How Fullwon Motors Streamlined Global Payments with Aspire

The Company: A leading provider of commercial vehicles and services in Asia  

Founded in 1999 and headquartered in Shanghai, China, Fullwon has grown to become a leading accredited corporation in the field of commercial vehicles. With a global presence including offices in the Philippines, Congo, and Papua New Guinea, Fullwon integrates commercial vehicle sales, construction equipment sales, parts sales, and after-sales service. Their core products include commercial vehicles and accessories from renowned brands such as VOLVO, BOMAG, RENAULT, and HINO, among others.

Over two decades, Fullwon has established itself as a comprehensive solution provider in the automotive industry, offering not just products but also logistics, customs clearance, transportation, and import-export trading services. With first-class workshops, advanced maintenance testing equipment, and a professional technical team, Fullwon ensures top-quality service delivery to its diverse international clientele.

The Challenges: Navigating complex global financial operations

As Fullwon expanded its operations across borders, the company faced increasing challenges in managing its international financial transactions efficiently and cost-effectively.

#1 Limited banking hours and slow processing times

Traditional Chinese banks' restricted operating hours often caused significant delays in international transfers. This limitation, coupled with processing times of 3-5 business days for international transactions, hampered Fullwon's ability to maintain smooth relationships with suppliers and impacted overall operational efficiency.

# 2 High fees and lack of transparency 

Both traditional banks and existing digital solutions like Alipay Business charged substantial fees for international transactions in USD and PHP, eating into Fullwon's profits. Moreover, hidden fees and fluctuating exchange rates made it challenging to predict exact transfer costs, complicating financial planning and budgeting processes.

#3 Complex approval processes and poor customer support  

Multiple layers of approval required for each international transfer significantly slowed down Fullwon's operations. Additionally, the lack of responsive customer service from their existing Chinese payment provider left the company struggling to resolve issues promptly, further impeding their global business activities.

The Solution: Aspire's All-in-One Business Account tailored for global operations

Fullwon Motors needed a modern, efficient solution to manage its cross-border financial operations. Aspire's all-in-one business account provided the perfect answer to their complex needs. From reducing transaction costs and improving processing times to gaining better visibility and control over international payments, Aspire has helped support Fullwon's growth and efficiency in the competitive automotive industry.

#1 24/7 access with same-day transfers

Unlike traditional banks, Aspire's platform is accessible around the clock, allowing Fullwon to make transfers at any time. This 24/7 availability, combined with same-day transfer capabilities to 15+ major currencies, significantly reduced payment times to suppliers and improved overall operational efficiency.

#2 Cost-efficient transactions with full transparency

Aspire's competitive FX rates and fee structure resulted in substantial cost savings for Fullwon. The platform's clear visibility into all fees and exchange rates before each transaction eliminated surprises and improved financial forecasting. This transparency not only reduced overall expenses related to cross-border payments but also simplified the reconciliation process and enhanced the team's ability to track and analyze international payment data.

#3 User-friendly interface with dedicated customer support

Aspire's intuitive platform and user-friendly interface made it simple to initiate and manage international transfers. This ease of use reduced the learning curve and improved overall efficiency in handling cross-border transactions. Furthermore, Fullwon enjoyed swift and responsive assistance from Aspire’s dedicated account manager, who was well-equipped to handle their inquiries, ensuring minimal disruptions to their financial operations.