XTransfer Receives Huge Attention in Hong Kong FinTech Week 2024

The event attracted significant attention to XTransfer's booth, where attendees learned about the company's innovation for secure and speedy global trade payments for SMEs. Bill Deng, Founder and CEO of XTransfer, participated in multiple panel discussions, engaged with leaders from international financial institutions and attended private meetings with various government representatives to explore collaboration opportunities.

Bill was invited to be the keynote speaker for the "Next-Gen Digital Payment Infrastructure: Integration, Security & Interoperability" panel on the first day of the event, which included representatives from Tencent Financial Technology and Payment Asia.

During his discussion on how AI and other emerging technologies can enhance the efficiency and security of payments, Bill stated, "XTransfer has built a data-based, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centred on SMEs. By utilising artificial intelligence to assist banks and financial institutions in anti-money laundering and anti-fraud efforts, manual operations are largely reduced, significantly improving efficiency. XTransfer uses technology as a bridge to link large financial institutions and SMEs around the world, allowing them to enjoy the same level of cross-border financial services as large multinational corporations."

Bill was also invited to participate in another panel on "The Role of Tech in Finance for an Inclusive Future", where he addressed the topic of promoting financial inclusion. Bill remarked, "With the increasingly stringent rules and regulations imposed by various governments, SMEs have continued to encounter various obstacles in trade settlement, including difficulties in opening accounts with traditional banks, high risk of fund freezing, high exchange losses, long remittance time, high remittance costs, and even being forced to remit funds through non-compliant channels."

"Today, banks, financial institutions, and fintech payment companies have begun to cooperate to find efficient solutions to serve SMEs and enhance financial inclusion. XTransfer has partnered with J.P. Morgan, Deutsche Bank, Bank of China, DBS Bank, Visa, and other international banks and financial institutions to provide SMEs engaged in foreign trade with the "Global Business Account". The account covers more than 200 countries/regions and more than 15 currencies, offering cross-border payment solutions, foreign exchange, and other financial services," Bill added.

When discussing XTransfer's global expansion, Bill said, "We have observed that emerging countries, particularly those in the ASEAN region, Africa, and South America, are experiencing a rise in cross-border trade. However, SMEs in these emerging markets often encounter challenges, such as being "unbanked" and lacking access to US dollars."

"XTransfer is actively expanding into emerging markets such as Saudi Arabia, Qatar and the United Arab Emirates in the Middle East; Nigeria and Kenya in Africa; Indonesia, Vietnam and the Philippines in Southeast Asia; as well as Mexico and Brazil in South America. When both buyer and seller use an XTransfer account, they can utilise the XTransfer-to-XTransfer (X2X) payment service, which allows them to conduct "Account-to-Account" payments, enabling seamless transactions between the buyer and seller as if they were making a "local transfer". This significantly improves operational capital efficiency for enterprises and promotes global trade." Bill added

Finally, Bill pointed out, "In our first six years, we have been focusing on the Mainland China market, assisting SMEs with their foreign trade collection needs. In 2023, we took our first step toward global expansion by entering the Hong Kong market. This year, we participated in the Hong Kong FinTech Week for the first time, and it was incredibly rewarding. We not only broadened our horizons but also showcased our strengths to industry and the public. We look forward to continuing our promotion of fintech innovation in cross-border payments in collaboration with international financial institutions and governments."

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XTransfer

XTransfer, World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, is dedicated to providing SMEs with secure, compliant, fast, convenient and low-cost foreign trade payment & fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness. Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the UAE, Nigeria, etc. XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. With more than 550,000 enterprise clients, XTransfer has become the industry No.1 in China.

By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and built a data-based, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centred on small and medium enterprises. XTransfer uses technology as a bridge to link large financial institutions and small and medium enterprises around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations.

XTransfer completed its Series D financing in September 2021 and achieved unicorn status. The Company possesses a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners.

For more information: https://www.xtransfer.com/