The partnership aims to enhance collaboration on key objectives, including local accounts, multi-currency settlement, and compliance risk control, to provide SMEs engaged in foreign trade with safer, more efficient, and more convenient global collection and cash management services, facilitating connections for businesses around the world.
SPD Bank has consistently embraced open innovation and continually advanced its digital strategy. The bank has strong service capabilities and professional expertise in cross-border finance, maintaining a long-standing commitment to supporting the global development of small and medium-sized enterprises (SMEs) engaged in foreign trade.
XTransfer specialises in B2B foreign trade finance and leverages technology to connect large global financial institutions with SMEs. It offers integrated solutions, including foreign trade payments and collections, multi-currency cash management, and intelligent risk control. To date, XTransfer has served over 700,000 corporate clients worldwide.
Bill Deng, Founder and CEO of XTransfer, stated, "We are excited to establish a comprehensive strategic partnership with SPD Bank Shanghai Branch. SPD Bank has significant experience and strong resources in cross-border financial services. By combining their expertise with XTransfer's innovative technology and global network, we aim to offer SMEs engaged in foreign trade a higher-quality financial infrastructure. This collaboration will support their steady growth in the global market."
Zhang Xianfeng, Vice President of SPD Bank Shanghai Branch, stated, "SPD Bank will continue to collaborate closely with XTransfer, aiming to achieve the goal of 'local accounts that connect the globe and explore new opportunities in foreign trade'. We are committed to enhancing our cross-border financial service system, providing robust financial support for Chinese enterprises expanding globally, and working with all industry stakeholders to promote high-quality development in foreign trade."
Looking ahead, the two parties will continue to enhance their cooperation on several key objectives, including local accounts, multi-currency settlement, and risk control system development. This collaboration aims to promote innovation and upgrade China's foreign trade financial ecosystem, allowing SMEs to access cross-border financial services comparable to those offered to large multinational corporations.
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About XTransfer
XTransfer, the world-leading and China's No.1 B2B Cross-Border Trade Payment Platform, is dedicated to providing small and medium-sized enterprises (SMEs) with secure, compliant, fast, convenient and low-cost foreign trade payment and 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, and Nigeria. XTransfer has obtained local payment licences in Mainland China, Hong Kong SAR, Singapore, the United Kingdom, the Netherlands, the United States, Canada, and Australia. To date, XTransfer serves over 700,000 enterprise clients worldwide.
By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and a data-based, automated, internet-based and intelligent anti-money laundering risk control infrastructure centred on SMEs. XTransfer uses technology as a bridge to link large financial institutions and SMEs 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 has 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, please visit: https://www.xtransfer.com/
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