SCB and XTransfer join forces to improve cross-border payments

By Vriti Gothi

XTransfer has partnered with Siam Commercial Bank (SCB) to redefine foreign exchange (FX) support for Thailand’s international traders, marking a significant milestone in the region’s digital trade infrastructure. The Memorandum of Understanding, signed during the Singapore FinTech Festival 2025, signals a joint commitment to delivering greater transparency, enhanced security and more cost-effective FX capabilities for businesses operating across global markets.

The collaboration is centred on developing next-generation FX solutions tailored for enterprises engaged in cross-border commerce. Through deeper digital connectivity and API-driven integration, the two organisations will enable automated, real-time FX conversion and faster settlement, designed to strengthen cash-flow management, reduce operational inefficiencies and provide clearer, more competitive pricing for Thai businesses.

In addition to its FX focus, the partnership lays the groundwork for broader cooperation across domestic and regional payment ecosystems. XTransfer and SCB plan to explore expanded services across key ASEAN corridors, including Malaysia, Indonesia, Singapore, the Philippines, Cambodia, Vietnam and Thailand to support a more integrated and frictionless payments environment across the region.

Bill Deng, Founder and CEO of XTransfer, said, “SCB’s market leadership and digital capabilities, combined with XTransfer’s foreign trade enterprises’ focused infrastructure, will help our clients achieve better rates, faster settlement, and enhanced transparency. This collaboration not only strengthens service delivery for Thai enterprises but also enables XTransfer to deepen our development across ASEAN. Together, we will continue to strengthen compliance and risk management to build a trusted financial backbone for cross-border trade.”

Rungsi Vongkitbuncha, Executive Vice President, Head of Large Corporates and International Business Function of SCB, said, “It is an honour to represent SCB at today’s Memorandum of Understanding signing ceremony, establishing our role as XTransfer’s key financial partner in ASEAN. As Thailand’s longest-established local bank, SCB supports XTransfer’s cross-border business development by providing advanced technological systems and efficient financial solutions, thereby offering more convenient business models for international traders.”