XTransfer and OCBC China jointly announced the comprehensive partnership to provide small and medium-sized enterprises (SME) engaging in international trade with one-stop innovative cross-border financial solutions that include payment module, foreign exchange risk control and wealth management, according to a press statement dated Dec 20 released by XTransfer.
XTRansfer is China’s leading business-to-business (B2B) cross-border trade payment platform, while OCBC China will leverage the OCBC Group’s extensive Southeast Asian regional network and resources in key markets of Singapore, Hong Kong, Malaysia and Indonesia to collaborate with XTransfer.
In particular, XTransfer capitalises on the strong banking networks and service capabilities of OCBC Group to offer its customers the “Global Multi-Currency Account” provided by OCBC Hong Kong, allowing clients to make payments and collect funds globally. The Global Multi-Currency Account supports not only major currencies, such as the Renminbi, US Dollar, British Pound and Euro, but also currencies from ASEAN and other regions.This will benefit SMEs in foreign trade settlement and enhance global cross-border trade efficiency. (ASEAN: Association of Southeast Asian Nations)
The partnership will provide XTransfer’s over 550,000 clients and their buyers with more payment and collection options. Additionally, clients can make payments and collect funds through Hong Kong’s clearing systems including the Clearing House Automated Transfer System (CHATS) or FPS financial payment system.
According to data from XTransfer, from January to September 2024, the amount received by small and medium-sized foreign trade enterprises on the XTransfer platform from ASEAN grew by 80% compared to the previous year. The partnership between XTransfer and OCBC will address this growth in international trade through SMEs, and help them capture opportunities in trade and capital flow between China and ASEAN.
The Memorandum of Understanding was signed on 18 December 2024 by Bill Deng, Founder and CEO of XTransfer, and Ang Eng Siong, CEO of OCBC China.
Deng stated, “By leveraging OCBC’s extensive global payment network, XTransfer saves a substantial amount of market costs and accelerates our business expansion in Southeast Asia, saving on local expansion efforts.”
Meanwhile, Ang noted, “As XTransfer’s global account manager, OCBC China will support XTransfer and its clients in facilitating cross-border settlements through close collaboration with various business subsidiaries of the group.”
