HONG KONG, Oct. 28, 2024 /PRNewswire/ -- XTransfer, the World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, will participate in Hong Kong Fintech Week 2024 at AsiaWorld-Expo for the first time. XTransfer is honoured to be one of the major sponsors of the event. The event is expected to draw over 30,000 attendees, more than 800 world-class speakers, and over 700 exhibitors. Bill Deng, Founder and CEO of XTransfer, will meet with government representatives from Invest Hong Kong and the UAE Ministry of Investment, and will participate in several panels to discuss topics from AI and financial inclusion to China's fintech enterprises expanding overseas.
XTransfer's Founder and CEO, Mr. Tang will meet with government representatives from Invest Hong Kong and UAE Investment Authority, as well as participate in a number of forums to discuss with the industry on topics such as AI, financial inclusion, and Chinese fintech companies going overseas.
XTransfer entered in Hong Kong since 2023 and is committed to providing global payment & collection solutions, foreign exchange, and other financial services for Hong Kong's foreign trade SMEs. Hong Kong frequently trades with mainland China. According to XTransfer data, from January to September 2024, the Company's mainland SME clients' collection amount from Hong Kong increased by 155% year-on-year.
Based on the analysis of the characteristics of XTransfer's clients, among its mainland SME clients, the top three provinces in terms of payment collected from exporting to Hong Kong from January to September 2024 were Guangdong, Shangdong and Tianjin. Among them, Guangdong Province was the most active, with Guangdong SMEs accounting for 55%, Shandong 8% and Tianjin 7% of our clients' total receipts from exports to Hong Kong. In terms of export categories, the top three categories of SME exports to Hong Kong were construction materials, daily necessities, steel and metal products.
Hong Kong SMEs continue to encounter significant obstacles in trade settlement with Mainland China, including difficulties in opening accounts with traditional banks, high risk of fund freezing, high exchange losses, long remittance time, high remittance costs, and even being forced to remit funds through non-compliant channels. XTransfer provides Hong Kong clients with XTransfer-to-XTransfer (X2X) payment service, which allows them to conduct "Account-to-Account" payments to their Mainland Chinese suppliers, who are also XTransfer clients. This makes it as easy as "local bank transfers", realising secure, compliant, and twenty-four-seven instant payment.
On the other hand, in recent years, there has been a growing demand for trade with emerging countries, and Hong Kong has seen an increase in trade with economies such as ASEAN and Africa. XTransfer offers the "Local Currency Account" service to Hong Kong SME clients, allowing them to receive payments in local currencies from various emerging countries, including the U.S., Canada, the Eurozone, Australia, the ASEAN (such as the Philippines and Vietnam), Latin American (such as Mexico and Colombia), Africa (such as Nigeria and Kenya), in a total of 27 countries with over 15 local currencies.
This service addresses the common issue of a lack of US dollars in emerging countries and eliminates the need for mandatory currency exchange by intermediary banks when making remittances, thus reducing exchange losses. Furthermore, as overseas buyers can pay in local currencies, both buyers and sellers can save on remittance costs. It is expected to save 95% of the remittance handling fee and 80% of the exchange cost, significantly enhancing the efficiency of working capital.
"We are thrilled to participate in Hong Kong FinTech Week and celebrate the grand event of the FinTech industry in Hong Kong," said Bill Deng, Founder and CEO of XTransfer, who was present at the forum. "Since its establishment, XTransfer has aimed to provide global SMEs with convenient and efficient cross-border trade payment services. XTransfer's participation in Hong Kong FinTech Week aligns with the company's mission to promote innovation and strengthen financial inclusion for SMEs around the world," Bill added.
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 SAR, 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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