SINGAPORE, Nov. 6, 2024 /PRNewswire/ -- XTransfer, the World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, is participating in the Singapore Fintech Festival 2024 at the Singapore Expo for the first time. The company proudly supports the event as one of the Gold Sponsors. The festival is projected to attract over 60,000 attendees, feature more than 900 world-class speakers, and showcase over 600 exhibitors. Bill Deng, Founder and CEO of XTransfer, stated that XTransfer's participation represents a significant step in its business development in Southeast Asia, providing secure and speedy cross-border payment services for SMEs in the region.
XTransfer aims to exchange the latest financial technology insights with industry peers in the region during the event and showcase the company's innovative cross-border payment solutions. Bill Deng, Founder and CEO of XTransfer, will participate in multiple panel discussions and explore collaboration opportunities with international financial institutions and government representatives during the event.
Since the global expansion of XTransfer last year, the company has achieved significant milestones in ASEAN. In February this year, Deutsche Bank successfully executed XTransfer's first onshore Thai Baht (THB) trade in Thailand, leveraging the latest version of the Bank of Thailand's Non-Resident Qualified Company (NRQC) rules. XTransfer can receive local payments from Thai buyers on behalf of its export clients. In a seamless process facilitated by Deutsche Bank, THB payments are converted to HKD and RMB before being transferred to the exporter's account, ensuring smooth cross-border transactions. This allows Thai buyers to use Thai Baht directly and make payments effortlessly to their seller's XTransfer account through the local payment system PromptPay.
Furthermore, in July this year, XTransfer received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI). This license will allow XTransfer to provide services including account issuance, domestic money transfer, cross-border money transfer, and e-money issuance. After obtaining the MPI license, XTransfer is set to introduce comprehensive e-business wallet services in Singapore. These will include seamless account opening, convenient top-up options, efficient currency exchange services, and streamlined cross-border fund collection and payment solutions tailored specifically for SMEs engaged in global trade. Leveraging our advanced technological capabilities, rigorous risk management practices, and strategic business approach, XTransfer aims not only to enhance trade facilitation between SMEs in China and Singapore but also to facilitate smooth foreign trade transactions between Singaporean companies and their global counterparts.
In recent years, trade between China and ASEAN has become increasingly close. According to data, China has remained ASEAN's largest trading partner for 15 consecutive years, while ASEAN has been China's largest trading partner for four consecutive years. In the first eight months of this year, trade between China and ASEAN reached USD $638 billion, marking a year-on-year increase of 10% and accounting for 15.7% of China's total foreign trade during the same period.
This close trade relationship includes significant trade between SMEs in China and ASEAN. According to XTransfer data, from January to September 2024, the Company's mainland SME clients' collection amount from ASEAN increased by nearly 100% year-on-year. Based on the analysis of the characteristics of XTransfer's clients, in terms of export categories, the top three categories of SME exports to ASEAN were construction materials, steel and metal products, and household products.
However, SMEs in the region continue to encounter significant obstacles in trade settlement, including difficulties opening accounts with traditional banks, the high risk of fund freezing, high exchange losses, long remittance times, high remittance costs, and even being forced to remit funds through non-compliant channels.
With a focus on B2B foreign trade financial services for eight consecutive years, XTransfer has served over 550,000 foreign trade enterprises and is the number one B2B foreign trade payment platform in China. While helping solve the payment difficulties for sellers, XTransfer also serves global buyers. When both buyers and sellers use XTransfer accounts, they can achieve secure and compliant 24/7 payment settlement, expected to save 95% of remittance fees and 80% of currency conversion costs, facilitating smooth fund circulation throughout the entire trade process.
"We are very pleased to participate in the Singapore Fintech Festival," said Bill Deng, Founder and CEO of XTransfer, who is at the event. "We hope to serve SMEs in Singapore in the future, radiating to the ASEAN region, utilising technology to help SMEs efficiently participate in global trade and enhance their global competitiveness.
XTransfer Joins in Singapore Fintech Festival 2024
About XTransfer
XTransfer, World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, is dedicated to providing SMEs with secure, compliant, fast, convenient and low-cost foreign trade payment & fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness. Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the UAE, Nigeria, etc. XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. With more than 550,000 enterprise clients, XTransfer has become the industry No.1 in China.
By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and built a data-based, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centred on small and medium enterprises. XTransfer uses technology as a bridge to link large financial institutions and small and medium enterprises around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations.
XTransfer completed its Series D financing in September 2021 and achieved unicorn status. The Company possesses a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners.
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