XTransfer & TransferMate partner to support foreign trade SMEs
By Gloria Mathias
XTransfer, China’s B2B foreign trade financial technology platform, and TransferMate, the B2B global payments infrastructure-as-a-service provider, jointly announced a strategic partnership agreement at the Singapore Fintech Festival.
XTransfer provides SMEs with secure, compliant, fast, convenient, and low-cost foreign trade payments and fund collection solutions, reducing the cost of global expansion and enhancing global competitiveness.
TransferMate, a subsidiary of CluneTech, has built a comprehensive and advanced payments network, allowing businesses and individuals to make cross-border payments as easily as if making a domestic funds transfer.
By integrating Transfermate’s global payments infrastructure into its platform, XTransfer enriches its clients with another choice of payments & fund collections to local accounts. This capability will initially cover the U.S.A., Mexico, Malaysia, Canada, Singapore, and New Zealand on behalf of up to 400,000 merchants, with room for expansion.
The agreement will benefit importers and exporters of machinery, apparel, electronics, household durables, and other goods. This ability to collect funds locally and transfer them home efficiently is another benefit of TransferMate’s globally regulated infrastructure. The partnership enables TransferMate to scale its business and reach a larger client base, particularly in China, where XTransfer has the largest number of clients in the field.
Violas Xiao, local CEO of Singapore, XTransfer, said, “The strategic partnership with TransferMate represents a pivotal milestone for us, signifying our commitment to empowering SMEs with the tools they need to expand globally. The partnership also represents a significant step for XTransfer towards globalisation. Together with TransferMate, we are poised to make a lasting impact, revolutionising the way businesses navigate foreign trade. This partnership means growth, innovation, and a strengthened position in the global marketplace for XTransfer and our valued clients.”
Vijay Rao, Head of APAC, TransferMate, said: “Partnering with the largest B2B payment company in China is a significant moment for TransferMate, and we also believe it will be of great benefit to XTransfer and their merchant users. This integration will help them grow their businesses, make trading internationally easier, and create efficiencies in their financial processes. Partnerships should always be about creating win-win situations, and, in this situation, everybody wins.”
IBSi Daily News Analysis
February 28, 2024
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