XTransfer's X2X Solution: A New Era in Cross-Border Payments for SMEs at the 136th Canton Fair

GUANGZHOU, China, Oct. 17, 2024 /PRNewswire/ -- China's largest trade event, the 136th Canton Fair officially opened with a total exhibition area of 1.55 million square meters and over 30,000 exhibiting companies, including approximately 29,400 export-oriented companies. The fair attracted 147,000 overseas buyers from 209 countries and regions, marking a significant increase from the previous session.

World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, XTransfer, launched its new solution XTransfer to XTransfer (X2X) payment during the Fair. It is a groundbreaking innovation, aiming to accelerate the efficiency of cross-border transactions and save transaction costs for international sellers and buyers.

As global economic integration continues to deepen, small and medium-sized enterprises (SMEs) have become the main participants in international trade, and the facilitation of cross-border settlement has become an important topic in trade transformation.

Traditional cross-border trade settlements primarily relied on bank wires, which could involve multiple correspondent banks and typically took 3-7 working days to process and the transaction fees are very high . However, when both buyers and sellers use XTransfer accounts for payments and receipts, i.e., X2X payment, trade funds can be securely and compliantly transferred in real-time, 24/7, with no handling fees, achieving seamless flow of trade funds throughout the process.

Zheng Kai, Co-Chief Global Officer and co-founder of XTransfer, was invited to participate in the seminar on enhancing the digital level of trade held by the Ministry of Commerce. "As long as both buyers and sellers use XTransfer, their settlements can be completed in seconds, anytime, anywhere, across regions, time zones, and currencies, with zero transaction fees. XTransfer will provide services to global trade enterprises and become an important basic service provider for global B2B cross-border trade," said Zheng Kai.

Focused on B2B foreign trade receipts for eight consecutive years, XTransfer has served more than 550,000 SMEs worldwide. XTransfer has been committed to enhancing the convenience of global payment and receipt for small and micro foreign trade enterprises, offering more than 30 global and local receiving accounts for foreign trade enterprises to choose from, covering more than 200 countries and regions. Currently, XTransfer has served tens of thousands of overseas trade enterprises, and in the future, global buyers and sellers will enjoy the ultimate convenience brought by the XTransfer platform.

Founded in 2017, XTransfer is headquartered in Shanghai and has 15 global branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Singapore, the U.A.E, Nigeria etc. XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. With more than 550,000 enterprise clients, XTransfer has become the industry No.1 in China, employs over 2,000 people, and processes over USD10bn in payments per month.

source: XTransfer