XTransfer Joins Singapore FinTech Festival 2024 to Boost ASEAN Business

XTransfer, a prominent player in the financial technology sector, is gearing up to participate in the Singapore FinTech Festival 2024. This event serves as a significant platform for industry leaders to exchange insights and showcase innovative solutions. XTransfer aims to highlight its cutting-edge cross-border payment solutions, which are designed to facilitate international trade, particularly for small and medium-sized enterprises (SMEs).

Bill Deng, the Founder and CEO of XTransfer, is set to engage in multiple panel discussions during the festival. His participation underscores the company's commitment to exploring collaboration opportunities with international financial institutions and government representatives. Since its global expansion last year, XTransfer has made remarkable strides in the ASEAN region, marking a new chapter in its growth story.

In February 2023, XTransfer achieved a significant milestone when Deutsche Bank executed the company's first onshore Thai Baht (THB) trade in Thailand. This was made possible by leveraging the latest version of the Bank of Thailand's Non-Resident Qualified Company (NRQC) rules. The process allows XTransfer to receive local payments from Thai buyers on behalf of its export clients, ensuring a seamless transaction experience. Payments in THB are converted to Hong Kong Dollars (HKD) and Renminbi (RMB) before being transferred to the exporter's account, thus facilitating smooth cross-border transactions.

Moreover, in July 2023, XTransfer received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI). This license will enable XTransfer to offer a range of services, including account issuance, domestic and cross-border money transfers, and e-money issuance. With the MPI license in hand, XTransfer plans to introduce comprehensive e-business wallet services in Singapore, aimed at enhancing the trading experience for SMEs engaged in global commerce.

Trade between China and ASEAN has been on the rise, with China being ASEAN's largest trading partner for 15 consecutive years. In the first eight months of 2023, trade between the two regions reached USD $638 billion, reflecting a year-on-year increase of 10%. This growing trade relationship is particularly beneficial for SMEs, as evidenced by XTransfer's data showing a nearly 100% year-on-year increase in collection amounts from ASEAN by its mainland SME clients.

Despite these advancements, SMEs in the region still face significant challenges in trade settlement. Issues such as difficulties in opening accounts with traditional banks, high risks of fund freezing, and long remittance times continue to hinder their operations. XTransfer has been focusing on B2B foreign trade financial services for eight years, serving over 550,000 foreign trade enterprises and establishing itself as the leading B2B foreign trade payment platform in China.

By utilizing XTransfer's services, both buyers and sellers can achieve secure and compliant payment settlements around the clock, potentially saving up to 95% on remittance fees and 80% on currency conversion costs. This efficiency not only streamlines the payment process but also enhances the overall trading experience.

As Bill Deng stated, "We are very pleased to participate in the Singapore Fintech Festival. We hope to serve SMEs in Singapore in the future, radiating to the ASEAN region, utilising technology to help SMEs efficiently participate in global trade and enhance their global competitiveness." XTransfer's commitment to providing secure, fast, and low-cost foreign trade payment solutions is set to significantly reduce the barriers to global expansion for SMEs.

XTransfer's participation in the Singapore FinTech Festival 2024 marks a pivotal moment for the company as it seeks to strengthen its presence in Southeast Asia. By leveraging technology and innovative financial solutions, XTransfer is not only enhancing trade facilitation between SMEs in China and Singapore but is also paving the way for smoother foreign trade transactions across the globe. As the landscape of international trade continues to evolve, companies like XTransfer play a crucial role in empowering SMEs to thrive in a competitive market.