China-based B2B cross-border payments platform XTransfer has signed a cooperation agreement with Bank of China (Hong Kong) (BOCHK), one of Hong Kong's note-issuing banks. The two companies will work together to provide cross-border financial services, including global collections, payments, and foreign exchange, to businesses engaged in international trade, both in Hong Kong and in other markets.
Combining bank clearing with a B2B network
The partnership brings together BOCHK's cross-border settlement and foreign exchange trading capabilities, including its role as the renminbi clearing bank in Hong Kong, with the B2B cross-border settlement network and risk management system that XTransfer built itself. The companies aim to offer trading businesses a more efficient, lower-cost, and compliant way to collect payments, pay suppliers, and exchange currencies across markets.
By reducing the number of handover points in cross-border transactions, the two companies expect to improve the service experience for businesses and speed up the turnover of their working capital. The cooperation is designed to help businesses meet multi-currency transaction and settlement needs across different markets, and to make it easier for trading companies to access global collection, payment, and foreign exchange services.
XTransfer's financial institution partnership model
The agreement forms part of XTransfer's partnership model for financial institutions, under which banks provide collection, payment, and foreign exchange capabilities while reaching XTransfer's network of more than one million business customers. XTransfer has been expanding these bank partnerships. In June 2026, it signed an MoU with Societe Generale to develop cross-border payment solutions for trade between China, Europe, and global markets. In October 2026, XTransfer also registered with Chile's financial intelligence unit, the UAF, to expand its B2B payments.
Bill Deng, Founder and CEO of XTransfer, described BOCHK as one of Hong Kong's most representative banks and said it brings deep expertise in cross-border settlement and foreign exchange services, and that the cooperation will allow SMEs to access cross-border financial services of the same standard as large multinational corporations. He added that XTransfer will continue to strengthen its compliance and risk control capabilities and work with more financial institutions to build cross-border financial infrastructure.
