XTransfer: Evolution of a Global Trade Payments Leader
August 15 marked the sixth year of XTransfer, the cross-border trade payment and risk control service company, hosted its annual TradeVision Summit at the Shenzhen World Exhibition and Convention Center. The event featured XTransfer Founder and CEO Bill Deng and the prominent financial writer Wu Xiaobo, alongside more than 3,000 foreign trade SME owners who joined together to discuss digital transformation in the foreign trade industry.
During the event, Bill Deng, Founder and CEO of XTransfer, announced, "Up to now, XTransfer has served over 550,000 foreign trade SME customers". Additionally, XTransfer's full-featured B2B cross-border trade payment platform has undergone digital transformation, achieving a significant upgrade in providing a one-stop solution, including foreign trade collection, multi-currency cash management, FX, investment and risk management services. "We are dedicated to providing small businesses with secure, compliant, fast, convenient and low-cost foreign trade and fund collection solutions." Bill added.
Founded in 2017, XTransfer has seen significant growth by offering compliant, convenient and cost-effective cross-border services to Chinese SMEs looking to tap into global markets.
It has grown to become the No.1 B2B cross-border trade platform in China today, helping small businesses overcome money laundering and financial crime risks, by offering the services large banks would not offer to SMEs.
With the widespread use of the internet today, many one-person companies are now involved in international trade. XTransfer hopes to serve them as well as other SMEs. It is in this way the company will achieve its mission: "Making SME financial services simple and accessible".
XTransfer has 550,000 enterprise clients today and is dedicated to providing small businesses with secure, compliant, fast, convenient and low-cost foreign trade and fund collection solutions.
Today, XTransfer – which is headquartered in Shanghai – has offices in Hong Kong, Shenzhen, the UK, the US, Canada and Japan. Australia and Singapore, as it connects SMEs across the globe.
But how has XTransfer achieved its significant growth, and what products and services are enticing more SMEs to join the XTransfer network?
XTransfer: Growing at rapid pace
XTransfer’s popularity has risen thanks to its simplicity, providing a one-stop service that deeply integrates AI technology, embedding these services with the foreign trade industry and promoting industrial applications of the technology.
The tech XTransfer employs helps SMEs significantly reduce the threshold and cost of global expansion while fostering international competition.
Indeed, XTransfer’s rapid growth has, by and large, been domestic. The company took its first global steps in mid-2023, entering the Hong Kong market to launch its international services globally in November.
Now the company can serve SMEs from over 200 countries and regions, with activity in emerging countries from ASEAN, South Asia, the Middle East and Africa.
Collaborating with financial institutions for AML infrastructure
XTransfer’s expansion into global markets has coincided with a series of collaborations with multinational banks and financial institutions. These include the likes of JPMorgan, Deutsche Bank, DBS, Visa and Banking Circle.
These partnerships have enabled XTransfer to build a unified global multicurrency clearing network while building a data-based, automated and intelligent anti-money laundering (AML) risk control infrastructure for SMEs.
In the past, banks have relied on manual AML checks – a costly and inefficient way to serve SMEs with smaller trade volumes. This is why many large-scale financial organisations avoid serving SMEs altogether, limiting SME access to banking services.
However, XTransfer’s AI-driven AML risk control infrastructure, used in partnership with international banks and FIs JPMorgan, Deutsche Bank, DBS and Visa, allows more SMEs to be served by reducing manual work banks must complete while increasing efficiency – enabling banks to better serve SMEs. XTransfer's AML services means SMEs and individuals can trust that all trade can be completed safely.
With XTransfer, SMEs have the same level of access to cross-border financial services as large multinational conglomerates – which XTransfer calls a ‘win-win’ situation.
Today, XTransfer is expanding its core technology to the different countries and regions it serves, as its international services continue to scale.
The company’s ‘Pay to China’ solution has already solved compliance and efficiency problems for making payments to Chinese businesses, connecting more SMEs between different countries and regions, boosting global trade efficiency and increasing financial inclusion for SMEs.
Delving into XTransfer’s AML Risk Control Algorithmic Model
One of XTransfer’s latest innovative solutions is its AML Risk Control Algorithmic Model. Leveraging AI, the fintech can connect large FIs and banks to SMEs worldwide.
This is particularly important as global B2B cross-border transactions decrease in volume and the marker fragments – which results in AML risks becoming harder to address.
XTransfer’s AML solution helps SMEs tackle these issues, by converting large volumes of unstructured data into structured form.
For example, if a trading company exports significant quantities of industrial semi-finished goods to a country that lacks a relevant industrial base, the AI model issues a risk alert.
To achieve this, the process requires access to extensive databases to transform unstructured information, such as a country's industrial status, into a format that the AI model can use.
By analysing global economic development, industrial trends and labour patterns, XTransfer has transformed non-structural data into structural data, enhancing its AI-driven anti-money laundering risk control models.
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