XTransfer's Bold Move at Singapore FinTech Festival 2024: A Gateway to Southeast Asia
November 8, 2024, 4:37 pm
In the bustling heart of Singapore, a financial revolution is brewing. XTransfer, a titan in the realm of B2B cross-border trade payments, is making waves at the Singapore FinTech Festival 2024. This is not just another event; it’s a launchpad for XTransfer’s ambitions in Southeast Asia. As one of the Gold Sponsors, the company is poised to showcase its innovative solutions to a diverse audience of over 60,000 attendees, including 900 industry leaders and 600 exhibitors.
XTransfer is not a newcomer to the game. Founded in 2017, it has quickly ascended to become China’s leading B2B cross-border payment platform. With over 550,000 enterprise clients, it’s a powerhouse that aims to reshape how small and medium enterprises (SMEs) engage in global trade. The Singapore FinTech Festival is a strategic move, signaling XTransfer's commitment to expanding its footprint in the ASEAN region.
The festival is a melting pot of ideas and innovations. XTransfer plans to exchange insights with industry peers and demonstrate its cutting-edge payment solutions. The company’s founder and CEO, Bill Deng, will take center stage, participating in panel discussions and exploring potential collaborations with international financial institutions and government representatives. This is more than just networking; it’s about forging alliances that can drive the future of trade in Southeast Asia.
XTransfer’s recent achievements underscore its readiness for this challenge. Earlier this year, the company made headlines by executing its first onshore Thai Baht (THB) trade in Thailand, thanks to a partnership with Deutsche Bank. This milestone is a testament to XTransfer’s ability to navigate complex regulatory landscapes. By leveraging the Bank of Thailand's Non-Resident Qualified Company (NRQC) rules, XTransfer can now facilitate local payments from Thai buyers directly to its export clients. This seamless process transforms the way payments are made, allowing Thai buyers to use their local currency effortlessly.
In July, XTransfer received a Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS). This license is a game-changer. It enables XTransfer to offer a suite of services, including account issuance, domestic and cross-border money transfers, and e-money issuance. With this license in hand, XTransfer is set to roll out comprehensive e-business wallet services tailored for SMEs in Singapore. These services promise to simplify account opening, enhance currency exchange options, and streamline cross-border fund collection.
The backdrop of this expansion is a thriving trade relationship between China and ASEAN. For 15 consecutive years, China has been ASEAN's largest trading partner. In the first eight months of 2024 alone, trade between the two regions reached a staggering USD $638 billion, marking a 10% increase year-on-year. This growing economic interdependence is fertile ground for XTransfer’s services, especially for SMEs that often struggle with traditional banking hurdles.
Despite the promising landscape, SMEs face significant challenges. Traditional banks often impose stringent requirements for account openings, leading to delays and frustrations. High remittance costs, currency conversion losses, and the risk of fund freezing create a minefield for businesses trying to navigate international trade. XTransfer aims to dismantle these barriers. By providing a secure, compliant, and cost-effective payment solution, it empowers SMEs to engage in global trade without the usual headaches.
The numbers speak volumes. From January to September 2024, XTransfer reported a nearly 100% year-on-year increase in collections from ASEAN by its mainland SME clients. The top export categories include construction materials, steel and metal products, and household goods. This data illustrates the growing reliance on XTransfer’s services as SMEs seek efficient ways to transact across borders.
XTransfer’s approach is not just about facilitating payments; it’s about creating a robust ecosystem for SMEs. By enabling both buyers and sellers to use XTransfer accounts, the platform ensures secure and compliant 24/7 payment settlements. This innovation is expected to save clients up to 95% in remittance fees and 80% in currency conversion costs. It’s a transformative solution that enhances the flow of funds throughout the trade process.
As XTransfer steps into the spotlight at the Singapore FinTech Festival, its vision is clear. The company aims to leverage technology to help SMEs not only participate in global trade but thrive in it. The goal is to enhance their global competitiveness, making them players on the world stage.
In conclusion, XTransfer’s participation in the Singapore FinTech Festival 2024 is more than a corporate strategy; it’s a bold declaration of intent. The company is ready to tackle the challenges faced by SMEs in Southeast Asia head-on. With innovative solutions, strategic partnerships, and a commitment to enhancing trade facilitation, XTransfer is poised to become a key player in the region’s financial landscape. The festival is just the beginning. The future of cross-border trade is bright, and XTransfer is leading the charge.
XTransfer is not a newcomer to the game. Founded in 2017, it has quickly ascended to become China’s leading B2B cross-border payment platform. With over 550,000 enterprise clients, it’s a powerhouse that aims to reshape how small and medium enterprises (SMEs) engage in global trade. The Singapore FinTech Festival is a strategic move, signaling XTransfer's commitment to expanding its footprint in the ASEAN region.
The festival is a melting pot of ideas and innovations. XTransfer plans to exchange insights with industry peers and demonstrate its cutting-edge payment solutions. The company’s founder and CEO, Bill Deng, will take center stage, participating in panel discussions and exploring potential collaborations with international financial institutions and government representatives. This is more than just networking; it’s about forging alliances that can drive the future of trade in Southeast Asia.
XTransfer’s recent achievements underscore its readiness for this challenge. Earlier this year, the company made headlines by executing its first onshore Thai Baht (THB) trade in Thailand, thanks to a partnership with Deutsche Bank. This milestone is a testament to XTransfer’s ability to navigate complex regulatory landscapes. By leveraging the Bank of Thailand's Non-Resident Qualified Company (NRQC) rules, XTransfer can now facilitate local payments from Thai buyers directly to its export clients. This seamless process transforms the way payments are made, allowing Thai buyers to use their local currency effortlessly.
In July, XTransfer received a Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS). This license is a game-changer. It enables XTransfer to offer a suite of services, including account issuance, domestic and cross-border money transfers, and e-money issuance. With this license in hand, XTransfer is set to roll out comprehensive e-business wallet services tailored for SMEs in Singapore. These services promise to simplify account opening, enhance currency exchange options, and streamline cross-border fund collection.
The backdrop of this expansion is a thriving trade relationship between China and ASEAN. For 15 consecutive years, China has been ASEAN's largest trading partner. In the first eight months of 2024 alone, trade between the two regions reached a staggering USD $638 billion, marking a 10% increase year-on-year. This growing economic interdependence is fertile ground for XTransfer’s services, especially for SMEs that often struggle with traditional banking hurdles.
Despite the promising landscape, SMEs face significant challenges. Traditional banks often impose stringent requirements for account openings, leading to delays and frustrations. High remittance costs, currency conversion losses, and the risk of fund freezing create a minefield for businesses trying to navigate international trade. XTransfer aims to dismantle these barriers. By providing a secure, compliant, and cost-effective payment solution, it empowers SMEs to engage in global trade without the usual headaches.
The numbers speak volumes. From January to September 2024, XTransfer reported a nearly 100% year-on-year increase in collections from ASEAN by its mainland SME clients. The top export categories include construction materials, steel and metal products, and household goods. This data illustrates the growing reliance on XTransfer’s services as SMEs seek efficient ways to transact across borders.
XTransfer’s approach is not just about facilitating payments; it’s about creating a robust ecosystem for SMEs. By enabling both buyers and sellers to use XTransfer accounts, the platform ensures secure and compliant 24/7 payment settlements. This innovation is expected to save clients up to 95% in remittance fees and 80% in currency conversion costs. It’s a transformative solution that enhances the flow of funds throughout the trade process.
As XTransfer steps into the spotlight at the Singapore FinTech Festival, its vision is clear. The company aims to leverage technology to help SMEs not only participate in global trade but thrive in it. The goal is to enhance their global competitiveness, making them players on the world stage.
In conclusion, XTransfer’s participation in the Singapore FinTech Festival 2024 is more than a corporate strategy; it’s a bold declaration of intent. The company is ready to tackle the challenges faced by SMEs in Southeast Asia head-on. With innovative solutions, strategic partnerships, and a commitment to enhancing trade facilitation, XTransfer is poised to become a key player in the region’s financial landscape. The festival is just the beginning. The future of cross-border trade is bright, and XTransfer is leading the charge.