HONG KONG, Nov. 27, 2023 – XTransfer, China’s No.1 B2B foreign trade financial technology platform, and TransferMate, the world’s leading B2B global payments infrastructure-as-a-service provider, jointly announced a strategic partnership agreement at the Singapore Fintech Festival.
XTransfer is dedicated to providing SMEs with secure, compliant, fast, convenient and low-cost foreign trade payments & fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness.
TransferMate, a subsidiary of CluneTech, has built the world’s most comprehensive and advanced payments network, allowing businesses and individuals to make cross-border payments as easily as if making a domestic funds transfer, supporting trade in more than 200+ countries and across 140+ currencies.
Foreign trade SMEs constantly encounter various challenges when it comes to cross-border payments and fund collections. These hurdles include difficulties in opening accounts with traditional banks, high risk of funds freezing, high exchange losses, long remittance time and high remittance costs. XTransfer’s “local account” service, on the other hand, offers compliant, highly efficient, convenient and cost-effective solutions for global trade payments and fund collections, specifically tailored to meet the needs of foreign trade SMEs. By using the “local account”, XTransfer’s clients can collect funds from the same countries in the local currency of their buyers, before transferring funds back into their own local currency, enabling them to lower their exchange losses and speed up the trade transaction.
By integrating Transfermate’s global payments infrastructure into its platform, XTransfer enriches its clients with another choice of payments & fund collections to local accounts. This capability will initially cover the U.S.A., Mexico, Malaysia, Canada, Singapore, and New Zealand on behalf of up to 400,000 merchants, with room for expansion. The agreement will benefit importers/exporters for machinery, apparel, electronics, household durables and other goods. This ability to collect locally and transfer funds home efficiently is another benefit of TransferMate’s globally regulated infrastructure. The partnership enables TransferMate to scale its business and reach a larger client base, particularly in China where XTransfer has the largest number of clients in the field.
While the partnership gives XTransfer clients additional capabilities and benefits, the user experience will remain the same. All activity will happen within the existing XTransfer web portal, meaning no disruption to users or need for retraining.
Violas Xiao, local CEO of Singapore, XTransfer, said: “The strategic partnership with TransferMate represents a pivotal milestone for us, signifying our commitment to empowering SMEs with the tools they need to expand globally. The partnership also represents a significant step for XTransfer towards globalisation. Together with TransferMate, we are poised to make a lasting impact, revolutionising the way businesses navigate foreign trade. This partnership means growth, innovation, and a strengthened position in the global marketplace for XTransfer and our valued clients.”
Vijay Rao, Head of APAC, TransferMate, said: “Partnering with the largest B2B payment company in China is a significant moment for TransferMate, and we also believe will be of great benefit to XTransfer and their merchant users. This integration will help them grow their businesses, make trading internationally easier, and create efficiencies in their financial processes. Partnerships should always be about creating win-win situations and, in this situation, everybody wins.”
Jennifer Carroll MacNeill TD, Minister of State (Financial Services, Credit Unions, and Insurance) of Ireland (3rd) and Terry Clune, Founder and Chairman of TransferMate (2nd), witnessed the signing of the strategic agreement between XTransfer, represented by Violas Xiao, the local CEO of Singapore, and Vijay Rao, Head of APAC of TransferMate.
