“To better address the pain points encountered in cross-border transactions between China and US, our team will work towards expanding local collection services.”
XTransfer has secured payment licenses in three US states – Delaware, Florida, and Colorado – in a move that further expands the B2B cross-border trade payment platform’s presence in the country.
The company is preparing its official United States launch and is also signaling a proactive approach to expanding its presence in the Americas by attending Expo Electrica in Mexico.
“A big step in our strategic global expansion”
Founded in 2017 and headquartered in Shanghai, 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.
Holding local payment licenses in Hong Kong, China, the United Kingdom, the United States, and Canada, the company has offices in Hong Kong, China, the United Kingdom, the Netherlands, the United States, Canada, Japan, Australia, and Singapore.
Having partnered with top-tier names such as JP Morgan, Deutsche Bank, DBS, and VISA, XTransfer allows SMEs to enjoy the same level of cross-border financial services as large multinational corporations.
SMEs engaged in international trade can leverage XTransfer’s platform for secure, compliant, fast, and cost-effective cross-border local payment services.
Alice Yao, CRO and Co-Founder of XTransfer, said: “We are excited to achieve this milestone. Securing these licenses is a big step in our strategic global expansion, especially in North America. This means we can support even more secure, straight through, effective payment solutions for local customers. To better address the pain points encountered in cross-border transactions between China and US, our team will work towards expanding local collection services.”
XTransfer in Thailand, Pakistan, and Vietnam
In February, XTransfer executed its first onshore Thai Baht (THB) trade in Thailand by utilizing the latest Bank of Thailand’s Non-Resident Qualified Company (NRQC) rules. The trade was facilitated by Deutsche Bank. Payments in THB are converted to Hong Kong Dollars (HKD) and Renminbi (RMB) before being transferred to XTransfer’s international accounts.
XTransfer’s CEO attended the 54th Annual Meeting of the World Economic Forum in Davos in Switzerland earlier this year intending to prepare the company’s expansion into Pakistan and Vietnam.
