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 favourable 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 revolutionise 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 favourable 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.
"This alliance with Reap not only allows us to strengthen our cross-border payment capabilities but also supports companies in their nearshoring efforts, facilitating closer and more efficient integration with Asian markets. I understand the importance of the Asian market for Latin America, and this is one of the reasons why this alliance can change and revolutionise the region," 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.