XTransfer, China’s leading B2B cross-border trade payment platform, has officially launched its international services, extending its footprint to over 200 countries and regions globally.
After initially introducing international services in Hong Kong in April last year, the platform aims to cater to Micro-, Small, and Medium-sized Enterprises (MSMEs) engaged in cross-border trade.
Commitment to MSMEs and Impressive Market Presence. Founded in 2017, XTransfer has demonstrated a steadfast commitment to China’s domestic market, focusing on providing secure, compliant, fast, convenient, and cost-effective cross-border trade payment solutions for MSMEs. With a customer base surpassing 400,000 enterprises, XTransfer has earned the status of a fintech unicorn and is recognized as the top platform in China’s industry.
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Global Expansion and Market Reception
In mid-2023, XTransfer entered Hong Kong’s market, extending cross-border trade payment and financial services to local trading enterprises. The platform has already received positive feedback and inquiries from markets such as Hong Kong, Nigeria, and Vietnam, having served over 1,000 overseas trading enterprises. Currently, around 30,000 businesses are seeking consultation for account opening services.
Future Global Presence and CEO’s Vision
In 2024, XTransfer plans to fully expand its services worldwide, including regions like the U.S.A, Canada, the United Kingdom, Southeast Asia, South Asia, Africa, the U.A.E, and Latin America. Bill Deng, Founder and CEO of XTransfer, emphasized the company’s active partnerships with local licensed financial institutions globally to provide innovative cross-border payment solutions for local MSMEs.
Addressing Challenges Faced by Global MSMEs
Acknowledging the challenges faced by global MSMEs in obtaining sound financial services from traditional banks, XTransfer has built a data-based, automated, Internet-powered, and AI anti-money laundering risk management infrastructure. This has gained the trust of international financial institutions like J.P. Morgan Chase Bank, DBS Bank, and Deutsche Bank. XTransfer aims to enable MSME clients to open accounts with renowned financial institutions, offering secure and compliant cross-border collection and payment services.
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Transformative Impact on Trade Capital Flow
XTransfer clients benefit from services such as convenient cross-border collection and payment, efficient foreign exchange, and more. The platform facilitates secure and compliant 24/7 payment settlement, potentially saving 95% of remittance fees and 20% of currency conversion costs. This efficiency is expected to result in hassle-free trade capital flow, providing a unified platform for global buyers and sellers and saving up to 10% of trade costs along the entire chain.
Driving Financial Inclusion for MSMEs Globally
As an innovative unicorn, XTransfer remains dedicated to its mission of enhancing financial inclusion for MSMEs worldwide. The platform supports MSMEs through Generative AI tools to improve competitiveness, foster business growth, and reduce potential inequality in the global marketplace. With its global expansion, XTransfer aims to bring extreme convenience to MSMEs engaged in cross-border trade.
