Against the backdrop of volatile global trade, China's foreign trade is sailing against the wind. According to customs data, in the first two months of 2024, China's goods trade exports increased by 10.3% year-on-year in RMB. Recently, the National Bureau of Statistics also revealed a positive signal. In March 2024, the manufacturing purchasing managers' index (PMI) was 50.8%, and the manufacturing industry rebounded. Among them, the new export order index was 51.3%, which was in the expansion range. In such an economic environment, small and medium-sized enterprises have ushered in new development opportunities. Small and medium-sized enterprises play an increasingly important role in global trade. However, due to the strengthening of anti-money laundering compliance supervision, the threshold and cost of traditional banking services continue to rise, making small and medium-sized enterprises face many challenges when conducting international trade. In order to solve this problem, XTransfer and global payment giant Visa announced a cooperation in the field of cross-border financial services to jointly provide more convenient and efficient financial services for small and medium-sized enterprises. Visa is a leader in the field of global digital payments. Its global payment network covers more than 200 countries and regions, cooperates with about 14,500 financial institutions, and has an annual transaction volume of 15 trillion US dollars. It is an important bridge connecting the global economy. For traditional banks, based on a comprehensive consideration of costs and benefits, they tend to serve large enterprises. Therefore, small and medium-sized foreign trade enterprises have long faced difficulties such as difficulty in opening accounts, difficulty in collecting payments, and high costs. For example, many small and medium-sized foreign trade enterprises engaged in international trade rely on traditional wire transfers for payment. This process usually involves multiple intermediary banks, incurs high fees, and cross-border remittances are often delayed. XTransfer has been committed to providing one-stop cross-border financial and risk control services for small and medium-sized enterprises. Through cooperation with Visa, XTransfer has launched local collection accounts in key markets such as Canada, Europe and the United States, greatly simplifying the cross-border collection process for small and medium-sized enterprises. When enterprises receive payments through XTransfer's local collection accounts, they can not only save the intermediary bank fees generated by cross-border remittances, but also enjoy the efficient and fast account arrival experience brought by the local clearing network. In addition, the cooperation between XTransfer and Visa also helps small and medium-sized enterprises to quote in their own currency during quotation negotiations, thereby reducing communication costs and risks caused by inconsistent exchange rate expectations. This localized payment solution allows overseas buyers to pay in their own currency without incurring additional exchange rate conversion costs, thereby reducing transaction complexity and uncertainty. “Many SMEs engaged in international trade have traditionally relied on wire transfers to receive payments. This process often involves multiple intermediary banks, which incurs high bank fees, and cross-border remittances are often delayed,” said Yina Yang, head of strategy for Visa’s cross-border solutions in Asia Pacific. “Visa’s cross-border solutions enable XTransfer to expand local payment services in markets such as Canada, Europe and the United States, effectively solving these problems and reducing barriers and costs for SMEs to expand globally.” Violas, head of XTransfer Singapore, said: "We are very pleased to work with a global payment leader like Visa. This cooperation not only provides our customers with better financial services, but also paves the way for the global expansion of SMEs. We believe that through the joint efforts of XTransfer and Visa, we can help more SMEs succeed in the global market." The cooperation between XTransfer and Visa provides strong support for small and medium-sized enterprises in global trade, helping them better seize current growth opportunities. At the same time, by providing more efficient and low-cost cross-border financial services, XTransfer and Visa will jointly escort the international trade of small and medium-sized enterprises. XTransfer Visa International Trade |
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