XTransfer has formed a comprehensive partnership with OCBC, the second-largest financial services group in Southeast Asia.
The collaboration is set to provide small and medium-sized enterprises (SMEs) engaged in international trade with innovative, one-stop cross-border financial solutions.
Payment solutions, FX, and risk control
The partnership will leverage OCBC China’s expansive regional network and resources, focusing on key markets such as Singapore, Hong Kong SAR, Malaysia, and Indonesia. The two companies will offer SMEs integrated services including payment solutions, foreign exchange (FX), risk control, and wealth management.
A key element of the collaboration is the introduction of XTransfer’s use of OCBC’s “Global Multi-Currency Account” in Hong Kong, which enables clients to make payments and collect funds globally. This account supports a wide range of currencies, including major ones like the Renminbi, US Dollar, British Pound, Euro, and various ASEAN currencies.
This development is expected to improve the efficiency of foreign trade settlements, providing SMEs with enhanced payment and collection options, as well as the ability to conduct transactions through local clearing networks like CHATS or FPS in Hong Kong, offering ease similar to local bank transfers.
“Capitalizing on the growing trade exchanges between China and ASEAN”
The partnership also aims to capitalize on the growing trade exchanges between China and ASEAN. According to XTransfer’s data, from January to September 2024, small and medium-sized enterprises on the XTransfer platform saw an 80% increase in funds received from ASEAN compared to the previous year. The collaboration with OCBC is designed to address the rising demand in cross-border trade and to help SMEs take advantage of new opportunities in trade and capital flow between China and ASEAN.
XTransfer’s partnership with OCBC is a significant step forward in expanding its global payment infrastructure for foreign trade. By integrating OCBC Hong Kong’s multi-currency account offerings, the partnership will provide SMEs with more diverse payment methods, simplifying international transactions and enhancing overall trade efficiency. With a client base of over 550,000 businesses, XTransfer aims to offer its customers and their buyers a broader array of cross-border payment options, making global trade more accessible and efficient.
This strategic alliance is expected to drive further growth in cross-border trade, benefiting SMEs by broadening the payment methods and currencies available to them in the international marketplace.
Plans to include wealth management and lending
Bill Deng, Founder and CEO of XTransfer, said: “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, commented: “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.”
