OCBC China will leverage OCBC Group’s regional network in its markets in Singapore, Hong Kong, Malaysia, and Indonesia, to collaborate with XTransfer. This partnership will offer SMEs that engage in international trade payment, FX, risk control and wealth management.
Trade exchanges between China and ASEAN have become significantly similar. From January to September 2024, the amount received by SMEs engaging in foreign trade on the XTransfer platform from ASEAN grew by 80% compared to 2023, according to XTransfer.
By collaborating with OCBC, XTransfer saves a significant amount of market costs and accelerates business expansion in Southeast Asia, saving on local expansion efforts. The company aims to expand its business in a variety of areas, including wealth management and lending in Greater China and in the ASEAN region.
As XTransfer’s account manager, OCBC China will support the company in offering cross-border settlements through collaboration with various business subsidiaries of the group.
XTransfer and OCBC collaborate in several areas of cross-border business. XTransfer leverages OCBC’s banking networks and service capabilities to offer its customers the Global Multi-Currency Account provided by OCBC Hong Kong, allowing clients to make payments and collect funds globally.
The Global Multi-Currency Account supports both global currencies and currencies from ASEAN and smaller regions. This will benefit SMEs in foreign trade settlement and improve global cross-border trade efficiency.
The partnership will provide XTransfer's over 550,000 clients and their buyers with more payment and collection options. Additionally, clients can make payments and collect funds through CHATS or FPS, the local clearing network in Hong Kong, offering convenience similar to local bank transfers.
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