XTransfer obtains NRQC status to offer cross-border payments in Thailand
“We hope this landmark achievement will pave the way for more China or international-based companies to expand their operations and grow in the Thai market.”
XTransfer, China’s number one B2B cross-border trade payment platform, has executed its first onshore Thai Baht (THB) trade in Thailand.
The milestone is particularly noteworthy because XTransfer utilized the latest Bank of Thailand’s Non-Resident Qualified Company (NRQC) rules.
This development allows XTransfer to receive local payments from Thai buyers on behalf of exporting companies.
Deutsche Bank is XTransfer’s partner in Thailand
Through Deutsche Bank’s facilitation, payments in THB are converted to Hong Kong Dollars (HKD) and Renminbi (RMB) before being transferred to XTransfer’s international accounts.
This process enables XTransfer to distribute the funds to its export clients efficiently, facilitating smooth cross-border transactions.
Deutsche Bank played a pivotal role in enabling XTransfer, a non-Thai company, to receive NRQC status through its Bangkok branch. The benefits of this status include an increased THB account limit (exceeding THB 200 million) and a reduced foreign exchange settlement timeframe.
Deutsche Bank has a 46-year history in Bangkok, offering a suite of corporate and investment banking solutions to multinational and large local companies, as well as financial institutions in Thailand. Their services range from cash management and foreign exchange to trade finance, corporate finance, and advisory solutions.
Violas Xiao, XTransfer Singapore Local CEO said: “We are delighted to have partnered with Deutsche Bank to obtain NRQC status and enhance our ability to transact in Thailand. This enhanced cross-border payment solutions greatly opens up the Thai market for our clients, and we are now even more strongly positioned to help clients access and expand business in this high potential market.”
Pimolpa Simaroj, Deutsche Bank Chief Country Officer for Thailand said: “We are proud to help XTransfer execute Thailand’s first THB trade in this country. We are committed to helping our clients maximize the opportunity in Thailand and facilitating the ease of doing business here. We hope this landmark achievement will pave the way for more China or international-based companies to expand their operations and grow in the Thai market.”
XTransfer wants to expand into Pakistan and Vietnam
Headquartered in Shanghai, with branches across major global cities, XTransfer has secured local payment licenses in several countries. Serving over 400,000 enterprise clients, the company has established itself as an industry leader in China.
Through partnerships with renowned multinational banks and financial institutions, XTransfer has developed a unified global multi-currency clearing network. Their data-driven, automated, and intelligent anti-money laundering risk control infrastructure is specifically designed for SMEs.
XTransfer’s CEO attended the 54th Annual Meeting of the World Economic Forum in Davos in Switzerland earlier this year intending to prepare the company’s expansion into Pakistan and Vietnam.