XTransfer and OCBC Jointly Announce Comprehensive Partnership

"Global Multi-CurrencyAccounts" Empowers SMEs with New Market Opportunities

SHANGHAI,Dec. 23, 2024/PRNewswire/ --XTransfer,the World's Leading&China'sNo.1 B2B Cross-Border Trade Payment Platform, and OCBC,the second largest financial services group inSoutheast Asia, jointly announced the comprehensive partnership. OCBC China will leverage the OCBC Group's extensive regional network and resources in its key markets ofSingapore,Hong KongSAR,MalaysiaandIndonesiato 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, FX, risk control and wealth management. The Memorandum of Understanding was signed on18 December 2024byBill Deng,Founder and CEO of XTransfer, and Ang Eng Siong, CEO of OCBC China.

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 inSoutheast 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 inGreater Chinaand ASEAN."

Ang Eng Siong, CEO of OCBC China,said,"OCBC usesSingaporeandHong Kongas our twin-hubs, radiating out toGreater Chinaand 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 inGreater Chinaand 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. TheGlobal Multi-Currency Accountsupports 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 inHong Kong, offering convenience similar to local bank transfers.

In recent years, trade exchanges betweenChinaand ASEAN have become increasingly close. According to data from XTransfer, from January toSeptember 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 betweenChinaand 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 theGlobal 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.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/xtransfer-and-ocbc-jointly-announce-comprehensive-partnership-302338240.html

SOURCE XTransfer