Hong Kong – XTransfer and Bank of China (Hong Kong) have signed a cooperation agreement to expand cross-border financial services for businesses involved in international trade.
The agreement covers global collections, payments and foreign exchange services for companies in Hong Kong and other markets. The companies said the partnership will combine BOCHK’s cross-border settlement and foreign exchange capabilities, including its role as Hong Kong’s renminbi clearing bank, with XTransfer’s cross-border settlement network and risk management system.
Under the arrangement, XTransfer will be BOCHK’s first corporate partner. The companies aim to make multi-currency transactions and settlements more accessible to trade businesses, while reducing handovers in cross-border transactions and improving service and capital turnover efficiency.
The partnership also forms part of XTransfer’s financial institution partnership model. The company said its network of more than one million business customers could help partner institutions reach businesses seeking cross-border financial services.
“We are very honoured to sign the cooperation agreement with BOCHK during Hong Kong FinTech Week. BOCHK is one of Hong Kong’s most representative banks, with deep expertise in cross-border settlement and foreign exchange services,” said Bill Deng, Founder and Chief Executive of XTransfer.
“This cooperation combines the strengths of both parties, enabling SMEs to enjoy cross-border financial services of the same standard as large multinational corporations. Going forward, we will continue to refine our compliance and risk control capabilities and work with more financial institution partners to build trustworthy cross-border financial infrastructure,” Deng continued.
