Following this expansion, the fintech company aims to launch localised solutions such as cross-border payments, for trade in Hong Kong in the second quarter of 2023. This process is focused on making the payments that are taken in mainland China easier and safer.
Customers of Hong Kong will be able to pay their mainland suppliers through the XTransfer service. The company currently supports 24/7 instant payments to other XTransfer accounts in the region, and it is set to reduce remittance fees by 95% and exchange costs by 20%. This is expected to improve the efficiency of its operating funds.
XTransfer will also offer users `sunshine settlement`, as well as compliance reporting tools for businesses and enterprises both in Hong Kong and mainland China. The feature was designed to allow for direct remittance of RMB to the seller’s bank account which is in mainland China, only after they made the reporting exchange settlement to the bank, on behalf of the business.
The expansion to Hong Kong was made with the growing demand for facilitated cross-border services from both regions in mind. The decision of XTransfer focuses on providing Hong Kong small and medium-sized enterprises with more accurate, efficient, and secure products that were designed to meet their needs and expectations and provide a more seamless way to make payments to mainland China.
China-based cross-border financial and risk control products company for foreign trade enterprises, XTransfer offers multiple of its services to small and medium businesses, in order to reduce the cost of global expansion and enhance competitiveness around the world.
The company provides its customers with numerous solutions and tools for improving their experience and development process. These are based on areas such as risk and compliance, multi-currency cash management, trade collection, and trade ecosystem.
Its foreign trade ecology allows clients to select the needed foreign trade ecological service providers. This will enable them to use comprehensive products for SMEs and foreign trade enterprises. Those include foreign trade logistics, foreign trade finance and taxation, foreign trade solutions, as well as foreign trade media.
XTransfer’s security and compliance solutions were built to safeguard clients’ funds while meeting security standards in order to protect their transaction data privacy. Users can benefit from fund security tools (the funds are deposited separately in the trust accounts of the partner banks), platform safety (all the data transmission is encrypted by the company with its SSL technology while the access rights are strictly controlled), data and transaction privacy (all transaction operations are carried out following the limitations and the preferences imposed by the user).
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