XTransfer partners with TerraPay

Through this collaboration, customers will gain access to local payment execution across 136 countries and regions, including emerging markets such as Africa, Latin America, and Southeast Asia. The partnership aims to facilitate cross-border trade and improve payment methods for SMEs. 

Representatives from XTransfer cited by financefeeds.com talked about the significance of the partnership in enhancing global payment capabilities and achieving cost savings. In turn, officials from TerraPay emphasized a commitment to providing innovative financial solutions for SMEs. 

Headquartered in Shanghai, XTransfer offers foreign trade payment and fund collection solutions. TerraPay, with a regulated cross-border payments network, facilitates payments to various receive and send countries, bank accounts, and mobile wallets globally.

XTransfer is expanding its presence globally, with plans for an official launch in the United States. The company has secured payment licences in Delaware, Florida, and Colorado. XTransfer aims to address cross-border transaction challenges between China and the US, leveraging partnerships with financial institutions such as JP Morgan, Deutsche Bank, DBS, and VISA.

Other recent developments from XTransfer 

In February 2024, XTransfer executed its first onshore Thai Baht (THB) trade in Thailand, facilitated by Deutsche Bank. The company's CEO attended the World Economic Forum in Davos to prepare for expansion into Pakistan and Vietnam.

In January 2024, XTransfer expanded its business to over 200 countries and regions to serve SMEs in cross-border trade. 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, according to the company's press release.

At the time, the company revealed its plans to expand 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.