XTransfer, a China-based B2B cross-border trade payment platform, has partnered with OCBC, Southeast Asia’s second-largest financial services group, to offer global multi-currency accounts for SMEs engaged in international trade. The partnership will leverage OCBC’s regional network in Singapore, Hong Kong, Malaysia, and Indonesia to provide payment, foreign exchange, risk control, and wealth management solutions.
The ‘Global Multi-Currency Account’ supports major and ASEAN currencies, facilitating trade settlement and improving cross-border efficiency. XTransfer’s over 550,000 clients can access enhanced payment and collection options via OCBC’s infrastructure, including local clearing networks in Hong Kong. Trade between China and ASEAN has surged, with XTransfer reporting an 80% year-on-year growth in SME payments from ASEAN in 2024. The collaboration aims to capitalise on growing trade opportunities and strengthen XTransfer’s payment capabilities in the region.