XTransfer, the B2B cross-border trade payments platform, and OCBC, the financial services group in SE Asia, have announced their latest partnership.
OCBC China will now aim to leverage the OCBC Group’s regional network and resources in its major markets of Singapore, Hong Kong, Malaysia as well as Indonesia in order to collaborate with XTransfer to provide SMEs taking part in international trade with cross-border financial solutions, such as payment, FX, risk control and wealth management.
The MoU had reportedly been signed on 18 Dec 2024 by Bill Deng, Founder and CEO of XTransfer, and Ang Eng Siong, CEO of OCBC China.
Bill Deng, Founder and CEO of XTransfer, remarked:
“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.”
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.”
XTransfer and OCBC work in different areas of cross-border business.
Notably, XTransfer leverages the banking networks and service capabilities of OCBC to provide clients the “Global Multi-Currency Account” provided by OCBC Hong Kong, enabling customers to settle payments and collect funds internationally.
The Global Multi-Currency Account supports major currencies, including the followng: Renminbi, US Dollar, British Pound, Euro, etc., but also currencies from ASEAN and several other nations / jurisdictions.
This should benefit SMEs in foreign trade settlement in the corresponding nations and improve cross-border trade efficiency.
The collab will reportedly offer XTransfer’s clients and their buyers with more payment and collection options.
Clients will be able to complete payments and collect funds via CHATS or FPS, the local clearing network in Hong Kong, providing convenience comparable to domestic bank transfers.
Recently, trade exchanges between China and ASEAN are said to have become increasingly close.
As per 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 surged by as much as 80% when compared to the financial year prior.
The partnership between XTransfer and OCBC will aim to address this growth in global trade by SMEs, and assist them with capturing opportunities in trade and capital flow between China as well as the ASEAN region.
XTransfer said it is focused on developing its payment infrastructure for foreign trade via partnerships with banks and other FIs.
This partnership with OCBC brings XTransfer an upgrade in its payment infrastructure, providing benefits to cross-border traders.
By using the Global Multi-Currency Account offered by OCBC Hong Kong, buyers care able to quickly make payments in different currencies to overseas suppliers and collect funds from clients across the globe.
This partnership is set to improve cross-border trade by broadening the payment options as well as overall scope for SMEs.