Singapore – XTransfer, a financial services firm, has recently entered into a comprehensive partnership with financial services group OCBC to empower small and medium-sized enterprises with new market opportunities.
In this collaboration, OCBC China will tap into its expansive regional network across Singapore, Hong Kong, Malaysia, and Indonesia to offer innovative cross-border financial solutions tailored for SMEs involved in global trade. These include solutions such as payment, FX, risk control, and wealth management.
According to the firm, said partnership was formalised through a memorandum of understanding signed by Bill Deng, founder and CEO at XTransfer, and Ang Eng Siong, CEO at OCBC China.
Moreover, said alliance now enables XTransfer’s clients to have access to OCBC Hong Kong’s global multi-currency account, which includes various currencies like Renminbi, US Dollar, British Pound, and Euro, as well as ASEAN and other regional currencies.
This latest offering further streamlines foreign trade settlements for SMEs while enhancing efficiency in global cross-border transactions. The partnership will provide XTransfer’s over 550,000 clients and their buyers with more payment and collection options.
In addition, 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.
Commenting about the initiative, Bill Deng, Founder and CEO of XTransfer, stated, “This collaboration marks a significant milestone for XTransfer, greatly enhancing our global payment capabilities. By leveraging OCBC’s extensive global payment network, XTransfer saves a substantial amount of market costs and accelerates our business expansion in Southeast Asia, saving on local expansion efforts.”
“XTransfer looks forward to expanding its business with OCBC in the future in a variety of areas, including wealth management and lending, and is looking forward to working with them to capture the vast opportunities in Greater China and ASEAN,” added Deng.
Ang Eng Siong, CEO of OCBC China, said, “OCBC uses Singapore and Hong Kong as our twin hubs, radiating out to Greater China and ASEAN regions. XTransfer’s business development plans in these areas align closely with our network layout.”
“As XTransfer’s global account manager, OCBC China will support XTransfer and its clients in facilitating cross-border settlements through close collaboration with various business subsidiaries of the group. This will help meet the growing demand for cross-border development and business growth, helping them achieve their aspirations in Greater China and ASEAN,” Siong further stated.
XTransfer’s latest partnership with OCBC marks a significant enhancement to its global payment infrastructure, providing advantages to cross-border traders worldwide. By offering access to a global multi-currency account, buyers can easily make payments in various currencies to overseas suppliers and collect funds from worldwide customers. Said partnership is expected to elevate cross-border trade by significantly broadening the payment methods and scope for SMEs.
