Partnership between B2B Foreign Trade Financial Technology Platform, XTransfer, and TransferMate, the world’s foremost non-bank licensing payments infrastructure will expand available market for approximately 400,000 merchants
HONG KONG, Nov. 27, 2023 /PRNewswire/ — 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.
About XTransfer
XTransfer, No.1 B2B Foreign Trade Financial Technology 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 China’s major foreign trade cities such as Hong Kong, Shenzhen and the United Kingdom, the United States, Canada, Japan, Australia, and Singapore. XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. With more than 400,000 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 small and medium enterprises to enjoy the same level of cross-border financial services as large multinational corporations.
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://www.xtransfer.cn/
About TransferMate
TransferMate – a subsidiary of CluneTech — is the world’s leading provider of B2B payments infrastructure-as-a-service, enabling companies to send and receive cross-border payments faster, easier and at lower cost.
TransferMate, under the leadership of founder Terry Clune and CEO Sinead Fitzmaurice, has built one of the largest portfolios of payments licenses worldwide, including 51 US states and territories, to support trading in more than 201 countries and 141 currencies.
Leading banks, fintechs and software providers partner with TransferMate to offer an enhanced user experience for their business customers. The company has created bespoke integrations for banks like ING and AIB, who are also investors in the company. The TransferMate API solution allows partners to digitalize the payments flow within their software, enabling all businesses to achieve significant time and financial savings.
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