- XTransfer has partnered with TerraPay to leverage its global payments infrastructure.
- This partnership will enable XTransfer to execute local payments on a global scale and settle payments in local currencies across 136 countries and regions.
- “By leveraging TerraPay’s extensive global payments network, XTransfer has achieved significant cost savings and accelerated our market entry time, eliminating the need for local rebuilding efforts,” said Violas Xiao, Local CEO of Singapore at XTransfer.
XTransfer partners with TerraPay to enhance global payment capabilities for SMEs, enabling cross-border trade and expanding payment methods across 136 countries.
XTransfer leveraging TerraPay’s extensive global payments network
Violas Xiao, Local CEO of Singapore at XTransfer, highlighted the significance of the partnership, stating, “This partnership is a significant milestone for XTransfer, as it greatly enhances our global payment capabilities. By leveraging TerraPay’s extensive global payments network, XTransfer has achieved significant cost savings and accelerated our market entry time, eliminating the need for local rebuilding efforts. This collaboration further exemplifies our dedication to empowering SMEs in their global expansion and enhancing global competitiveness through innovative trade payment solutions.”
Sukesh Malliah, Vice President – Asia Pacific at TerraPay, added: “We are thrilled to partner with XTransfer to enhance cross-border payment solutions for SMEs globally. This partnership underscores our commitment to providing innovative and reliable financial solutions that drive efficiency and inclusivity. Together, we aim to empower SMEs with the tools they need to succeed in the global marketplace, fostering economic development and connectivity in emerging markets.”
Headquartered in Shanghai and with branches in countries and regions such as Hong Kong, the United Kingdom, the Netherlands, the United States, Canada, Japan, Australia, and Singapore, XTransfer offers secure, compliant, fast, convenient, and low-cost foreign trade payment and fund collection solutions.
TerraPay boasts an extensive cross-border payments network regulated in 31 global markets and enabling payments to 144+ receive countries, 210+ send countries, 7.5Bn+ bank accounts, and 2.1Bn+ mobile wallets.
XTransfer making moves in the United States, Thailand, Pakistan, Vietnam
XTransfer is rapidly expanding across the globe and is preparing an official launch in the United States, having last week secured payment licenses in Delaware, Florida, and Colorado.
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.
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. XTransfer intends to better address the pain points encountered in cross-border transactions between China and the US.
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.
Conclusion
In conclusion, XTransfer’s strategic partnership with TerraPay marks a significant advancement in global payment solutions for SMEs. By leveraging TerraPay’s extensive network, XTransfer is poised to enhance cross-border trade, reduce costs, and expand its reach into emerging markets. This collaboration underscores the commitment of both companies to empower SMEs with innovative financial tools, fostering global economic development and connectivity.
