Grey targets Africa-China trade with direct yuan payments

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. 

“By enabling direct Chinese Yuan payouts from existing Grey balances, we are making payments simpler so that more people and businesses can participate in global trade.”

According to the company, the service is available to Grey Business and personal customers. Businesses can pay suppliers and manufacturers, while individuals can use it for expenses such as education, travel, and retail purchases in China.

Grey launched its business platform in February, giving African startups and small and medium-sized enterprises (SMEs) access to USD corporate accounts, international payments,…