Corpay Cross-Border Announced as World Table Tennis’s Official Global FX Payments Supplier

Rhea-AI Summary

Corpay, a brand under FLEETCOR (NYSE: FLT), has secured a partnership with World Table Tennis to provide Global FX Payments Solutions in 2023. This collaboration will offer Corpay's cross-border payments services to World Table Tennis, facilitating efficient transaction handling for over $6M in prize money and more than 3,000 transactions across 80 territories in 2022. The partnership aims to mitigate foreign exchange risks and streamline payment processes for athletes and partners, supporting World Table Tennis's growth and enhancing their financial operations.

Positive

• Partnership with World Table Tennis enhances Corpay's reputation and market presence.
• Access to a growing payment processing volume with over $6M in prize money disbursed in 2022.
• Opportunity to support World Table Tennis's expansion and financial operations.

Negative

• None.

Providing access to cross-border payments and currency risk management solutions

SINGAPORE--(BUSINESS WIRE)-- Corpay¹, a FLEETCOR® (NYSE: FLT) brand and global leader in business payments, is pleased to announce that Corpay’s Cross-Border business has entered into an agreement with World Table Tennis Pte. Ltd. (“World Table Tennis”) to become their official Global FX Payments Supplier in 2023.

Through this collaboration, World Table Tennis and all the stakeholders of its series of events, including their players and business partner network*, will be able to gain access to and utilise Corpay’s innovative solutions to help mitigate their foreign exchange exposure risks. Additionally, Corpay Cross-Border’s award-winning platform will enable eligible companies to manage their global payments from a single point of access.

“Corpay is very honoured to be named the official Global FX Payments Supplier for World Table Tennis,” said Brad Loder, Vice-President, Cross-Border Marketing, Corpay Cross-Border Solutions. “I am confident that World Table Tennis, the players and their business partner network will benefit from access to our comprehensive cross-border payments and FX risk management solutions, along with benefit from our payments experience gained within the world of sports.”

Michael Brown, World Table Tennis Chief Financial Officer, commented, “In 2022, World Table Tennis has disbursed over $6M USD in prize money, processed more than 3,000 individual transactions, to over 80 different territories around the world. This was a record year, and we expect the prize money purse to continue to grow in the coming years, and likely to have doubled again by 2024. World Table Tennis has placed the athletes at the heart of its events. Therefore, it is crucial to ensure we have partners, such as Corpay, to help ensure they receive their prize money as easily as possible.”

Kimberly Koh, World Table Tennis Partnerships Director, added, “We are delighted to welcome Corpay, a global leader in business payments, as World Table Tennis’s official Global FX Payments Supplier. As World Table Tennis continues to grow since its 2021 launch, Corpay will provide innovative payment services, playing a significant role in the transformation of the sport. We look forward to introducing Corpay through our corporate hospitality and business partner network and continuing to grow this partnership in the longer term.”

About Corpay
Corpay is a global leader in business payments, helping companies of all sizes better track, manage and pay their expenses. Corpay provides customers with a comprehensive suite of online payment solutions including Bill Payment, AP Automation, Cross-Border Payments, Currency Risk Management, and Commercial Card Programs. Corpay is part of the FLEETCOR (NYSE: FLT) portfolio of brands. To learn more visit www.corpay.com.

About World Table Tennis
World Table Tennis heralds a new era for professional table tennis. Ever since its launch in 2021, it has transformed and redefined the sport. World Table Tennis manages the WTT Series, the official professional table tennis series of events, which has merged sport and entertainment to offer fans and spectators a fresh and dynamic experience. The WTT Series is complemented by the WTT Feeder Series, a lower tier of events designed for elevating grassroots talent to global stars, and the WTT Youth Series, where the future stars begin their professional journey, from Day 1 to World Number 1.

¹“Corpay” (a Fleetcor (NYSE: FLT) brand) in this document primarily refers to the Cross-Border Division of Corpay https://payments.corpay.com/cross-border; a full listing of the companies that are part of the Corpay brand is available here: https://payments.corpay.com/compliance.

* Subject to credit and compliance approval from the relevant Corpay company.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221128005639/en/

Corpay Contact:

Brad Loder

VP, Cross-Border Marketing

+1 (647) 627-6635

brad.loder@corpay.com

World Table Tennis Contact:

press@worldtabletennis.com

Source: Corpay

FAQ

What does the partnership between Corpay and World Table Tennis entail?

Corpay will serve as the official Global FX Payments Supplier for World Table Tennis, offering cross-border payment solutions.

How much prize money was processed by World Table Tennis in 2022?

World Table Tennis processed over $6M in prize money and 3,000 transactions in 2022.

What is the significance of the agreement for Corpay and World Table Tennis?

The agreement allows Corpay to provide payment solutions that help mitigate foreign exchange risks for World Table Tennis and its network.

What is FLEETCOR's stock symbol?

FLEETCOR's stock symbol is FLT.

When did the partnership between Corpay and World Table Tennis begin?

The partnership was announced for the year 2023.