US-headquartered Citi and Hong Kong-licensed PAO Bank ( PAObank ) have partnered to enable PAObank to introduce a new service, allowing its retail customers to conduct real-time foreign exchange ( FX ) transactions in Hong Kong dollars, US dollars and renminbi 24/7. 

The two banks are planning to extend the FX service to include additional currencies. While supported by Citi’s platform, this FX service is offered by PAObank directly to its end customers. 

By connecting to Citi’s FX API ( application programming interface ), PAObank can enable its retail customers to conduct real-time FX transactions on its mobile banking app. The process is fully automated and the accounts of the end customers will be debited and credited seamlessly in real time.

Citi’s FX API is a plug and play solution that can be seamlessly integrated into its clients’ existing systems and processes. The solution provides Citi clients with access to more than 100 currencies, enabling them to go to market faster, without the need for tech infrastructure buildout and in-house FX trading capabilities. 

“For over a decade, Citi’s FX API solutions have been helping financial institutions and payment intermediaries drive their businesses forward,” says Darren Brighton, the bank’s global head of digital FX sales, “enabling them to offer FX and cross-border payment services to their end customers.”

Kenneth Tsoi, PAObank’s head of general banking product, adds: “This collaboration strengthens our capability to deliver seamless banking services, underscoring our commitment to enhancing customer experience and advancing digital banking in Hong Kong.”