Cross-border payment firm XTransfer and OCBC Bank have announced a partnership to provide small and medium-sized enterprises (SMEs) with enhanced financial services for international trade.
The collaboration focuses on payment processing, foreign exchange, risk management, and wealth management solutions tailored to SMEs.
The partnership will leverage OCBC’s regional network in markets including Singapore, Hong Kong, Malaysia, and Indonesia.
OCBC China will also act as XTransfer’s global account manager, working closely with the bank’s subsidiaries to support cross-border settlements and facilitate business growth.
A key feature of the partnership is OCBC Hong Kong’s “Global Multi-Currency Account,” which enables businesses to manage transactions in major global and regional currencies, including the Renminbi, US Dollar, British Pound, Euro, and ASEAN currencies, supporting trade in ASEAN and other regions.
The integration of local clearing networks in Hong Kong, such as CHATS and FPS, into XTransfer’s platform aims to provide businesses with more convenient payment and fund collection options.
This initiative is expected to improve cross-border trade efficiency and expand financial services for XTransfer’s customer base.
XTransfer, which serves over 550,000 clients globally, aims to offer more payment and collection options for SMEs through this collaboration.
Bill Deng, Founder and CEO of XTransfer, said,
“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.”
Featured image: Bill Deng, Founder and CEO of XTransfer (left) and Ang Eng Siong, CEO of OCBC China (right) at the MoU signing ceremony.
