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XTransfer and Deutsche Bank to offer cross-border payments in Thailand

By Gloria Mathias

February 13, 2024

  • APAC news
  • Asia Fintech News
  • Cross Border Payments
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XTransfer, Deutsche Bank, Thai Baht, Fintech news, Cross Border Payments, Trade Payments, APAC News, Asia Fintech News, Thailand Fintech,  XTransfer, China’s B2B Cross-Border Trade Payment Platform has announced a major milestone in its partnership with Deutsche Bank. The Bank has 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.

Under the NRQC program, XTransfer can 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 opportunities 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 provides a range of corporate and investment banking solutions to multinational companies, large local corporations, and financial institutions in Thailand. These services include cash management, FX, custody, trade finance, corporate finance, and advisory solutions.

XTransfer supports 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.

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