XTransfer has announced a significant rise in cross-border payment activity between Hong Kong companies and emerging markets, as the firm returns to the Global Sources Consumer Electronics Show 2025 at AsiaWorld-Expo. The company introduced its latest solutions aimed at addressing the rising demand for efficient cross-border payment services in fast-growing trade corridors beyond Europe and the United States.
The firm revealed that in the first quarter of 2025, Hong Kong clients using its platform recorded a 300 percent year-over-year increase in cross-border collections from ASEAN, Africa, and Latin America. Nigeria showed the highest individual growth. Nearly 50 percent of total collection volume from Hong Kong clients during the period came from these three regions, according to XTransfer’s internal data. Around 70 percent of platform clients exported to Asia, Africa, or Latin America during the same period.
Adapting to the rapidly changing international trade environment
To meet this growing demand, XTransfer is offering two services for Hong Kong and global SMEs: the “Global Business Account” and the “Local Currency Account.” These enable clients to receive funds in local currencies across more than 30 countries, supporting over 56 currencies. The offering extends beyond traditional trade partners and includes markets such as Indonesia, Vietnam, Brazil, Mexico, Nigeria, and Kenya.
The service helps bypass common issues such as local dollar shortages and foreign exchange losses caused by intermediary conversions. Payments routed through local clearing systems eliminate intermediary bank fees and, in some cases, arrive instantly. XTransfer estimates that its services can reduce remittance fees by up to 95 percent and cut foreign exchange costs by 80 percent.
Bill Deng, Founder and CEO of XTransfer, commented, “Over the past two years, we have actively participated in local events and exhibitions in Hong Kong, strengthening our presence in the market. This year, we are once again taking part in the Global Sources Consumer Electronics Show further to promote XTransfer’s innovative global trade payment solutions. We aim to help more Hong Kong enterprises adapt to the rapidly changing international trade environment, solve cross-border payment challenges, improve fund operation efficiency, and accelerate global business expansion.”
The Global Sources Consumer Electronics Show draws more than 200,000 international buyers and remains a key venue for trade platforms and suppliers to showcase new products and form strategic partnerships.
XTransfer Secured MPI License from Singapore MAS
The Monetary Authority of Singapore (MAS) recently granted XTransfer a major payment institution (MPI) license under the Payment Services Act 2019. The move will allow the China-based B2B cross-border payments firm to provide services including account issuance, domestic money transfer, cross-border money transfer, and e-money issuance.
XTransfer is set to roll out its comprehensive payment solutions in Singapore, targeting small and medium-sized enterprises (SMEs) involved in international trade. The soon-to-be-launched services will offer seamless account setup, flexible top-up options, efficient currency exchange, and streamlined cross-border fund collection and payment solutions. These services are designed to simplify international transactions and enhance cash flow for SMEs, a key driver of Singapore’s trade economy.
Founded in 2017, XTransfer has rapidly grown to become China’s dominant player in cross-border trade payments, serving over 550,000 enterprise clients. The fintech firm’s innovative platform connects SMEs with large financial institutions, offering secure, compliant, and cost-effective payment solutions. Its all-in-one business account supports over 15 currencies and operates in more than 200 countries and regions.
A major draw for global SMEs is the ability to significantly reduce transaction costs. By using XTransfer’s system, businesses can save up to 95% on remittance fees and cut currency conversion costs by as much as 80%, the firm claims. Additionally, settlements between buyers and sellers with XTransfer accounts can be processed 24/7, ensuring smooth and uninterrupted fund circulation.
As trade between China and ASEAN nations continues to thrive, XTransfer’s expansion into Singapore comes at a pivotal time. The company aims to facilitate smoother trade flows between SMEs in both regions, positioning itself as a key enabler in the growing economic relationship. XTransfer’s Singapore launch not only targets trade between China and ASEAN but also seeks to streamline foreign trade for Singaporean businesses globally, reinforcing Singapore’s position as a hub for international commerce.
XTransfer partnered with OCBC for Southeast Asia expansion
XTransfer recently formed a comprehensive partnership with OCBC, the second-largest financial services group in Southeast Asia. The collaboration is set to provide small and medium-sized enterprises (SMEs) engaged in international trade with innovative, one-stop cross-border financial solutions.
The partnership will leverage OCBC China’s expansive regional network and resources, focusing on key markets such as Singapore, Hong Kong SAR, Malaysia, and Indonesia. The two companies will offer SMEs integrated services including payment solutions, foreign exchange (FX), risk control, and wealth management.
A key element of the collaboration is the introduction of XTransfer’s use of OCBC’s “Global Multi-Currency Account” in Hong Kong, which enables clients to make payments and collect funds globally. This account supports a wide range of currencies, including major ones like the Renminbi, US Dollar, British Pound, Euro, and various ASEAN currencies.
This development is expected to improve the efficiency of foreign trade settlements, providing SMEs with enhanced payment and collection options, as well as the ability to conduct transactions through local clearing networks like CHATS or FPS in Hong Kong, offering ease similar to local bank transfers.
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