Bill
Deng,
Founder
and
CEO
of
XTransfer
(Left)
and
Ang
Eng
Siong,
CEO
of
OCBC
China
(Right)
at
the
MoU
signing
ceremony.
Bill
Deng,
Founder
and
CEO
of
XTransfer,
stated,
“This
collaboration
marks
a
significant
milestone
for
XTransfer,
greatly
enhancing
our
global
payment
capabilities.
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.
XTransfer
looks
forward
to
expanding
its
business
with
OCBC
in
the
future
in
a
variety
of
areas,
including
wealth
management
and
lending,
and
is
looking
forward
to
working
with
them
to
capture
the
vast
opportunities
in
Greater
China
and
ASEAN.”
Ang Eng Siong, CEO of OCBC China, said, “OCBC uses Singapore and Hong Kong as our twin-hubs, radiating out to Greater China and ASEAN regions. XTransfer’s business development plans in these areas align closely with our network layout. 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. This will help meet the growing demand for cross-border development and business growth, helping them achieve their aspirations in Greater China and ASEAN.”
XTransfer and OCBC collaborate in several areas of cross-border business. In particular, XTransfer leverages the strong banking networks and service capabilities of OCBC 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, Euro, etc., but also currencies from ASEAN and various countries and regions. This will benefit SMEs in foreign trade settlement in the corresponding countries and enhance global cross-border trade efficiency. 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 CHATS or FPS, the local clearing network in Hong Kong, offering convenience similar to local bank transfers.
In recent years, trade exchanges between China and ASEAN have become increasingly close. 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 by SMEs, and help them capture opportunities in trade and capital flow between China and ASEAN.
XTransfer continues to build its global payment infrastructure for foreign trade through partnerships with renowned international banks and financial institutions. This partnership with OCBC brings XTransfer a new upgrade in its global payment infrastructure, offering substantial benefits to global cross-border traders. By utilising the Global Multi-Currency Account provided by OCBC Hong Kong, buyers can easily make payments in various currencies to overseas suppliers and collect funds from worldwide customers. This partnership is expected to enhance cross-border trade by significantly broadening the payment methods and scope for SMEs.
https://www.xtransfer.com
https://www.linkedin.com/company/18215108/
https://x.com/xtransferglobal
https://www.facebook.com/XTransferGlobal/
https://www.instagram.com/xtransfer.global/
Hashtag: #XTransfer #OCBC #Partnership #SMEs #Crossborder #Payments
The issuer is solely responsible for the content of this announcement.
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