Promoting global B2B cross-border trade facilitation, 2024 Hong Kong Fintech Week showcases innovative payment services

On October 28, the 2024 Hong Kong Fintech Week officially kicked off. XTransfer, China's first B2B foreign trade finance platform, made its debut at the event with its innovative achievements in the field of cross-border finance. Through cooperation with internationally renowned banks such as JPMorgan Chase, Deutsche Bank, DBS Bank, and Bank of China, XTransfer plays an important role in promoting global trade for China's small and medium-sized enterprises.

Hong Kong Fintech Week is one of the largest fintech events in Asia, attracting leading companies and innovators in the global fintech field. As an official partner, XTransfer showcased its latest cross-border payment solutions and industry-leading AI risk control technology at the event, which are designed to simplify the settlement process of global B2B cross-border trade, reduce costs, and improve efficiency.

XTransfer's booth at the Hong Kong Fintech Week attracted many visitors, and company representatives introduced in detail its products and services, as well as how to help small and medium-sized enterprises solve the pain points in cross-border payments. Through close cooperation with internationally renowned banks, XTransfer has built a full-featured B2B foreign trade financial platform, providing global and local account services, and innovatively launched X2X payment (i.e. XTransfer to XTransfer payment), which arrives in 1 second 24/7 and has 0 handling fees, allowing global buyers and sellers to facilitate cross-border transactions while ensuring the security and compliance of transactions.

Build anti-money laundering risk control infrastructure to help small and medium-sized enterprises expand their business globally in compliance with regulations

Since the B2B cross-border trade chain involves a large number of offline links, transaction data is scattered and unstructured. In addition, B2B cross-border trade is further miniaturized and fragmented, and its anti-money laundering risk control link is more difficult. It is difficult for small and medium-sized enterprises to obtain high-quality cross-border financial services. For a long time, they have faced difficulties in opening accounts, collecting payments, and high costs.

There are millions of small, medium and micro enterprises engaged in export in China. They account for more than 60% of the total export trade, and the number is increasing year by year. Therefore, it is a very valuable topic to help small, medium and micro foreign trade enterprises solve their difficulties in opening overseas accounts, low capital flow efficiency and high costs, and help them better expand the global market.

To solve the above problems, XTransfer built an anti-money laundering risk control infrastructure for small and medium-sized enterprises at the beginning of its establishment. It uses AI, big data technology and other technologies to efficiently conduct anti-money laundering risk control audits, ensuring that convenient cross-border financial services are provided to small and medium-sized foreign trade enterprises under the premise of safety and compliance.

"Using technical means to solve the anti-money laundering risk control problems in cross-border B2B trade of small and medium-sized enterprises can also help cooperating financial institutions save operating costs, so this is a benign and win-win cooperation mode. Since its establishment, we have established in-depth cooperative relationships with more and more financial institutions, including well-known Chinese and foreign banks such as JPMorgan Chase, Deutsche Bank, DBS Bank, Bank of China, as well as mainstream payment institutions around the world such as TransferMate, Banking Circle, EBANX." said Deng Guobiao, founder and CEO of XTransfer.

Currently, XTransfer has branches in Hong Kong, the United Kingdom, the Netherlands, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the United Arab Emirates, Nigeria and other places, and has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada and Australia.

Cooperate with well-known financial institutions to facilitate global B2B cross-border trade

The cross-border payment solution provided by XTransfer uses AI and big data technology to ensure the security and compliance of B2B cross-border transactions. Through cooperation with world-renowned banks, XTransfer continues to build a full-featured B2B foreign trade financial platform, providing comprehensive solutions including foreign trade collection, multi-currency cash management, financing, risk control services, customer management, etc., so that small and medium-sized enterprises can enjoy the same level of cross-border financial services as large multinational groups.

JPMorgan Chase is one of the world's largest US dollar clearing institutions and one of the largest non-European institutions in the euro clearing business. XTransfer's cooperation with JPMorgan Chase further expands its cross-border payment network, making it easier for small and medium-sized enterprises to conduct international trade.

Based on the cooperation, XTransfer provides multi-currency global payment services for small and medium-sized foreign trade enterprises. This service will help enterprises enjoy a faster and more convenient account entry experience, while reducing the cost of capital circulation and further improving their competitiveness in global trade.

XTransfer's cooperation with Bank of China is an important part of its cross-border payment solutions. As one of the largest banks in China, Bank of China has an extensive international network and deep experience in cross-border financial services. With the strong support of Bank of China, XTransfer successfully launched the innovative cross-border financial product "Easy Enterprise Settlement" at the end of 2022. That is, XTransfer cooperates with Bank of China to provide foreign trade companies with compliant, convenient and secure cross-border collection services, helping companies to conduct international trade conveniently.

On the first day of Hong Kong Financial Week, representatives of a number of banking partners, including Barclays Bank and Deutsche Bank, visited the XTransfer booth and had in-depth exchanges. Bank partners said that cooperation with XTransfer enables them to use the latest AI financial technology to provide better services for small and medium-sized enterprises. "In the future, both parties will continue to deepen cooperation and provide more convenient cross-border payment services for small and medium-sized enterprises around the world, which is also crucial to promoting trade between China and the world." said a representative of Barclays Hong Kong business.

In addition, earlier this year, XTransfer also worked with Deutsche Bank to upgrade its local Thai collection account and completed the first Thai baht onshore transaction under the Bank of Thailand's Non-Resident Qualified Company (NRQC) program. This also means that Thai trading companies can achieve local currency settlement of B2B foreign trade transactions with Chinese companies.

XTransfer said at the 2024 Hong Kong Fintech Week that with the development of financial technology, global B2B cross-border trade payments will become safer, cheaper and more convenient. XTransfer's close cooperation with internationally renowned banks and payment institutions provides a clear path to this goal. With the integration of the global economy, the importance of cross-border finance is increasing. XTransfer's innovative payment solutions will continue to provide strong support for promoting the facilitation of global B2B cross-border trade.

XTransfer