XTransfer, the China-based business to business (B2B) cross-border trade payment platform, and OCBC, the Singapore-based financial services group, have jointly announced the comprehensive partnership for global multi-currency accounts.

The duo said in a statement on Monday that OCBC China will leverage the OCBC Group’s extensive regional network and resources in its key markets of Singapore, Hong Kong,

Meanwhile, Malaysia and Indonesia will collaborate with XTransfer to provide small and medium-sized enterprises (SMEs) engaging in international trade with one-stop innovative cross-border financial solutions, including payment, foreign exchange (FX), risk control and wealth management.

It is noted that 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 small and medium-sized enterprises (SMEs) in foreign trade settlement in the corresponding countries and enhance global cross-border trade efficiency, said the statement.

It noted 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.

It is also noted that 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 percent 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, said the statement.

XTransfer said it continues to build its global payment infrastructure for foreign trade through partnerships with renowned international banks and financial institutions.

According to the statement, this partnership with OCBC brings XTransfer a new upgrade in its global payment infrastructure, offering substantial benefits to global cross-border traders.

By utilizing 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.

“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,” said Bill Deng, Founder and Chief Executive Officer of XTransfer.

“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,” he added.

Ang Eng Siong, Chief Executive Officer of OCBC China, said OCBC uses Singapore and Hong Kong as our twin-hubs, radiating out to Greater China and ASEAN regions.

He said 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,” he added.

XTransfer is a firm provides SMEs with foreign trade payment and fund collection solutions.

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.

The firm has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. With more than 550,000 enterprise clients,

The company completed its Series D financing in September 2021 and achieved unicorn status.

It 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.

OCBC is the second largest financial services group in Southeast Asia by assets, offering a broad array of commercial banking, specialist financial and wealth management services.

The group’s key markets are Singapore, Malaysia, Indonesia and Greater China.

It has close to 420 branches and representative offices in 19 countries and regions.

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