HONG KONG, May 31, 2023 /PRNewswire/ -- Yesterday, XTransfer, China No.1 B2B foreign trade financial platform*, successfully held its inaugural "B2B Trade Digitization" foreign trade seminar at the InterContinental Grand Stanford Hotel Hong Kong. The event marked XTransfer's official entry into the Hong Kong market, focusing on providing accessible, efficient, and compliant foreign trade payment services to Hong Kong's foreign trade enterprises. Notable attendees at the seminar included representatives from the Hong Kong Trade Development Council and Ying Jian, Senior Strategist of Bank of China Hong Kong Financial Research Institute, who shared insights on the topic of "Changes in the CNH market and investment & financing business".
As a leading international financial and trade centre, Hong Kong is home to numerous financial institutions and a mature capital market. Nevertheless, foreign trade enterprises in Hong Kong continue to face various obstacles, including high exchange losses, limited remittance amounts, and a prevalence of non-compliant remittance channels. In recent years, due to rising concerns about financial crime activities and money laundering risks, Hong Kong importers have made it a priority to use safe, convenient, and fast remittance services to develop their businesses. XTransfer has identified this issue in the industry and is now launching foreign trade payment solutions and other financial services for Hong Kong's foreign trade enterprises.
To address the challenges of anti-money laundering risk control in B2B foreign trade, XTransfer has independently developed a data-based, automated, internet-powered, and intelligent anti-money laundering risk management infrastructure, which has earned the trust of internationally renowned financial institutions such as Citibank (Hong Kong) and DBS Bank (Hong Kong). Through XTransfer's platform, foreign trade clients in Hong Kong can open accounts with multiple international financial institutions and conduct account-to-account payments, enabling easy payments to mainland Chinese exporters just like "local bank transfers". The service allows a twenty-four-seven instant payment of the goods, with an expected reduction of 95% in remittance fees and 20% in exchange costs, significantly improving operational fund efficiency. Additionally, Xtransfer offers "Sunshine Settlement" and compliance reporting services to enterprises in both Kong Kong and mainland China, which allows direct remittance of RMB to the seller's bank account in mainland China after reporting exchange settlement to the bank on behalf of the enterprise.
*The claim of being "China No.1 B2B foreign trade financial platform" is based on data from the report "Q1 2023 Shenzhen SMEs Export Trade (B2B) Index Report" published by the Business Industry Committee of the China Council for the Promotion of International Trade in May 2023.
Bill Deng, Founder and CEO of XTransfer, pointed out, "In the trade between Hong Kong and mainland Chinese enterprises, we have found room for improvement in Hong Kong's trade settlement with mainland China, particularly in foreign payment services for SMEs. Hong Kong importers encounter challenges such as long processing times, hefty costs, and complicated compliance reporting procedures when paying their suppliers in mainland China. This year, XTransfer officially launched localized services for Hong Kong foreign trade enterprises, including foreign trade payments and other related financial services. XTransfer is devoted to accelerating the trade fund settlement efficiency between Hong Kong and mainland China, further promoting trade between the two regions and supporting Hong Kong's position as an international trade centre."
Bill Deng, Founder and CEO of XTransfer
About XTransfer
Founded in 2017, the company is headquartered in Shanghai and has branches in China's major foreign trade cities such as Hong Kong, Shenzhen and the United Kingdom, the United States, Canada, Japan, Australia, and Singapore. Currently, XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. In the six years since its establishment, XTransfer has served more than 350,000 mainland Chinese export enterprises and has accumulated deep experience and competitive advantages in products, risk control, and services. Its industry influence is growing day by day, and it has become China No.1 B2B foreign trade finance platform.
Through partnerships with well-known multinational banks and financial institutions such as Citibank and DBS Bank, XTransfer has built a unified global multi-currency clearing network and established a data-based, automated, internet-based, and intelligent anti-money laundering risk control infrastructure centred around SMEs. It focuses on providing compliant, convenient, low-cost, and efficient cross-border trade financial services for foreign trade enterprises.
XTransfer completed its Series D financing in September 2021, and the company's current valuation exceeds USD$1.3 billion, making it a unicorn. The lead investor is China Merchants Venture, and other global leading strategic investors include eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, Telstra Ventures, MindWorks, Lavender Hill Capital Partners, and D1 Capital Partners LP.
For more information: https://hk.xtransfer.com/
