Chinese B2B cross-border payments unicorn XTransfer eyes Vietnam and Pakistan

Rick Steves

“XTransfer serves as a bridge connecting leading international banks like J.P. Morgan, Deutsche Bank and DBS Bank with SMEs, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations. In addition to solving the payment problem to Chinese suppliers, we also want to help emerging countries to collect and pay with different nations.”

XTransfer, a leading B2B cross-border trade payment platform, has announced it is actively expanding into ASEAN and South Asian markets.

At the 54th Annual Meeting of the World Economic Forum in Davos, Bill Deng, the company’s founder and CEO, participated in various discussions focused on these regions.

XTransfer’s CEO in talks with Prime Ministers in Davos

In a panel featuring Vietnam’s Prime Minister Pham Minh Chinh, the importance of digital transformation in driving economic growth was highlighted.

XTransfer has already made strides in Vietnam, participating in the “VietBuild Home International Exhibition” and introducing their cross-border payment services to Vietnamese SMEs.

XTransfer also engaged in discussions with Pakistan’s Prime Minister Anwar Haq Kakar at the forum, exploring cooperation opportunities with the Virtual Remittance Gateway (VRG), Pakistan’s largest payment company. This indicates XTransfer’s interest in strengthening its presence in the South Asian market.

Deng highlighted XTransfer’s commitment to inclusive finance and leveraging AI technology to connect SMEs with major international banks, offering them advanced cross-border financial services.

XTransfer works with JPM, Deutsche Bank, DBS Bank

XTransfer’s collaboration with banks like J.P. Morgan, Deutsche Bank, and DBS Bank highlights its capability to provide SMEs with high-level financial services.

Founded in 2017 and headquartered in Shanghai, XTransfer has expanded globally with branches in major trade cities and has obtained payment licenses in various regions. The company serves over 400,000 enterprise clients and has built a global multi-currency clearing network, along with an automated anti-money laundering infrastructure.

Having completed Series D financing in September 2021, XTransfer is valued at over USD $ 1.3 billion, achieving unicorn status. Its investors include D1 Capital Partners LP, Telstra Ventures, and China Merchants Venture, among others. This financial backing and international investor base support XTransfer’s global expansion and technological advancements in serving SMEs worldwide.

Bill Deng, Founder and CEO of XTransfer, stated, “As an innovative unicorn enterprise, XTransfer aims to promote inclusive finance by leveraging technology to assist SMEs in emerging countries. Leveraging cutting-edge AI technology, XTransfer serves as a bridge connecting leading international banks like J.P. Morgan, Deutsche Bank and DBS Bank with SMEs, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations. In addition to solving the payment problem to Chinese suppliers, we also want to help emerging countries to collect and pay with different nations. We believe this will contribute to the development of local export industries, especially for SMEs engaged in foreign trade, thereby promoting local industry development and contributing to the economic growth.”

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