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TruBit and Reap partner to boost nearshoring in Mexico and facilitate cross-border payments in LATAM and Asia
Since the U.S.-China trade war began in 2018, investment flows from Asian countries to Mexico have surged over 280%, according to Deloitte’s "Nearshoring in Mexico" study. This reflects a growing interest from Asian companies in Mexico's competitive advantages, including proximity to the United States and favorable trade agreements.
In response to this trend, TruBit, the most comprehensive Latin America's digital asset ecosystem, and Reap, a global payment technology provider, have formed a strategic alliance to revolutionize cross-border payments between Latin America and Asia. This partnership is designed to support the nearshoring movement in Mexico by simplifying financial processes for businesses expanding into the region.
Beyond benefiting from Mexico’s robust supply chain, skilled workforce, and favorable trade agreements, Asian companies nearshoring to Mexico can now leverage the advanced financial infrastructure offered by this partnership, enabling more efficient, cost-effective, and seamless cross-border transactions.
"Over the years, the economic ties between the Asian and Latin American markets have grown increasingly close. Our alliance with Reap has strengthened our leading cross-border payment capabilities between these two regions, supporting companies in their nearshoring efforts and enabling smoother, more efficient integrations." commented Maggie Wu, CEO and Co-Founder of TruBit.
Daren Guo, Co-Founder at Reap also expressed his enthusiasm about the collaboration, “Our partnership with TruBit marks a significant step in enhancing Reap’s capabilities and streamlining cross-border payments across LATAM and Asia. By combining our strengths, we are dedicated to leveraging local insights and advanced technology to facilitate efficient money movement and foster economic growth. We are thrilled about this partnership and the opportunities it brings.”
The collaboration between TruBit and Reap is a crucial step in facilitating cross-border payments and supporting companies in their nearshoring efforts, creating a more dynamic and competitive economic ecosystem in the Asia-Pacific and Latin American region.
About Reap
Reap is a leading payment technology company transforming financial operations for global businesses. With a comprehensive suite of tools and technology, we empower businesses to take control of their finances all on one digital platform.