SHANGHAI, Dec. 23, 2024 — XTransfer, a leading B2B cross-border trade payment platform, has partnered with OCBC, Southeast Asia's second-largest financial services group, to streamline financial solutions for small and medium-sized enterprises (SMEs) engaged in international trade.
The Memorandum of Understanding, signed on December 18, 2024, aims to leverage OCBC's extensive network across Singapore, Hong Kong, Malaysia, and Indonesia. This collaboration will provide SMEs with a comprehensive suite of services, including payment solutions, foreign exchange, risk management, and wealth management.
Bill Deng, Founder and CEO of XTransfer, noted that this partnership significantly enhances their global payment capabilities, reducing market costs and accelerating expansion efforts in Southeast Asia. He expressed optimism about future collaborations in wealth management and lending.
Ang Eng Siong, CEO of OCBC China, emphasized the alignment of XTransfer's growth plans with OCBC's regional network, stating that the partnership would facilitate cross-border settlements and support SMEs in achieving their business goals in Greater China and ASEAN.
As part of the partnership, XTransfer will utilize OCBC's Global Multi-Currency Account, enabling clients to transact in multiple currencies, including the Renminbi, US Dollar, and various ASEAN currencies. This service aims to enhance the efficiency of foreign trade settlements and broaden payment options for over 550,000 XTransfer clients.
The collaboration comes amid increasing trade between China and ASEAN, with XTransfer reporting an 80% growth in transactions from ASEAN to its platform from January to September 2024. This partnership is expected to significantly improve cross-border trade and capitalize on the rising demand for international business solutions.