XTransfer and OCBC Forge Comprehensive Partnership

​XTransfer has announced a comprehensive partnership with OCBC, the second-largest financial services group in Southeast Asia. This collaboration aims to provide small and medium-sized enterprises (SMEs) engaged in international trade with integrated financial solutions, encompassing payment processing, foreign exchange, risk management, and wealth management services.

The Memorandum of Understanding was signed on December 18, 2024, by Bill Deng, the Founder and CEO of XTransfer, and Ang Eng Siong, the CEO of OCBC China. Under this partnership, OCBC China will utilize the extensive resources and regional network of the OCBC Group in key markets such as Singapore, Hong Kong, Malaysia, and Indonesia.

Bill Deng remarked on the potential benefits of the partnership, highlighting the enhancement of global payment capabilities through OCBC's established network. He noted that this collaboration could facilitate XTransfer's expansion efforts in Southeast Asia while reducing market-related costs.

Ang Eng Siong commented on OCBC's strategic positioning in the region, indicating that Singapore and Hong Kong serve as pivotal hubs for their operations extending into Greater China and ASEAN. He emphasized that this partnership aligns with OCBC's network strategy and aims to assist XTransfer and its clients in managing cross-border transactions effectively.

The collaboration will enable XTransfer to utilize OCBC's banking infrastructure to offer a "Global Multi-Currency Account" through OCBC Hong Kong. This account allows clients to conduct transactions in various currencies, including the Renminbi, US Dollar, British Pound, Euro, and currencies from ASEAN nations. This service is expected to support SMEs in streamlining their foreign trade settlements and improving transaction efficiency.

Recent data indicates that trade relations between China and ASEAN have strengthened, with XTransfer reporting an 80% increase in the amount received by SMEs from ASEAN markets between January and September 2024 compared to the previous year. The partnership with OCBC aims to address the growing needs of these enterprises in navigating international trade opportunities.

XTransfer continues to enhance its global payment infrastructure by collaborating with recognized banks and financial institutions. The agreement with OCBC is anticipated to upgrade XTransfer's capabilities in facilitating cross-border transactions for SMEs, providing a wider range of payment options and enhancing operational efficiency in international trade.