Featuring Pakistan’s Prime Minister and UAE Trade Minister
HONG KONG, Jan. 22, 2024 /PRNewswire/ — XTransfer, World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, participates in the 54th Annual Meeting of the World Economic Forum as part of the Unicorn Community from 15 to 19 January 2024. Bill Deng, Founder and CEO of XTransfer, spoke at the panel “TradeTech’s Trillion-Dollar Promise” featuring Pakistan’s Prime Minister H.E. Anwaar-ul-Haq Kakar, UAE Trade Minister H.E. Thani Ahmed Al Zeyoudi and other honourable guests on 17 January.
Technology is revolutionising global commerce and investment, and digitalising the trade ecosystem holds the potential to increase trade by nearly $9 trillion by 2026 within the G7 alone. The panel discussed how technological, regulatory and business model innovations address the hurdles to digitalising global trade and FDI to harness this massive potential.
The panel included Pakistan Prime Minister H.E. Anwaar-ul-Haq Kakar, UAE Trade Minister H.E. Thani Ahmed Al Zeyoudi, Vincent Clerc, CEO of A.P. Møller-Maersk, and Deemah Al Yahya, Secretary-General of the Digital Cooperation Organization.
During the discussion, the moderator asked Bill about the challenges XTransfer faces in global trading. Bill replied, “We offer payment services for importers and exporters of SMEs worldwide. Regulatory compliance for Anti Money Laundering (AML) has become a significant challenge. Regulators now set higher standards, requiring us to ensure that a genuine and legitimate trade background supports each movement of money. As a result, we need significant manpower to communicate frequently with regulators.”
“I believe that AI-driven infrastructures are crucial in addressing these global business challenges. Advanced technologies such as AI can play a critical role in resolving regulatory issues and facilitating connections in the global business landscape. By leveraging AI tools and solutions, we aim to streamline processes and enhance compliance measures within our platform,” Bill added.
“I don’t believe in de-globalisation. Although challenges for global businesses are a daily occurrence, overcoming these obstacles adds value to the work of entrepreneurs. We remain committed to expanding our platform globally despite the challenges,” Bill firmly expressed.
XTransfer aims to provide seamless and efficient cross-border trade payment services to global SMEs. Leveraging cutting-edge AI technology, XTransfer serves as a bridge connecting leading international banks like J.P. Morgan, Deutsche Bank and DBS Bank with over 400,000 SMEs, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations. XTransfer’s participation in the World Economic Forum aligns with its mission to drive innovation to enhance financial inclusion for Micro & SMEs worldwide.
Source: World Economic Forum. Pakistan Prime Minister H.E. Anwaar-ul-Haq Kakar, Bill Deng, XTransfer Founder and CEO, Deemah Al Yahya, Secretary-General of the Digital Cooperation Organization, Vincent Clerc, CEO of A.P. Møller-Maersk, UAE Trade Minister H.E. Thani Ahmed Al Zeyoudi and Moderator, Reuters Megan Davies.
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XTransfer, China’s No.1 & World’s Leading 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 and the United Kingdom, the United States, Canada, Japan, Australia, and Singapore. XTransfer has obtained local payment licenses in the Hong Kong Special Administrative Region, 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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