dLocal and ACE Money Transfer partner to improve remittances in EMEA and APAC regions

dLocal, an Uruguay-based payments service provider to businesses in emerging markets, has announced its partnership with ACE Money Transfer, a British remittances company. In a news release on Tuesday (24thOctober), the two firms stated that the partnership is set to improve payout services across EMEA (Europe, the Middle East and Africa) and APAC (Asia-Pacific) regions.

dLocal partners with ACE Money Transfer

As highlighted in a press release, the partnership between dLocal and ACE Money Transfer will allow customers in Canada, Europe, Switzerland, the UK, and Australia to transfer funds instantly to several corridors in EMEA and APAC regions. To do so, one will be able to use payment channels like wallet payments and bank transfers.

Both companies agree that the surging demand for international remittances in APAC and EMEA regions place them as major areas of growth. The release read in part, “Strategic collaborations between financial institutions like ACE Money Transfer and dLocal can foster significant growth in remittance inflows to these regions through streamlined, secure, fast, and convenient processes.”

They further noted that EMEA countries reported $79 billion in remittances in 2022. The figure was 19% higher than the previous financial year. Similarly, remittances in APAC nations rose by 0.7% in 2022 to $130 billion.

Interestingly, the collaboration between ACE money transfer and dLocal comes about two months after news that the latter was exploring a potential sale. Granted, the firm did not make an official statement over the same.

However, as highlighted by Bloomberg, people familiar with the matter indicated that the Uruguay-based firm was working with a financial adviser. This is as it talked to several potential buyers while weighing its options.