Hong Kong – XTransfer, a cross-border financial and risk management services firm, has recently announced its strategic collaboration with money movement firm TerraPay to provide secure, compliant, fast, and cost-effective cross-border payments and fund collection among small and medium enterprises.
In this partnership, the company will utilise TerraPay’s global payments infrastructure to advance its service offerings.
The said strategy will allow customers to execute local payments on a global scale and settle payments in local currencies across 136 countries and regions, which include emerging markets such as Africa, Latin America, and Southeast Asia.
Furthermore, the said agreement will play a crucial role in enhancing cross-border trade while significantly expanding the spectrum of payment methods available to SMEs.
Violas Xiao, local CEO of Singapore at XTransfer, stated, “This partnership is a significant milestone for XTransfer, as it greatly enhances our global payment capabilities. By leveraging TerraPay’s extensive global payments network, XTransfer has achieved significant cost savings and accelerated our market entry time, eliminating the need for local rebuilding efforts.”
“This collaboration further exemplifies our dedication to empowering SMEs in their global expansion and enhancing global competitiveness through innovative trade payment solutions,” explained Violas.
Sukesh Malliah, vice president for Asia Pacific at TerraPay, also said, “We are thrilled to partner with XTransfer to enhance cross-border payment solutions for SMEs globally. This partnership underscores our commitment to providing innovative and reliable financial solutions that drive efficiency and inclusivity.”
“Together, we aim to empower SMEs with the tools they need to succeed in the global marketplace, fostering economic development and connectivity in emerging markets,” concluded Sukesh.
Through the collaboration, TerraPay strengthens its position as a key player in the global payments industry, enhancing its ability to serve a diverse range of clients across various regions.
