Coinciding with Singapore FinTech Festival 2025, senior representatives of XTransfer and Maybank officially signed the Memorandum of Understanding (MOU) at the event.
Under the collaboration, XTransfer and Maybank will harness their respective strengths to deliver one-stop cross-border financial solutions, spanning domestic and cross-border payments and FX conversion, across key ASEAN markets, Hong Kong, United Kingdom and United States.
The parties will leverage new technologies and innovations, including APIs, digital platforms, collection solutions, and virtual accounts, to enable automated, real-time, and seamless FX conversion and transaction processing, enhancing the scalability, efficiency, and reliability of cross-border financial services.
Recognising the growing demand for Islamic finance-compliant services in ASEAN, XTransfer and Maybank will also explore and develop Shariah-compliant FX and payment offerings tailored to regional needs, broadening financial inclusion and meeting the evolving requirements of businesses seeking Shariah-compliant solutions.
This comprehensive partnership deepens XTransfer's Southeast Asia coverage and multi-currency settlement capabilities, while supporting Maybank's strategy to strengthen its regional franchise and ecosystem connectivity.
Bill Deng, Founder and CEO of XTransfer, said, "This collaboration with Maybank marks a significant step in elevating our services across ASEAN. With stronger local collection, FX conversion, and potential Shariah-compliant settlement capabilities, we will help businesses reduce costs, enhance cash flow, and improve transaction efficiency. We will continue to strengthen compliance and risk management to build a trusted cross-border financial infrastructure for our clients."
Dato' Sri Khairussaleh Ramli, President and Group CEO of Maybank, said, "Together with XTransfer, we can enable more seamless cross-border payments and collections with competitive forex rates for merchants engaged in ASEAN-China trade, and participate in the surging flows between the two regions—now each other's largest trading partners. Total trade value is on track to reach USD1 trillion this year. This collaboration also opens opportunities to develop innovative solutions for businesses. With Maybank's presence in the key ASEAN markets, we are truly well-positioned to support their cross-border needs."
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About XTransfer
XTransfer, world-leading 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 the Chinese Mainland, 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
About Maybank
Maybank is among Asia's leading financial groups and Southeast Asia's fourth largest bank by asset with close to 44,000 employees worldwide. The Group has an international network of 2,600 offices in 18 countries including the key ASEAN markets and also present in international financial centres such as London, New York, Hong Kong and Dubai. With a purpose of Humanising Financial Services and guided by its M25+ strategy, Maybank provides an array of values-based solutions established on sustainable and ethical principles to meet its customers evolving needs. This extensive range of products and services, include consumer and corporate banking, investment banking, Islamic banking, stockbroking, insurance and takaful, wealth management and asset management. (www.maybank.com)
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