Investing.com -- Flywire Corp (NASDAQ:FLYW) stock gained 2.6% on Wednesday after the global payments enablement company announced a partnership with TenPay Global to extend Weixin Pay (WeChat Pay) as a payment option for Chinese students making education payments to universities in South Korea and Malaysia.
The partnership aims to streamline the payment experience for Chinese students looking to make international tuition payments in these two Asian markets, which are experiencing significant growth in Chinese student enrollment. Malaysia has seen Chinese student numbers increase fivefold since 2019 to over 47,000 in 2024, while South Korea hosts approximately 73,500 Chinese students this year.
Through this expanded direct connection, Chinese students and their families can now initiate and complete tuition payments in Renminbi (RMB) via their Weixin app, eliminating traditional barriers associated with cross-border education payments such as complexity and prolonged processing times.
"As Chinese students increasingly choose to pursue studies closer to home, Flywire is executing a strategy to digitize high-value payments across these critical, high-growth corridors," said Calvin Chen, VP of Payments at Flywire.
For educational institutions in South Korea and Malaysia, the integration ensures they receive the full amount owed, reconciled in their local currency, which improves cash flow and operational efficiency.
The move represents Flywire’s continued expansion in the growing market for cross-border education payments within Asia, where student mobility is accelerating due to geographical proximity, cultural affinity, and affordability factors.
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