Grey, a Y Combinator-backed cross-border fintech startup, has launched Chinese yuan payouts, allowing customers to pay directly into bank accounts in China from their USD, EUR, GBP, and stablecoin balances.
As African businesses adopt cross-border virtual accounts and stablecoins for international transactions, startups are building the last mile into markets such as China, where directly settling supplier accounts could make their products hard to replace.
In 2025, China was Nigeria’s largest source of imports, accounting for 31.22% of the country’s imports in the fourth quarter, according to the National Bureau of Statistics (NBS). Nigerian businesses import electronics, machinery, vehicles, and other equipment from Chinese suppliers.
Grey’s Chinese yuan (CNY) payout lets businesses convert existing US dollar (USD), Euro (EUR), British Pound (GBP), or stablecoin balances into yuan and send the funds directly to Chinese bank accounts.
“We have seen customers delay purchases, put transactions on hold, or walk away from opportunities because paying a partner in China requires unnecessary complexities,” Idorenyin Obong, Grey’s chief executive officer and co-founder, said in a statement to TechCabal.
