XTransfer taps TerraPay’s payment network for international trade

Rick Steves

“By leveraging TerraPay’s extensive global payments network, XTransfer has achieved significant cost savings and accelerated our market entry time, eliminating the need for local rebuilding efforts.”

XTransfer has partnered with TerraPay to leverage its global payments infrastructure in order to further enhance its service offerings.

Customers will be able to execute local payments on a global scale and settle payments in local currencies across 136 countries and regions, including emerging markets such as Africa, Latin America, and Southeast Asia.

This partnership will be instrumental in boosting cross-border trade while significantly broadening the spectrum of payment methods available to SMEs.

XTransfer leveraging TerraPay’s extensive global payments network

Violas Xiao, Local CEO of Singapore at XTransfer, said, “This partnership is a significant milestone for XTransfer, as it greatly enhances our global payment capabilities. By leveraging TerraPay’s extensive global payments network, XTransfer has achieved significant cost savings and accelerated our market entry time, eliminating the need for local rebuilding efforts. This collaboration further exemplifies our dedication to empowering SMEs in their global expansion and enhancing global competitiveness through innovative trade payment solutions”.

Sukesh Malliah, Vice President – Asia Pacific at TerraPay, added: “We are thrilled to partner with XTransfer to enhance cross-border payment solutions for SMEs globally. This partnership underscores our commitment to providing innovative and reliable financial solutions that drive efficiency and inclusivity. Together, we aim to empower SMEs with the tools they need to succeed in the global marketplace, fostering economic development and connectivity in emerging markets.”

Headquartered in Shanghai and with branches in countries and regions such as Hong Kong, the United Kingdom, the Netherlands, the United States, Canada, Japan, Australia, and Singapore, XTransfer offers secure, compliant, fast, convenient, and low-cost foreign trade payment and fund collection solutions.

TerraPay boasts an extensive cross-border payments network regulated in 31 global markets and enabling payments to 144+ receive countries, 210+ send countries, 7.5Bn+ bank accounts, and 2.1Bn+ mobile wallets.

XTransfer making moves in the United States, Thailand, Pakistan, Vietnam

XTransfer is rapidly expanding across the globe and is preparing an official launch in the United States, having last week secured payment licenses in Delaware, Florida, and Colorado.

XTransfer has built a unified global multi-currency clearing network and built a data-based, automated, Internet-based, and intelligent anti-money laundering risk control infrastructure.

Having partnered with top-tier names such as JP Morgan, Deutsche Bank, DBS, and VISA, XTransfer allows SMEs to enjoy the same level of cross-border financial services as large multinational corporations. XTransfer intends to better address the pain points encountered in cross-border transactions between China and the US.

In February, XTransfer executed its first onshore Thai Baht (THB) trade in Thailand by utilizing the latest Bank of Thailand’s Non-Resident Qualified Company (NRQC) rules. The trade was facilitated by Deutsche Bank. Payments in THB are converted to Hong Kong Dollars (HKD) and Renminbi (RMB) before being transferred to XTransfer’s international accounts.

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.

Read this next

blockdag

Groundbreaking Innovations in BlockDAG’s Keynote 2 Drive Over 1120% Increase; Toncoin & Celestia Prices Rise

Explore BlockDAG’s Keynote 2, detailing the cutting-edge technical advancements that led to a significant presale boom. Discover how these innovations have driven BlockDAG’s success, and get the latest updates on Celestia and Toncoin prices.

blockdag

BlockDAG X1 Beta App Pioneers in Crypto Mining Amidst Ethereum vs Solana Rivalry and XRP Price Increase

Dive into the details of BlockDAG’s X1 beta app’s global tech presence in Shibuya, Las Vegas, and Piccadilly Circus and its pre-sale triumph during a spike in Ethereum, Solana, and XRP values.

blockdag

BlockDAG Hits $50.4M with Active Dev Release & Community Engagement; Binance Coin Price Drops and JasmyCoin Rallies

Explore how BlockDAG bolsters its reputation through a steady stream of Development releases. Get insights on Binance Coin price trends and the recent Jasmy Coin rally.

Crypto Insider

5 Upcoming Crypto for 10x Gains: How $1000 Can Become $10,000

Consider a situation where a $1000 investment may grow to a whopping $10,000. Astute Bitcoin investors have experienced this as a reality rather than a fantasy.

Retail FX

Weekly Roundup: eToro links up with Elon Musk, US crackdown on Russian FX

Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.

blockdag

Must-Watch Top 5 Crypto Picks for Q2 2024 Featuring BlockDAG, Toncoin, Solana and More

Dive into BlockDAG’s meteoric rise and explore other promising altcoins like Pepe, Toncoin, Solana, and Render for superior returns.

Retail FX

Clone of Admiral Markets draws FCA attention

The United Kingdom’s financial markets watchdog today unmasked another fraudulent entity, this time bringing to light a clone firm that has been posing as FCA-‎authorised brand, Admiral Markets UK Ltd.

Digital Assets

Gemini Earn users to recover $2.18 billion in crypto payouts

Cryptocurrency exchange Gemini has agreed to pay $50 million worth of digital assets to investors in its Gemini Earn program as part of a settlement with the New York Attorney General (NYAG), announced on Friday.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

<