B2B Global Trade Financial Technology Platform XTransfer Celebrates its 6th Anniversary

hong kong, skyline, china-264527.jpg

HONG KONGAug. 1, 2023 /PRNewswire/ — B2B Global Trade Financial Technology Platform, XTransfer, a leading trade payment & collection enterprise in mainland China, held an official Hong Kong product launch event at Sky100, announcing the official launch of its global payment & collection solutions, foreign exchange services, and other financial services for Hong Kong’s foreign trade SMEs. During the conference, XTransfer also celebrated its 6th anniversary with the support from Mr King Leung, Head of Financial Services and Fintech of Invest Hong Kong, representatives from internationally renowned financial institutions such as Citibank, DBS Bank, J.P. Morgan and Deutsche Bank, as well as guests from Hong Kong Science Park, Cyberport and chambers in Hong Kong.

According to World Trade Organization, in 2022, Hong Kong was the world’s 10th largest trading entity in goods and the world’s 10th largest exporter of merchandise trade, with exports of US$609,925 million. Among them, the value of re-exports of Mainland goods to overseas countries was HK$1,921.5 billion*, accounting for more than 40% of the total volume of re-exports. It is evident that Hong Kong is a trading hub linking the Mainland with the rest of the world. Despite the efforts of Hong Kong SMEs, they continue to encounter significant obstacles in trade settlement with Mainland China, including difficulties in opening accounts with traditional banks, high risk of funds freezing, high exchange losses, long remittance time, high remittance costs, and even being forced to remit funds through non-compliant channels. XTransfer has identified these issues in the industry and is now launching compliant, highly efficient, convenient and low-cost global trade payment & collection solutions and other related financial services.

Driven by big data, XTransfer uses its independently developed data-based, automated, internet-powered, and intelligent anti-money laundering risk management infrastructure to help financial institutions to serve SME foreign trade enterprises with risks mitigated, reaching win-win situations. Our clients will be offered “Payment & Collection Accounts” with international banks / financial institutions such as DBS Bank, Citibank, JP Morgan and Deutsche Bank through XTransfer’s platform, allowing them to pay Mainland Chinese suppliers or receive payment from global buyers for physical commodity trade through our platform.

Hong Kong foreign traders can conduct “Account-to-Account” payments to their Mainland Chinese suppliers, who are also XTransfer clients, making it as easy as “local bank transfers”, allowing a twenty-four-seven instant payment of the goods. XTransfer provides assistance to both Hong Kong and Mainland Chinese clients with compliant FX reporting and settlement, allowing them to receive payment in their Chinese bank accounts. Additionally, clients can benefit from more favourable exchange rates than those offered by banks through XTransfer’s platform. The entire process is conducted online, compliant and secure, significantly reducing time and costs while improving operational efficiency.

Bill Deng, Founder and CEO of XTransfer, said, “In May 2023, Hong Kong business was officially launched and is set to be upgraded to Service Centre on August 1st, to enhance services for Hong Kong’s foreign trade enterprises. This year, the Hong Kong Service Centre will be expanded to a team of more than 40 people. Moving forward, we plan to leverage Hong Kong’s position as a hub to accelerate our global footprint. The business of the rest of the world will be launched one after another. We hope to deliver our services through Internet and AI intelligent to SMEs worldwide to fulfil our mission to “Empower Global SMEs to Enjoy Financial Services”.

In addition, XTransfer is excited to announce the “Jan to Jul 2023 Mainland China SMEs Export to Hong Kong Leading Indicator” (the “Indicator”) for the first time. The Indicator is calculated by normalising and weighting the data of the same batch of a representative sample of clients in 2023 and during the same period in the previous year. In B2B export trade, data on payment collections often precedes the customs and logistics data to show trends, which can predict the foreign trade export outlook in the next one to three months. The overall performance of Jan to Jul 2023 of the Indicator was lower than the same period of last year but showed a steady and rising trend. XTransfer expects the Indicator to rise to 70.53 in August.

As a seasoned technology platform catering to foreign trade enterprises, XTransfer is familiar with the latest developments in the trade industry. Based on the analysis of the characteristics of XTransfer’s clients, among its mainland SMEs clients, the top three provinces in terms of payment collected by exporters from Jan to Jul of 2023 are GuangdongZhejiang and Fujian. Among them, Guangdong Province was the most active, with Guangdong SMEs accounting for 72.9% of XTransfer’s clients’ total payment collections from exports to Hong KongZhejiang for 5.5%, and Fujian for 4.1%. Tianjin SMEs saw significant growth in their exports, with a 32.3% increase in payment collections compared to the same period last year. In terms of export categories, the top three categories of SMEs’ exports to Hong Kong were: mechanical appliances and parts thereof, base metals and their manufacturers, and textile raw materials and textile products.

About XTransfer

B2B Global Trade Financial Technology Platform, XTransfer, a leading trade payment & collection enterprise in mainland China, is dedicated to providing SMEs with secure, compliant, fast, convenient and low-cost global trade payments & fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness. Founded in 2017, the company is headquartered in Shanghai and has branches in China’s major foreign trade cities such as Hong KongShenzhen and the United Kingdomthe United StatesCanadaJapanAustralia, and Singapore. XTransfer has obtained local payment licenses in Hong Kong, the United Kingdomthe United StatesCanada, and Australia. With more than 350,000 enterprise clients, XTransfer has become the industry’s leading company in mainland China.

By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and built a data-based, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centred on small and medium enterprises. XTransfer uses technology as a bridge to link large financial institutions and small and medium enterprises around the world, allowing small and medium enterprises to enjoy the same level of cross-border financial services as large multinational corporations.

XTransfer completed its Series D financing in September 2021, and the company’s current valuation exceeds USD$1.3 billion, making it a unicorn. The lead investor is China Merchants Venture, and other global leading strategic investors include eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, Telstra Ventures, MindWorks, Lavender Hill Capital Partners, and D1 Capital Partners LP.

Image by: Pixabay

Shopping Cart

Media Kit

    Data Protection

    Personal Data (“Data”) submitted for Media Kit (“Media Kit”), and/or collected in the form of first name, last name, email address and other contact details may be used for the purposes of inviting you to future events and for reaching out to you with content which may be of interest to you. For these purposes, The Digital Banker will share the Data with our associate companies (including event and content sponsors) to promote their products and services. You will also be automatically subscribed as a user on www.thedigitalbanker.com. If you would like to opt-out, email us at [email protected].

    By clicking Submit, you acknowledge that you consent/ have sufficient informed consent to the collection, use and disclosure of Data as set out above.

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.