In 2024, Expands to Multiple Countries Worldwide, Helping SMEs in Emerging Countries to Develop Foreign Trade Business
HONG KONG, Jan. 5, 2024 /PRNewswire/ — XTransfer, World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, is pleased to announce the official launch of its international services. Following the first launch of international services in Hong Kong in April last year, XTransfer is now actively expanding its business to over 200 countries and regions around the world to serve local Micro-, Small and Medium-sized Enterprises (MSMEs) in cross-border trade.
Founded in 2017, XTransfer has been dedicated to China’s domestic market for over six years and is committed to providing MSMEs with secure, compliant, fast, convenient and low-cost cross-border trade payment solutions. With a customer base exceeding 400,000 enterprises, XTransfer has not only achieved the status of a fintech unicorn company but has also become the No.1 platform in China’s industry. In mid-2023, the company stepped into Hong Kong’s market, serving local trading enterprises by providing cross-border trade payment and other related financial services. Last month, the company debuted at the “VietBuild Home International Exhibition 2023” in Ho Chi Minh City to meet with the local traders. In the future, the company will participate in more global trade shows. Moreover, the company became one of the World Economic Forum’s Unicorn Community members at the end of the previous year.
Since the launch of the international service, the company has received numerous inquiries and feedback from the Hong Kong, Nigeria, and Vietnam markets and has already served over 1,000 overseas trading enterprises. Currently, around thirty thousand businesses are seeking consultation for account opening services. In 2024, the company will be fully expanded to all regions of the world, including the U.S.A, Canada and the United Kingdom; Southeast Asia, such as Vietnam and Thailand; South Asia, such as Pakistan and Bangladesh; Africa, such as Nigeria, South Africa and Egypt; the U.A.E in the Middle East; and Latin America, such as Brazil and Mexico, and many other countries and regions.
Bill Deng, Founder and CEO of XTransfer, said, “The company will actively partner with local licensed financial institutions in different regions to provide innovative cross-border payment solutions for local MSMEs to help them expand their business globally. In addition to promoting and facilitating cross-border payments between different countries and China, the company also aims to build a global payment infrastructure to assist in the collection and payment of trade between two different countries and to assist in the export trade of MSMEs in emerging countries, thereby promoting the development of the local manufacturing industry and economy.”
Global MSMEs generally find it challenging to obtain sound financial services from traditional banks, which not only hinders their transactions with buyers in different countries but also forces some enterprises to use non-compliant channels, such as underground banks, for cross-border remittances, resulting in significant capital risks. With the mission of helping MSMEs around the world, XTransfer has built a data-based, automated, Internet-powered and AI anti-money laundering risk management infrastructure which has gained the trust of international financial institutions such as J.P. Morgan Chase Bank, DBS Bank, and Deutsche Bank, enabling MSME clients to open accounts with internationally renowned financial institutions through the XTransfer platform.
XTransfer clients can enjoy a series of services such as convenient cross-border collection and payment, efficient foreign exchange and other services in a secure and compliant manner, allowing MSMEs to enjoy the same level of cross-border financial services as large multinational corporations. When both buyers and sellers use XTransfer accounts, they can achieve secure and compliant 24/7 payment settlement, expected to save 95% of remittance fees and 20% of currency conversion costs, enabling a hassle-free trade capital flow. The company aims to bring extreme convenience to global buyers and sellers through the unified platform of XTransfer, which can save up to 10% of trade costs along the whole chain!
As an innovative unicorn, XTransfer is dedicated to its mission to drive innovation to enhance financial inclusion for MSMEs worldwide. XTransfer also supports MSMEs through Generative AI tools to improve their competitiveness and business growth and reduce potential inequality.
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XTransfer, World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, 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, 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 No.1 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 small and medium enterprises. XTransfer uses technology as a bridge to link large financial institutions and small and medium enterprises around the world, allowing small and medium enterprises to enjoy the same level of cross-border financial services as large multinational corporations.
XTransfer completed its Series D financing in September 2021, and the company’s current valuation exceeds USD$1.3 billion, making it a unicorn. The Company possesses a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners.
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