Irish payments startup buys Convoy's payment unit

Dublin-based CurrencyFair takes a first step into Asia, buying a unit of Convoy Holdings – a company at the centre of an anti-corruption investigation. Convoy will invest in CurrencyFair.

A fintech startup from Ireland is to work with a controversial Hong Kong financial group as it seeks a foothold in Asia.

Dublin-based CurrencyFair, a nine-year-old start-up that provides payment services to companies and individuals, has bought a 100% stake in Convoy Payments from Convoy Global. In return, Convoy Global   whose shares have been suspended since a December raid by Hong Kong's securities regulator and anti-corruption agency  will become an investor in CurrencyFair.

Financial terms for the partnership were not disclosed, but CurrencyFair  which said it was aware of Convoy's legal issues said the deal was part of a ...

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