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XTransfer, China-based FinTech Unicorn sets foot in Hong Kong

By Leandra Monteiro

June 02, 2023

  • China
  • Cross Border Trade Finance
  • Hong Kong
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XTransferXTransfer, China’s B2B foreign trade financial platform, successfully marked its official entry into the Hong Kong market.

To address the challenges of anti-money laundering risk control in B2B foreign trade, XTransfer has independently developed a data-based, automated, internet-powered, and intelligent anti-money laundering risk management infrastructure, which has earned the trust of internationally renowned financial institutions such as Citibank (Hong Kong) and DBS Bank (Hong Kong).

The company will focus on providing accessible, efficient, and compliant foreign trade payment services to Hong Kong’s foreign trade enterprises. Through XTransfer’s platform, foreign trade clients in Hong Kong can open accounts with multiple international financial institutions and conduct account-to-account payments, enabling easy payments to mainland Chinese exporters just like local bank transfers.

Bill Deng, Founder and CEO of XTransfer said, “In the trade between Hong Kong and mainland Chinese enterprises, we have found room for improvement in Hong Kong’s trade settlement with mainland China, particularly in foreign payment services for SMEs. Hong Kong importers encounter challenges such as long processing times, hefty costs, and complicated compliance reporting procedures when paying their suppliers in mainland China. This year, XTransfer officially launched localized services for Hong Kong foreign trade enterprises, including foreign trade payments and other related financial services. XTransfer is devoted to accelerating the trade fund settlement efficiency between Hong Kong and mainland China, further promoting trade between the two regions and supporting Hong Kong’s position as an international trade centre.”

The service allows a twenty-four-seven instant payment of the goods, with an expected reduction of 95% in remittance fees and 20% in exchange costs, significantly improving operational fund efficiency. Additionally, Xtransfer offers ‘Sunshine Settlement’ and compliance reporting services to enterprises in both Kong Kong and mainland China, which allows direct remittance of RMB to the seller’s bank account in mainland China after reporting exchange settlement to the bank on behalf of the enterprise.

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