oversight 1 . By KYC’ing customers and holding fiat reserves in banks, Kraken acts as a fiat “off-ramp” for USDT: users sell USDT on the exchange and receive fiat deposits, all while Kraken monitors transactions for AML/CFT compliance 1 . • Paybis (UK/Canada): Paybis is registered with FinCEN (US) and FINTRAC (Canada) 2 . It allows customers to sell USDT (ERC-20) and be paid out in euros (via SEPA). Operationally, Paybis generates a unique deposit address for each trade, into which the user sends their USDT 3 . Once the on-chain transfer is confirmed, Paybis wires EUR to the user’s bank account, charging transparent fees. This process requires full KYC of the user and compliance with e-money rules in Europe. • CoinsPaid (EU/Latvia): CoinsPaid (Dream Finance) is an EU-licensed crypto payment processor. Its system enables merchants (and users) to accept USDT, BTC, etc., and receive settlements in fiat. It “supports exchange to fiat” for many currencies (USD, EUR, GBP, CNY, INR, MYR, etc.) 4 . Behind the scenes, CoinsPaid runs crypto wallets for USDT on supported chains; when a USDT deposit arrives (user transfers to a provided wallet), CoinsPaid credits the user’s fiat balance and can pay out via SEPA/SWIFT, all under AML/KYC safeguards 5 . • Bankera (EU/Lithuania): Bankera is an FCA/ECB-authorized e-money institution in Lithuania 6 . Its payment gateway lets online businesses accept USDT or USDC and then convert or receive settlement in 14+ fiat currencies (USD, EUR, GBP, AED, etc. via SEPA/SWIFT) 7 . As a regulated EMI, Bankera holds fiat reserves against received crypto and conducts customer due diligence under EU AML rules 7 6 . • HashKey Exchange (Hong Kong): HashKey is Hong Kong’s first SFC-licensed crypto exchange (Type 1 dealing, Type 7 ATS) 8 . It lists USDT trading pairs and even a direct USDT/HKD pair 9 . In practice, users can deposit USDT (e.g. ERC-20 or TRC-20) and sell it into HKD on the exchange. HashKey then enables HKD withdrawal via local banks. The exchange enforces Hong Kong’s AML/KYC rules on all accounts. (HashKey also supports USD trading and USD withdrawals to banks.) • Crypto.com (Singapore/Global): Crypto.com holds a MAS Digital Payment Token (DPT) license and MPI payments license in Singapore 10 , as well as registrations in the EU, UK, and other markets. It supports USDT trading against fiat on its app and exchange. For example, users can sell USDT to top up their fiat wallet (EUR/GBP/USD) and withdraw by bank transfer. Crypto.com adheres to MAS AML regulations, and integrates USDT through on-chain deposit addresses, monitoring transfers to ensure funds are received from verified sources. • Airwallex (Asia/Global): Airwallex is a fintech (money transmitter) based in HK/Singapore that already handles cross-border fiat. Recent hiring notices show Airwallex is recruiting stablecoin specialists in Hong Kong and Shanghai 11 – a sign it may add tokenized currency rails. In practice, Airwallex would use its licensed banking partners (for SGD, USD, EUR, etc.) and integrate a blockchain layer for USDT, generating deposit addresses and converting received tokens to fiat under its AML program. • Standard Chartered (Global Bank): Through its crypto arm Zodia Markets, Standard Chartered plans to trade fiat-pegged stablecoins in FX markets 12 . Zodia envisions swapping USDT/USDC/ other-stable tokens (pegged to USD, EUR, GBP, JPY, CAD) directly in its platform 12 13 . Though not a retail exchange, Zodia’s model shows a large bank linking blockchain assets to traditional forex. Standard Chartered also offers fiat FX services (spot, forwards) and has internal compliance systems, using SWIFT/CHAPS rails to settle any fiat part of a swap. Each company above ensures regulatory compliance (e.g. EMIs with FIN/FCA licenses, banks with payment licenses) and robust AML/KYC. For fiat payments they use standard rails (SEPA/SWIFT for EUR/ USD/GBP, Faster Payments System in the UK, Hong Kong’s Faster Payment System for HKD, etc.), while blockchain integration comes via custodial wallets or node access for USDT. For example, Paybis explicitly instructs users to “send USDT to the address we’ve generated” 3 ; once on-chain confirmation arrives, it credits the fiat output. Regulation, Compliance and Payment Rails Companies doing USDT↔fiat conversions must navigate multiple jurisdictions’ rules. In the EU, MiCA (Markets in Crypto-Assets) now requires stablecoin issuers to obtain e-money licenses and hold 1:1 reserves 14 . Tether’s issuer lost EU access after failing to meet MiCA standards 14 . Singapore requires crypto exchanges to obtain MAS licenses (DPT or Major Payments Institution) and meet AML/CFT standards 10 . Hong Kong mandates SFC licensing (as seen with HashKey) and, as of Dec 2024, has introduced a Stablecoin Bill to oversee fiat-backed token issuers 15 . The UAE and Qatar also rolled out crypto/stablecoin licenses in 2024 16 , making Dubai and Abu Dhabi more crypto-friendly (though largely geared to issuers and custodians). AML/KYC is enforced everywhere. U.S. platforms must register as MSBs with FinCEN and screen customers. EU/UK EMIs apply “know your customer” and transaction monitoring rules. Asian regulators (MAS, SFC, HKMA, VARA, etc.) similarly demand identity verification and sanctions screening. For payment infrastructure, these firms partner with banks: typically using SWIFT or national banking transfers for USD/EUR/GBP, while also integrating local rails – e.g. in Hong Kong, exchanges can connect to banks’ Faster Payment System (FPS) channels 17 ; in Europe, SEPA; in Australia/NZ/Asia, local RTGS or FPS networks. Blockchain Integration On the crypto side, firms integrate USDT by running or accessing blockchain nodes (Ethereum, Tron, etc.) and wallets. A user who wishes to convert USDT to fiat instructs the platform to exchange it, then sends USDT tokens to a deposit address controlled by the platform. For example, Paybis’s help page shows a user depositing USDT to a generated ERC20 address 3 . Once the transfer has enough confirmations, the company credits the user in fiat. Back-office systems must “watch” these on-chain transactions for AML compliance (blocking blacklisted addresses, for example). Payment providers often use centralized custody or hot wallets; some large crypto banks (e.g. Sygnum, which supports stablecoins) securely custody deposits and then handle fiat settlement via traditional banking 18 . All platforms declare explicit crypto-to-fiat fees (blockchain gas fees + service fee) and ensure parity of value (stablecoins like USDT are pegged 1:1 to USD, as noted in their literature 3 ). Outlook: China’s Digital Yuan (e-CNY) China’s e-CNY is a state-run CBDC, not a market token. It’s designed for domestic digital payments and currently cannot be freely exchanged for other currencies 19 . Cross-border use is limited to controlled pilots. For example, Hong Kong’s central bank (HKMA) is running a cross-boundary e-CNY pilot: residents can obtain e-CNY wallets and top them up via Hong Kong’s Faster Payment System 17 . Top-ups/redemptions occur through linked banks (17 banks in HK participate) 17 . Standard Chartered China recently joined an e-CNY pilot: it enables customers to top-up and redeem e-CNY wallets via the bank’s apps 20 . Standard Chartered HK also participated in the BIS mBridge project (a wholesale CBDC settlement test) 21 . Technical and regulatory steps are underway: China plans an “international e-CNY operations center” in Shanghai to push global usage 22 . Regulators acknowledge that U.S.-dollarstablecoins are influencing payments 23 24 . Chinese tech giants (JD.com, Ant) are lobbying for offshore yuan stablecoins in Hong Kong to promote RMB internationalization 24 . Hong Kong’s new Stablecoin Bill (Dec 2024) explicitly permits issuance of yuan- or HKD-pegged stablecoins under licence 15 24 . Meanwhile, Chinese exporters are already using USDT for trade payments 25 . Implications: No major FX/crypto platform currently offers e-CNY swaps because e-CNY isn’t an open token. Any e-CNY support would require PBOC permission or an offshore yuan stablecoin scheme. In practice, deliverable-FX firms may instead focus on regulated yuan-pegged coins (if Hong Kong allows them) or on keeping USD/EUR rails. Until China liberalizes CBDC cross-border flows, USDT ↔ e-CNY on- ramps remain unlikely. Companies keen on China’s market (e.g. Standard Chartered, Airwallex, Crypto.com) will monitor regulatory developments (HK pilot, BIS mBridge, PBOC strategy) to decide if and how to integrate e-CNY or RMB stablecoins in the future. Sources: Regulatory filings, company announcements, and financial media reports were used. Examples above are drawn from sources such as Kraken’s FCA filings 1 , Paybis and CoinsPaid FAQs 3 5 , HashKey stats 8 9 , Crypto.com news 10 , and industry reports on stablecoin regulation and e-CNY pilots 15 20 22 . These sources detail licenses, AML/KYC practices, payment rails, and blockchain flows in context. 1 Kraken authorized as Electronic Money Institution (EMI) with UK license | Cryptopolitan https://www.cryptopolitan.com/kraken-authorized-as-electronic-money-institution-emi-with-uk-license/ 2 3 Sell USDT (Tether) Instantly | Paybis https://paybis.com/withdraw-usdt-to-bank-account/ 4 5 All Frequently Asked Questions in One Page https://coinspaid.com/faq/ 6 7 Payment Gateway | Bankera https://bankera.com/payment-gateway/ 8 9 HashKey Exchange Statistics: Markets, Trading Volume & Trust Score | CoinGecko https://www.coingecko.com/en/exchanges/hashkey-exchange 10 Crypto.com Obtains Major Payment Institution Licence from Monetary Authority of Singapore https://crypto.com/en-au/company-news/crypto-com-obtains-major-payment-institution-licence-from-monetary-authority- of-singapore 11 〖出海周报〗北上深聚焦稳定币 欧盟《加密资产市场监管法案》持牌名单出炉 空中云汇有意入局稳定币-移 动支付网 12 13 StanChart’s Zodia Markets gearing up for stablecoin forex market debut – Blockworks https://blockworks.co/news/stanchart-crypto-stablecoin-forex-market Analysis of the 2024 Blockchain Security and Anti-Money Laundering Annual Report: AML Trends & Data | by SlowMist | Medium https://slowmist.medium.com/analysis-of-the-2024-blockchain-security-and-anti-money-laundering-annual-report-aml- trends-data-8d32656e5992 17 Hong Kong Monetary Authority – Expanding the cross-boundary e-CNY pilot in Hong Kong https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/05/20240517-3/ 18 Sygnum Bank | Regulated Digital Asset Banking https://www.sygnum.com/ 19 Explainer | The world is going all in on stablecoins. Is China’s digital yuan any different? | South China Morning Post https://www.scmp.com/economy/china-economy/article/3316651/world-going-all-stablecoins-chinas-digital-yuan-any- different 20 21 Standard Chartered China participatesin e-CNY business pilot 22 23 China talks up digital yuan in push for multi-polar currency system | Reuters https://www.reuters.com/markets/currencies/chinas-central-bank-says-promote-digital-yuan-multi-polar-currency- system-2025-06-18/ 24 25 China’s tech giants lobby for offshore yuan stablecoin, sources say | Reuters
Multicurrency Solutions – Fee Comparison
Below is a summary table of fee structures (integration fees, account maintenance, transaction costs, FX spreads, etc.) for HUBFX and selected competitors. Most providers tailor pricing to client volume, so many fees (especially for platform/API integrations) are bespoke or require contacting sales. Notable differences and unique models are highlighted after the table. Provider Integration Fee (one-off) Account Fee Transaction Costs / Fees FXMargin / Spread Other / Notes HUBFX Bespoke (no public setup fee) No monthly fee (account maintenance free) ~0.25 % oftransfer + fixed per-paymentfee 1 (plus anycorrespondent charges) Near mid- market FX rates 1 Volumediscounts available; API integration available Wise Platform No setup fee (API- based) ~US$31 one- time (US)2 ; nomonthly fee Fixed fee +from ~0.33–0.57 % ofamount 3 4 ~0.3–0.6 % above mid- market Fullytransparent pricing; no inactivity fee Airwallex No setup fee 5 No monthly ormaintenance fee 6 Cardacceptance:2.80–4.30 % + US$0.30 7 (domestic vs international).Transfers:Local banktransfers free; SWIFT ~US$10– 15 8 . 0.5–1.0 % aboveinterbank9 Free multi-currencyaccounts; freecorporate cards(employee card cost ~US$5/mo)10 ; noinactivity fee Payoneer No setupfee (partner integration) No monthly fee(US$29.95annualinactivity fee)11 Receivepayments:~3.99 % (credit/ debit cards)7 . Localpayouts: up to 1 % (oftenwaived for Payoneer-to- Payoneer);SWIFT:≤US$15 8 . ~0.5–3 %above mid- market 12 US$29.95annual fee for prepaid card; fixed fees on incomingwires 13 Provider Integration Fee (one-off) Account Fee Transaction Costs / Fees FXMargin / Spread Other / Notes Nium Custom(contact sales) No public monthly fee Negotiatedtiered pricing per transaction 14 ; fees and FX set in client’s pricing plan Negotiated per client14 Custom fee/ FX engine(supports flat, percentage,tiers) 14 Rapyd Bespoke (contact sales) No public monthly fee Cardacquiring:Interchange++ – 0.20–1.80 %(interchange) + 0.02–0.65 %(scheme) 15 + Rapyd’sacquirer fee16 . Otherpayment fees (local payouts, e‑wallets, etc.) are negotiated. N/A (card- focused) Offers multi- currencywallets/accounts (via consultation); transparentcard fees 1516 • HUBFX: No public list prices. One industry source notes ~0.25 % per payment plus a fixed fee 1 . FX is offered at near-wholesale rates (i.e. very small mark-up on the mid-market rate) 1 . There are no account maintenance charges. Fees such as SWIFT/ intermediary charges are passed through to customers. • Wise Platform: Wise uses a “pay-as-you-go” model with no monthly fees and no hidden charges. There is a one-off account setup fee (e.g. about US$31 in the US 2 ), after which transfers incur a small fixed fee plus a variable percentage. Business transfers typically start around 0.33–0.57 % of the amount 3 4 . Wise’s FX conversion fees are similarly a few tenths of a percent above mid-market. All charges are fully transparent on an API quote. • Airwallex: Integration is free and accounts have no maintenance fee 17 . Airwallex’s fees are clearly published. For example, card payment acceptance fees are 2.80 %+US$0.30 (domestic) or 4.30 %+US$0.30 (international) 7 . Global bank transfers (SWIFT) cost roughly US$10–15 8 , while local transfers incur no fee. FX conversions use ~0.5–1.0 % spread over the interbank rate 9 . Unique features include free multi-currency corporate and employee cards, though there is a small monthly cost (~US$5) for each employee card under their expense management tools 10 . Airwallex also imposes no inactivity or monthly account fees. • Payoneer: Payoneer offers no setup or monthly fees, but charges for transactions. Receiving money via cards is about 3.99 % 7 . Bank payouts can incur up to 1 % fee (often waived for same-currency/P2P) and SWIFT wires up to US$15 8 . FX markups range from ~0.5–3 % above mid-market, depending on the corridor 12 . Payoneer adds a US$29.95 annual fee for its prepaid card, and the same amount as an inactivity fee if there is no activity in a year 11 . Payoneer’s model is less flexible than API platforms, focusing on fixed-fee structures. • Nium: Nium’s BaaS pricing is entirely bespoke. Fees (per-transaction and FX) are configured in advance per client, with support for tiered and one-off fees 14 . In practice, fintech partners negotiate integration packages that include monthly or volume tiers and spread schedules. No public rates are published; prospective clients must engage with Nium’s sales team. • Rapyd: Rapyd uses interchange++ pricing for card services 15 16 , meaning it passes through card network/interchange fees (typically 0.20–1.80 % plus 0.02–0.65 % scheme fees) and adds its own small acquirer fee. This tends to be competitive for large volumes. Rapyd’s multi-currency wallet and global account features are sold via custom quotes, with no general price list. Its volume discounts and clear interchange pricing are a key differentiator (the interchange++ model ensures transparency) 15 16 . Key Takeaways: HUBFX and Wise emphasise low FX spreads (mid-market rates) and transparent, usage-based fees 1 3 . Airwallex offers broad features (cards, local payments, etc.) with no setup or account fees, and FX at modest markups 9 18 . Payoneer’s structure suits freelancers/ sellers (fixed-percentage fees and occasional fixed charges 19 ). Nium and Rapyd price on a case-by- case basis: Nium via negotiated tiered plans 14 , Rapyd via interchange++ (transparent but contact for exact quote 15 16 ). Sources: Official fee schedules and documentation from each provider (links in table) and industry analyses 1 2 9 18 14 15 . All data is current as of 2024–2025. 1 New Fintech Partnership: HUBFX Links With Banking Services | Crowdfund Insider https://www.crowdfundinsider.com/2016/09/89727-new-fintech-partnership-HUBFX-links-banking-services/ 2 3 Airwallex vs. Wise: Compare fees, features, and benefits in the US https://www.airwallex.com/us/blog/comparison-wise-vs-airwallex 4 Wise Business Fees & Pricing: Only Pay for What You Use https://wise.com/us/pricing/business 5 6 9 17 Pricing & fees | Airwallex Official Site https://www.airwallex.com/us/pricing 7 8 10 11 12 13 18 19 Payoneer vs Airwallex: Which is Better for US Businesses? – Wise https://wise.com/us/blog/payoneer-vs-airwallex 14 Fees | Nium Documentation https://docs.nium.com/docs/fees 15 16 Rapyd Pricing
OnerWay In-Depth Report: Cross-Border Payment Solutions, Licenses, Partnerships & Challenges
🏢 Company Overview Founded: 2017 Headquarters: Shanghai, China Global Presence: Offices in London, Shanghai, Hong Kong, Singapore, and Los Angeles Regulatory Licences: UK EMI licence regulated by the Financial Conduct Authority (FCA) Money Services Business (MSB) licence in the United States Money Service Operator (MSO) licence in Hong Kong Source 💳 Service Offerings Payment Processing: Supports over 30 global payment methods, including Visa, Mastercard, Alipay, WeChat Pay, Klarna, and iDealSource Fund Collection: Offers foreign exchange, settlement, and banking services E-Wallet Issuing: Provides global e-wallet solutions for merchants Risk Management: Implements intelligent risk control systems to ensure secure transactions Marketplace Settlements: Partners with ONPEX to deliver automated, multi-currency settlements for marketplaces like Amazon and eBaySource 🚀 Growth and Partnerships Mastercard Principal Membership: Became a Principal Member of Mastercard in November 2021Source Tribe Payments Collaboration: Enhanced acquirer processing capabilities with Tribe PaymentsSource ONPEX Integration: Streamlined cross-border marketplace settlements with ONPEXSource 💰 Funding and Financials Funding Rounds: Series A: September 2018 Later Stage VC: November 2023 Investors: Enlight Growth Partners GF Xinde Investment Management Source Employee Count: Approximately 120 employees as of 2023 🏆 Competitive Landscape Checkout.com: A global payment solutions provider Adyen: A Dutch payment company GoCardless: A UK-based fintech companySource ⚠️ Challenges and Considerations Customer Support Issues: Reports of delayed fund withdrawals and unresponsive serviceSource Technical Glitches: Users experienced payment errorsSource 📈 Strategic Outlook Expanding Service Offerings Strengthening Partnerships Enhancing Customer Experience Conclusion OnerWay has positioned itself as a key player in cross-border payment processing. Continued growth and resolution of current challenges are critical to maintaining its competitive advantage.
Cybersource vs CurrencyCloud
CyberSource and Currencycloud are both payment platforms but serve different purposes and target different parts of the payment stack. Here’s a direct comparison: 🧾 Overview Feature CyberSource Currencycloud Type Payment gateway & fraud management Cross-border payments & FX infrastructure Owned by Visa Visa (also owned, acquired in 2021) Primary Use Case Card payments, tokenisation, fraud prevention Multi-currency wallets, FX, global bank payouts Target Users Enterprises, ecommerce platforms Fintechs, platforms offering financial services 💳 Core Features Capability CyberSource Currencycloud Payment Gateway ✅ Yes ❌ No (relies on external PSPs) Card Payment Processing ✅ Visa, Mastercard, etc. ❌ Not directly Global Payouts (bank transfers) ❌ Not core focus ✅ Yes (SWIFT, SEPA, FPS, ACH, etc.) FX Conversion ❌ ✅ Multi-currency conversion at mid-market + margin Virtual Wallets ❌ ✅ Yes (with named virtual IBANs) Fraud Management Tools ✅ Decision Manager ❌ (not part of product suite) 🌍 Geographic Focus 🧑💻 API Focus API Type CyberSource Currencycloud Card Payments ✅ Yes ❌ (external PSP required) FX + Wallets ❌ ✅ Yes Compliance (KYC) ❌ ✅ Available as part of onboarding 🛠️ Use Them When… How to Access the Services of Cybersource and Currencycloud Ways to Access Cybersource Services Corporate Client Access Visit the Cybersource official site to learn about payment gateway, fraud management and security services. Contact the sales team via phone or online form for details. Then, submit an online account application with business info. Integrate via API, using provided documentation, client libraries and SDKs, and test in the sandbox. Complete security and compliance set – up, and take advantage of training and 24/7 support. Developer Access Get resources from the developer center, follow strict development norms, and keep up with service updates for maintenance. Ways to Access Currencycloud Services Registration and Application Personal and business clients worldwide can leverage HUBFX, CurrencyCloud’s user – friendly “front-end”. HUBFX, an award-winning firm in international finance and BizTech, offers a plethora of features tailored to diverse financial needs. To start, explore the Currencycloud website and developer portal documentation. Register for API access, obtain the API key via email instructions, and use the Demo API for pre – production familiarization. Reach out to the sales team early to apply for a production account. They will guide you through submitting certificates，business details, and risk assessments. Once approved, you’ll get the production API key. Development and Integration Refer to Currencycloud’s detailed integration guides based on your project type. Implement business logic, like creating multi – currency wallets using the API. Conduct thorough testing, including function, performance, and security tests. Use debugging tools to fix issues. After optimisation, go live and monitor the system, with the help of Currencycloud’s monitoring tools and your own in – house mechanisms. 🧠 Summary: Use Case Recommended Platform Accepting card payments online CyberSource Sending/receiving cross-border payments Currencycloud Building a fintech wallet app Currencycloud Adding fraud screening & 3D Secure CyberSource
Northern Ireland Protocol: the UK’s solution
Updated 14 July 2022 The Government has set out the range of issues caused by the Northern Ireland Protocol. These include trade disruption and diversion, significant costs and bureaucracy for traders and areas where people in Northern Ireland have not been able to benefit fully from the same advantages as those in the rest of the United Kingdom. This has contributed to a deep sense of concern that the links between Great Britain and Northern Ireland have been undermined. This document outlines the UK’s solution—fixing the problems so that Northern Ireland can move forward, while protecting the UK and EU markets so that no-one loses out. The UK approach Our preference is to negotiate solutions to the problems being faced by businesses, citizens and communities. Unfortunately, after eighteen months of talks we have not so far been able to agree on an outcome that provides a sustainable basis for operating the Protocol. But we have made clear and comprehensive proposals which would deliver that sustainability, address the full range of issues raised by the Protocol and restore the balance of the Belfast (Good Friday) Agreement. This document outlines those proposals. In short they would: We have also been clear that there are elements of the Protocol which are operating well and which should be preserved—such as on the Common Travel Area and North-South Cooperation. Given the urgency and seriousness of the problems in Northern Ireland, we will be bringing forward legislation that will enable the sustainable operation of the Protocol in line with these proposals. In parallel we will seek proactively to achieve the same objectives through a negotiated settlement. Our legislation allows us to implement a negotiated agreement. In all scenarios we will remain committed to avoiding a hard border on the island of Ireland, and to respecting the EU’s legitimate interest to see its Single Market protected. 1. Trade: customs and agrifood What is the problem The UK has always accepted that special arrangements are necessary for the unique situation of Northern Ireland. But NI’s place in the UK internal market is being undermined due to the unnecessary checks and paperwork imposed by the Protocol. The Protocol confirms Northern Ireland’s place in the UK’s customs territory and internal market. But it imposes burdensome bureaucracy and paperwork, including full customs processes and onerous SPS import requirements, even for goods staying in the UK and not going to the EU. This has had impacts on costs for businesses and availability for consumers – with the prospect of further disruption for key sectors if existing grace periods are removed. Why we need to change the Protocol The Protocol treats goods going from Great Britain to Northern Ireland as if they were going to another country. Full international trade processes apply no matter where the goods are destined. Articles 5(3) and (4) of the Protocol apply full EU customs, and animal and plant health rules as goods move into Northern Ireland – with only very limited tariff easements for goods ‘not at risk’ of going into the EU under Article 5(2). Businesses in Northern Ireland agree that this framework does not work for internal UK movements and needs to change. The EU has made proposals in October 2021 for an ‘express lane’ which were a response to the very significant challenges faced by businesses and consumers. But the conditions and limitations around these ‘non-paper’ proposals mean that they do not go far enough to make the Protocol sustainable for the future, still leaving: These are only the most visible and burdensome requirements, there are many others which individually and collectively have a chilling effect on trade, and affect the viability of East-West trade. UK solution A new green and red lane approach backed by commercial data and a trusted trader scheme – removing burdens on internal UK trade while avoiding a border on the island of Ireland, protecting both markets and vastly reducing burdens for people and businesses. Green lane for UK goods Goods staying in the UK would be freed of unnecessary paperwork, checks and duties, with only ordinary commercial information required rather than customs processes or complex certification requirements for agrifood products. This reduces checks on agri-food goods; removes tariffs on UK trade; and lifts unnecessary bans on goods. Red lane for EU goods Goods going to the EU, or moved by traders not in the new trusted trader scheme, would be subject to full checks and controls and full customs procedures—protecting the EU Single Market. Trusted trader scheme overseen by UK authorities The green lane would be reserved for those in a new, trusted trader scheme covering all goods movements. Traders will provide detailed information on their operations and supply chains to support robust audit and compliance work. Non-commercial goods, such as post and parcels, will automatically go through the green lane without the need for registration. Strict and substantial penalties Traders who abuse the new system will face robust penalties, including civil and criminal charges – and would not be able to use the green lane in the event of non-compliance. Robust data-sharing The UK is already providing more than a million rows of data per week with the EU. In the new model we would continue to share with the EU data assured by the UK government on the operation of the trusted trader scheme and on all goods moving between GB and NI – to monitor the risk of abuse and to allow for risk-led, intelligence sharing and co-operation. Rapid risk management Where a different order of risk is posed, we will continue to apply controls – just as we did before the UK’s departure from the EU (as on live animals). UK and EU authorities would work together, under a new bespoke biosecurity assurance framework, to manage arrangements for goods that pose a different order of risk. 2. Regulations What is the problem The rules applied by the Protocol place barriers between Great Britain and Northern Ireland – barriers which will only increase as UK and
10 advantages of sourcing from China
Manufacturing products from china is considered as a practice that is recognized as a vital asset to have reduced costs in works by international businesses. Various brands utilize this opportunity, and this quality has turned Chinese manufacturing procedure into a staple to successful manufacturing. The product sourcing companies find it advantageous to source various products from China due to the low labor cost. Many small and medium-sized businesses and even some of the leading brands have understood the importance of sourcing products from China over the last few years. For example, in 2019, about 28% of the global vehicle output had been manufactured in China. Other industries have also turned to China to look for reliable Original Equipment Manufacturers. If done successfully, importing products from Chinese manufacturers can help you increase your profit margin, lower labor costs, and ensure uninterrupted supply throughout the year. Unfortunately, you can still see a lot of myths and misinformation flying around. Some say that you can’t find high-quality products made in China. The truth, however, is that sourcing from China can be your best option. We can help you as we are specialists in the Chinese market. 2019 Data Exports (China to EE.UU.) → $429B (RNK 1/209) Main product (China to EE.UU.) → $50,5B (broadcasting equipment). Economic complexity (China) → 1.01 (RNK 29/146) GPD → $14.3T (RNK 2/187) GPD Growth → 181% (6/187) Source. Let’s see 10 benefits or advantages of sourcing products from China, which will help change your mind. The Growing Chinese Economy It is noteworthy that China has set itself up as the second-largest economy of the world. Recently it has shown its credentials as the largest existing manufacturer of the world. It has been acknowledged as the most influential manufacturing country for two years. This country’s economy is increasing rapidly and sourcing the products can prove a good step for a business owner. Most international companies identify the Chinese sourcing agent’s capabilities and establish a selling-buying relationship to flourish in the market. If you are still searching for ideal suppliers, Chinese sourcing agents can provide you with the required products. Low cost country sourcing advantages : Speed E-commerce and the internet have accelerated the pace at which trends spread and vanish, and the rate at which products are copied, turning speed-to-market into a rising priority. China’s integrated supply chains are a key advantage when it comes to fast-tracking your supply chain. Its production ecosystems offer a hard-to-match concentration of input suppliers, assembly factories, skilled workers, and service providers — all at a massive scale and for a broad range of low-tech, mid-tech, and even high-tech products. According to a European Commission report, China adds 76% of the value of the goods it exports on average (close to the EU’s 87%) which shows how little it depends on imported inputs. This explains why the production of goods requiring several components, such as electrical ones, has largely remained in China. Expansive Supplier Base Western businesses can take advantage of an extensive network of suppliers in China, which is why so many of today’s successful companies import goods like electronics, textiles, toys, and more. With such an expansive supplier base at your leisure, you’ll certainly benefit from working with a sourcing agent. Companies like these can leverage years of cultural understanding, knowledge, and relationships to help you import products from anywhere in the world. We can help you. Reducing the Risks When you source products from China, you decide on a well-managed sourcing process that enables you to cut down the potential dangers while sourcing. Sourcing products from China means you will be directly involved with every step. This, in turn, will help you get early warnings of fraud risks, undue profits, and untimely deliveries so that you can act upon them to reduce them efficiently. Cost-Value Even as other considerations gain relevance, finding good value at a reasonable cost remains a sourcing priority. China is at a stage where rising productivity and quality gains are high enough to partly offset the effects of its rising labour, property, and compliance costs (all about China executive search). Fast-paced automation is a key driver behind China’s rising productivity. In 2011, US carmakers deployed three times as many industrial robots as Chinese factories, but China reached parity in just five years, according to a Boston Consulting Group report. Better Scaling Capabilities The infrastructure in China is well established and robust. Most Chinese manufacturers also have years of experience and in-depth knowledge of global supply chain management. Both these factors allow them to scale-up manufacturing as and when required. For example, you can increase your sourcing products from a few thousand to more than a million in just a few days or weeks at the most. Of course, the time for scaling up will depend on the type of your product and the availability of raw materials, among other things. Furthermore, most manufacturers’ policies do not require buyers to invest heavily in Minimum Order Quantity (MOQ). You have to pay considerably lower costs for MOQ, allowing startups and small businesses to start sourcing products in small quantities. You can, however, scale up as your business grows. If you are a new company looking to establish your brand, there is no better alternative than taking advantage of manufacturing in China. Freedom to Choose Desirable Factory When you choose local suppliers, you don’t get the liberty to check the working terms and conditions. You just must inform about the specific product to your supplier. If they can meet your expectations, you will get the desired products else hard luck. But with Chinese product sourcing, you get the provision to visit the factories in person and check their working conditions. You also get to select from a variety of factories and discuss your requirements. Therefore, when you are sourcing the products directly from China, you get to select the appropriate products and the respective factories that manufacturers the required products. Sourcing from China: Sustainability Consumers’ growing demands for ethically
6 problems you may encounter when working with Chinese suppliers
Many people who want to start an import business often do not take the first step because they are afraid of having problems with Chinese suppliers from the very beginning. Many people who want to start an import business often do not take the first step because they are afraid of having problems with Chinese suppliers from the very beginning. Like any kind of business, starting to import from China requires knowledge and caution before we put our money on the line. Below we are going to talk about some problems with Chinese suppliers that you may encounter in different parts of the import process. Resume Lack of motivation on the part of the supplier The supplier is not able to make the product according to your quality standards Uncontrolled production costs and the supplier trying to raise prices all the time Longer delivery times Your production is made by a company you don’t know The supplier does not solve the problems found in the quality inspection Let’s see 6 problems you may encounter with Chinese suppliers. Lack of motivation on the part of the supplier It means that the supplier does not quite believe in your business idea or your product. This happens when you are developing a new product in China. The supplier says yes to everything, but once you get going and start developing the product to your liking, you notice that replies to emails are delayed, deadlines are extended, everything seems to be moving at a suffocatingly slow pace. This happens all too often when you try to over-configure a product. If it’s just changing the logo, everything is easy, but if you want to change a feature of the product and you need to make molds, you may start to notice that days turn into weeks and then into months. The supplier is not able to make the product according to your quality standards It’s more common than you might think. If your quality standards are above average, make sure you locate a supplier who understands them before you start production. If you expect production to be defect-free, be sure to indicate this when you place your order. Even the big brands accept defects in their production. The key is to stipulate everything in advance. Uncontrolled production costs and the supplier trying to raise prices all the time This is one of the problems with Chinese suppliers that often occurs when you search for suppliers and end up selecting the lowest priced one. You have closed the order in a rather informal way with the cheapest supplier and you have made a down payment of 30% of the total order. From that moment on you start receiving a series of emails telling you that such and such a material or other component has gone up in price and they can’t keep the original quote. Or you simply ask them to make a small modification in the packing and you see that the total price of the product increases by 10%. These are signs that the cost of the product was underestimated in the initial quotation and the supplier is trying to make a better profit margin. Longer delivery times Depending on the supplier you have selected and the type of order you are going to place, you may find that the delivery time is stretched out as if there is no end to it. If you are placing a small order with a large company, you should assume that your order will be delayed because your production will only start when there is a gap between their large orders. The same is true if your order is more complex than is usual for a normal production run. This is an important feature when locating suppliers in China. Your production is made by a company you don’t know This is also more frequent than it seems at first glance. This type of problem with Chinese suppliers is due to the fact that we always run the risk that our production is not carried out in the supplier’s main plant and that it is carried out in an external company where the same controls are not in place as in the main company. This problem is easily solved by carrying out the corresponding production controls and warning the supplier that such controls are going to be carried out. In this way, the supplier will be aware that an inspector may come to his company at any time and may notice the deception. The supplier does not solve the problems found in the quality inspection The risk in this case is that the supplier does not fix the problems we have found during the quality inspection. This happens very often when you work with a trading company that does not have enough control over its suppliers. If you are interested in starting to import from the Chinese market, please contact us. We are specialists in the Chinese market and are used to dealing with Western companies. Article from: https://bespokesourcing.com A sourcing company based in Shanghai with more than 12 years experience, offering medium to large international businesses a full range of sourcing services to import from China. We help you find factories, get competitive prices, follow up production, ensure quality, and deliver products to your door. At Bespoke Sourcing Global we have extensive knowledge across all industries. Our highly trained team is divided by categories and we have a carefully curated department for apparel. Throughout the years we have gained a strong network of loyal and recurring clients at an international level. We aim to develop long-term relationships based on trust, transparency and business integrity. We have expanded by opening sales offices across Asia, Europe and the Americas which means we are able to closely integrate with both our clients and their supply markets.
Check how to import or export goods
By Gov.uk Use this service to get information about importing and exporting goods for your business, including: You’ll need to know: GO TO GOV.UK Get help if you have difficulty using a computer If you have difficulty using a computer, you can call the Assisted Digital Team. Assisted Digital TeamTelephone: 0204 551 0011Monday to Friday, 9am to 5pmFind out about call charges Related content Collection Explore the topic
Why Online2Offline Commerce Is A Trillion Dollar Business
What Is Online-To-Offline (O2O) Commerce? Online-to-offline (O2O) commerce is a business strategy that draws potential customers from online channels to make purchases in physical stores. Online-to-offline (O2O) commerce identifies customers in the online space, such as through emails and Internet advertising, and then uses a variety of tools and approaches to entice the customers to leave the online space. This type of strategy incorporates techniques used in online marketing with those used in brick-and-mortar marketing. With the growth of local commerce on the Web, the links between online and physical commerce are becoming stronger. In this guest post, Alex Rampell, the CEO and founder of TrialPay, explores the forces behind what he calls “online2offline” commerce. Online-to-offline (O2O) commerce is a business model that draws potential customers from online channels to make purchases in physical stores. Techniques that O2O commerce companies may employ include in-store pick-up of items purchased online, allowing items purchased online to be returned at a physical store, and allowing customers to place orders online while at a physical store. Amazon’s purchase of Whole Foods Markets and Walmart’s acquisition of Jet.com are two examples of O2O commerce. Target, Walmart, Kroger, Nordstrom, and many other retailers have increased home delivery and/or curbside pickup services as two effective O2O strategies to meet consumer needs for safe shopping options. What do Groupon, OpenTable, Restaurant.com, and SpaFinder all have in common? They grease the wheels of online-to-offline commerce. Groupon’s growth has been nothing short of extraordinary, but it’s merely a small subset of an even larger category which I’d like to call online-to-offline commerce, or On2Off (O2O) commerce, in the vein of other commerce terms like B2C, B2B, and C2C. Bear with me. The key to O2O is that it finds consumers online and brings them into real-world stores. It is a combination of payment model and foot traffic generator for merchants (as well as a “discovery” mechanism for consumers) that creates offline purchases. It is inherently measurable, since every transaction (or reservation, for things like OpenTable) happens online. This is distinctively different from the directory model (think: Yelp, CitySearch, etc) in that the addition of payment helps quantify performance and close the loop—more on that later. In retrospect, the fact that this is “big,” or that Groupon has been able to grow high-margin revenues faster than almost any other company in the history of the Internet, seems pretty obvious. Your average ecommerce shopper spends about $1,000 per year. Let’s say your average American earns about $40,000 per year. What happens to the other $39,000? (The delta is higher when you consider that ecommerce shoppers are higher-income Americans than most, but the point is the same). Answer: most of it (disposable income after taxes) is spent locally. You spend money at coffee shops, bars, gyms, restaurants, gas stations, plumbers, dry-cleaners, and hair salons. Excluding travel, online B2C commerce is largely stuff that you order online and gets shipped to you in a box. It’s boring, although the ecommerce industry has figured out an increasing number of items to sell online (witness Zappos’s success with shoes: $0->$1B in 10 years, or BlueNile’s with jewelry). How Online-To-Offline (O2O) Commerce Works Retailers once fretted that they would not be able to compete with e-commerce companies that sold goods online, especially in terms of price and selection. Physical stores required high fixed costs (rent) and many employees to run the stores and, because of limited space, they were unable to offer as wide a selection of goods. Online retailers could offer a vast selection without having to pay for as many employees and only needed access to shipping companies in order to sell their goods. Some companies that have both an online presence and an offline presence (physical stores) treat the two different channels as complements rather than competitors. The goal of online-to-offline commerce is to create product and service awareness online, allowing potential customers to research different offerings and then visit the local brick-and-mortar store to make a purchase. Techniques that O2O commerce companies may employ include in-store pick-up of items purchased online, allowing items purchased online to be returned at a physical store, and allowing customers to place orders online while at a physical store. FedEx can’t deliver social experiences like restaurants, bars, Yoga, sailing, tennis lessons, or pole dancing, but Groupon does. Moreover, for your locally owned and operated Yoga studio, there is little marginal cost to add customers to a partially filled class, meaning that the business model of reselling “local” is often more lucrative than the traditional ecommerce model of buying commodity inventory low, selling it higher, and keeping the difference while managing perishable or depreciating inventory. The important thing about companies like O2O commerce companies is that performance is readily quantifiable, which is one of the tenets of O2O commerce. Traditional ecommerce tracks conversion using things like cookies and pixels. Zappos can determine their ROI for online marketing because every completed order has “tracking code” on the confirmation page. Offline commerce doesn’t have this luxury; the bouncer at the bar isn’t examining your iPhone’s browsing history. But O2O makes this easy; because the transaction happens online, the same tools are now available to the offline world, and the whole thing is brokered via intermediaries like OpenTable or SpaFinder. This has proven to be a far more profitable and scalable model than selling advertising to local establishments; it’s entirely due to the collection of payment by the online intermediary. Does Groupon deserve a billion-dollar valuation? It’s easy to see a world where O2O commerce dwarfs traditional (stuff in a box) e-commerce—simply because offline commerce itself dwarfs online commerce, and O2O is simply shifting the discovery and payment online. If Groupon can grow its leadership position, I predict a multi-billion dollar valuation based on discounted cash flow alone. Groupon is not a gimmick or a game, but a successful example of offline commerce being driven by an online storefront and transaction engine. Venture capitalists and entrepreneurs would be wise to think
