It all started when a Chinese, Harvard business student saw an opportunity to help protect Boston’s front line workers in hospitals. She had a family friend back home in China who is an established distributor of PPE, providing direct access to quality supplies and a reliable export infrastructure. The problem was the highly competitive nature of the PPE market, and the difficulty of paying for goods quickly from outside of China, where transactions are heavily regulated.
In steps Flywire, a Boston-based FinTech that uses a global network of banks to avoid third parties for supply chain payments, Citi and The Boston Foundation who were connected to the Harvard student through her professor.
Within a period of just 4 days, using Flywire’s payment network, Citi were able to move approximately $1 million to the Chinese distributor to procure around 2 million pieces of critical PPE equipment to hospitals across Boston through The Boston Foundation, a community non-profit.
An incredible example of collaboration between a FinTech and a traditional finanancial institution to get life-changing, faster payments to where they are most needed and move us forward in the crisis.