XTransfer & OCBC team to streamline International Trade for SMEs

By Gloria Mathias

 XTransfer, a B2B cross-border trade payment platform, and OCBC, a financial services group in Southeast Asia, have announced a comprehensive partnership.

OCBC China will leverage the OCBC Group’s extensive regional network and resources in its key markets of Singapore, Hong Kong SAR, Malaysia, and Indonesia to collaborate with XTransfer to provide SMEs in international trade with one-stop innovative cross-border financial solutions, including payment, FX, risk control, and wealth management.

Bill Deng, Founder and CEO of XTransfer, stated, “This collaboration marks a significant milestone for XTransfer, greatly enhancing our global payment capabilities. By leveraging OCBC’s extensive global payment network, XTransfer saves a substantial amount of market costs and accelerates our business expansion in Southeast Asia, saving on local expansion efforts. XTransfer looks forward to expanding its business with OCBC in the future in a variety of areas, including wealth management and lending, and is looking forward to working with them to capture the vast opportunities in Greater China and ASEAN.”

Ang Eng Siong, CEO of OCBC China, said, “OCBC uses Singapore and Hong Kong as our twin hubs, radiating out to Greater China and ASEAN regions. XTransfer’s business development plans in these areas align closely with our network layout. As XTransfer’s global account manager, OCBC China will support XTransfer and its clients in facilitating cross-border settlements through close collaboration with various business subsidiaries of the group. This will help meet the growing demand for cross-border development and business growth, helping them achieve their aspirations in Greater China and ASEAN.”

XTransfer and OCBC collaborate in several areas of cross-border business. In particular, XTransfer leverages strong banking networks and service capabilities to offer its customers the “Global Multi-Currency Account” provided by OCBC Hong Kong. This account allows clients to make payments and collect funds globally. The Global Multi-Currency Account supports nearly only significant currencies such as the Renminbi, US Dollar, British pound, and Euro, as well as currencies from ASEAN and various countries and regions.

This partnership with OCBC upgrades XTransfer’s global payment infrastructure, offering substantial benefits to global cross-border traders. By utilising the Global Multi-Currency Account provided by OCBC Hong Kong, buyers can easily make payments in various currencies to overseas suppliers and collect funds from worldwide customers.