XTransfer, the world’s leading B2B cross-border trade payment platform, has partnered with OCBC, Southeast Asia's second-largest financial services group, to deliver innovative financial solutions for small and medium-sized enterprises (SMEs) involved in international trade. This collaboration was formalized on December 18, 2024, with a Memorandum of Understanding signed by Bill Deng, Founder and CEO of XTransfer, and Ang Eng Siong, CEO of OCBC China.
The partnership leverages OCBC's extensive regional network across Singapore, Hong Kong, Malaysia, and Indonesia to offer SMEs a comprehensive suite of services. These include payment solutions, foreign exchange, risk control, and wealth management. A standout feature is the "Global Multi-Currency Account," enabling seamless payments and collections in multiple currencies, from major ones like the US Dollar and Renminbi to currencies from ASEAN countries. This innovation aims to simplify trade settlements and enhance efficiency for SMEs globally.
Driving growth in China-ASEAN trade
With trade between China and ASEAN intensifying, the partnership comes at a crucial time. From January to September 2024, the XTransfer platform reported an 80% year-over-year increase in funds received by SMEs from ASEAN. This trend highlights the growing demand for efficient cross-border financial solutions in the region. Ang Eng Siong noted that OCBC’s strong presence in Greater China and ASEAN aligns perfectly with XTransfer’s business development plans, paving the way for sustained growth.
Expanding opportunities for SMEs
The collaboration also focuses on empowering SMEs by broadening their payment methods and improving access to international markets. By integrating OCBC's financial infrastructure and XTransfer’s advanced payment platform, the partnership aims to provide SMEs with the tools needed to thrive in a competitive global economy. Together, they set a new standard for cross-border trade solutions, enhancing trade efficiency and capital flow across regions.
