# XTransfer and Deutsche Bank Collaborate on Thai Baht Trade in Thailand

- Link: https://www.thailand-business-news.com/banking/125857-xtransfer-and-deutsche-bank-collaborate-on-thai-baht-trade-in-thailand
- Published: 2024-02-09T10:18:15+07:00
- Author: PR Newswire

XTransfer and Deutsche Bank have reached a significant achievement in their collaboration
by completing the initial onshore Thai Baht (THB) trade in Thailand, enabling smooth
cross-border transactions.

HONG KONG, Feb. 8, 2024 /PRNewswire/ —** XTransfer****, World’s Leading & China’s
No.1 B2B Cross-Border Trade Payment Platform, **is thrilled to announce a major 
milestone in its partnership with **Deutsche Bank**. In a groundbreaking move, Deutsche
Bank has successfully executed XTransfer’s first onshore Thai Baht (THB) trade in
Thailand, leveraging the latest version of the Bank of Thailand’s Non-Resident Qualified
Company (NRQC) rules.

ADVERTISEMENT

Under the NRQC program, XTransfer can now receive local payments from Thai buyers
on behalf of export companies. In a seamless process facilitated by Deutsche Bank,
THB payments are converted to HKD and RMB before being transferred to XTransfer’s
international accounts. From there, XTransfer can efficiently distribute the funds
to its export clients, ensuring smooth cross-border transactions.

Deutsche Bank helped XTransfer (as a non-Thai company) receive approval for NRQC
status through its Bangkok branch. Key benefits include a higher THB limit for accounts(
more than THB 200 million) and shorter FX settlement time.

**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 maximise 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.”

**Deutsche Bank** has had a presence in Bangkok for 46 years. It provides a range
of corporate and investment banking solutions to multinational companies, large 
local corporates and financial institutions in Thailand. These services include 
cash management, FX, custody, trade finance, corporate finance and advisory solutions.

In 2023, Deutsche Bank Thailand was named Asiamoney’s ‘Best Corporate Bank’. It 
was also recognized by the Asset for ‘Best Payments and Collections Solution’ and‘
Best Structured Trade Finance Solution.’

### Related**Posts**

###  󠀁[Phuket named top wellness destination by Canadian travellers](https://www.thailand-business-news.com/press-release/331672-phuket-named-top-wellness-destination-by-canadian-travellers)󠁿

###  󠀁[USD to THB Exchange Rate Today: Thai Baht Moves with Global Market Trends](https://www.thailand-business-news.com/banking/331689-usd-to-thb-exchange-rate-today-thai-baht-moves-with-global-market-trends)󠁿

###  󠀁[Bank of Thailand Unveils Framework to Shield Financial Sector from Illicit Activities](https://www.thailand-business-news.com/banking/328409-bank-of-thailand-unveils-framework-to-shield-financial-sector-from-illicit-activities)󠁿

###  󠀁[Tokenised Deposits vs Stablecoins: Why Thailand’s Cautious Path Differs from Hong Kong and Singapore](https://www.thailand-business-news.com/banking/321239-tokenised-deposits-vs-stablecoins-why-thailands-cautious-path-differs-from-hong-kong-and-singapore)󠁿

**XTransfer** is dedicated to providing SMEs with secure, compliant, fast, convenient
and low-cost foreign trade payment & fund collection solutions, significantly reducing
the cost of global expansion and enhancing global competitiveness. Founded in 2017,
the company is headquartered in Shanghai and has branches in China’s major foreign
trade cities such as Hong Kong, Shenzhen and the United Kingdom, the United States,
Canada, Japan, Australia, and Singapore. XTransfer has obtained local payment licenses
in Hong Kong, the United Kingdom, the United States, Canada, and Australia. With
more than 400,000 enterprise clients, XTransfer has become the industry leader in
China.

By cooperating with well-known multinational banks and financial institutions, 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
centred on SMEs. XTransfer uses technology as a bridge to link large financial institutions
and SMEs around the world, allowing SMEs to enjoy the same level of cross-border
financial services as large multinational corporations.

**Source** : [XTransfer and Deutsche Bank Collaborate on Groundbreaking Onshore Thai Baht Trade in Thailand](https://www.prnasia.com/story/archive/4332371_AE32371_0?rand=102387)

    ```wp-block-preformatted
    The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Thailand Business News.
    ```