XTransfer facilitates cross-border trade globally

Founded in 2017, XTransfer has been dedicated to China's domestic market for over six years and is committed to providing MSMEs with secure, compliant, fast, convenient, and low-cost cross-border trade payment solutions.

Since the launch of the international service, the company has received numerous inquiries and feedback from the Hong Kong, Nigeria, and Vietnam markets and has already served over 1,000 overseas trading enterprises, as per the press release. Currently, around thirty thousand businesses are seeking consultation for account opening services. In 2024, the company will be fully expanded to all regions of the world, including the US, Canada, and the UK; Southeast Asia, such as Vietnam and Thailand; South Asia, such as Pakistan and Bangladesh; Africa, such as Nigeria, South Africa and Egypt; the UAE in the Middle East; and Latin America, such as Brazil and Mexico, and many other countries and regions.

Plans to add a cross-border payments solution

XTransfer officials have announced their proactive collaboration with licensed financial institutions across various regions. Their goal is to offer inventive cross-border payment solutions to support the global expansion of local MSMEs. Beyond facilitating cross-border payments involving various countries and China, the company is committed to establishing a comprehensive global payment infrastructure. This infrastructure will play a role in streamlining the collection and payment processes for trade between different countries, as well as facilitating export activities of MSMEs in emerging nations. Through these initiatives, XTransfer wants to foster the growth of local manufacturing industries and economies.

An augmented risk management infrastructure

Global MSMEs generally find it challenging to obtain sound financial services from traditional banks, which not only hinders their transactions with buyers in different countries but also forces some enterprises to use non-compliant channels, such as underground banks, for cross-border remittances, resulting in significant capital risks, the company says. With the mission of helping MSMEs around the world, XTransfer has built a data-based, automated, Internet-powered and AI anti-money laundering risk management infrastructure which has gained the trust of international financial institutions such as J.P. Morgan Chase Bank, DBS Bank, and Deutsche Bank, enabling MSME clients to open accounts with internationally renowned financial institutions through the XTransfer platform.

An all-inclusive financial ecosystem

XTransfer clients can enjoy a series of services such as convenient cross-border collection and payment, efficient foreign exchange, and other services in a secure and compliant manner, allowing MSMEs to benefit from the same level of cross-border financial services as large multinational corporations. When both buyers and sellers use XTransfer accounts, they can achieve secure and compliant 24/7 payment settlement, expected to save 95% of remittance fees and 20% of currency conversion costs, enabling a hassle-free trade capital flow. The company aims to bring heightened convenience to global buyers and sellers through the unified platform of XTransfer, which can save up to 10% of trade costs along the whole chain.

As an innovative unicorn, XTransfer is dedicated to its mission to drive innovation to enhance financial inclusion for MSMEs worldwide. XTransfer also supports MSMEs through Generative AI tools to improve their competitiveness and business growth and reduce potential inequality.