The problem
Moving money across borders in Canada is quietly expensive. The foreign-transaction rates local banks apply average well over 2.5 percent, and anyone moving funds between Canada and China, from international students and tourists to businesses and Canadians living abroad, pays that spread on every transfer with little transparency and slow settlement.
What we did
We helped build Hornets Remittance into a full-suite platform for online foreign-currency exchange and remittance, focused on the underserved RMB and CAD corridor. Users receive an online quote, wire funds in one currency, and receive the converted currency within hours for a commission of a fraction of a percent. We helped wire in automated Know Your Customer and Anti-Money Laundering checks, and shaped the path to registering as a money services business with FINTRAC, so the service could operate with compliance and consumer trust from the start.
The outcome
A compliant, low-cost alternative to bank exchange rates on one of the busiest currency corridors in the world, taken from a sharp consumer wedge to an investable platform.