Showcases Innovative Cross-border Payment Solutions to Foreign Trade Enterprises

BANGKOK, March 22, 2024 /PRNewswire/ — XTransfer, World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, made its debut in Thailand this week at the “STYLE Bangkok 2024” trade show. The event is Asia’s premier lifestyle and fashion trade show, gathering over 500 exhibitors and more than 1,000 booths showcasing various products, including household products, toys and stationery, fashion items, fabrics, and leather goods. XTransfer’s expansion in Thailand aims to further promote trade between China and Thailand by offering secure and convenient cross-border payment innovative solutions to small and medium-sized enterprises, supporting their global business expansion.

According to statistics from the Ministry of Commerce of China, in 2023, Thailand was China’s fourth-largest trading partner within ASEAN, the fourth-largest export and import market, while China was Thailand’s largest trading partner. According to data from XTransfer, the total amount of money collected by the Chinese foreign trade SMEs from Thailand in the first two months of 2024 has increased by 32.5% compared to the same period last year. With frequent trade between the two countries, XTransfer aims to provide convenient and fast payment solutions for China seller and their Thai buyers.

Last month, with the help of Deutsche Bank, XTransfer successfully obtained the Non-Resident Qualified Company (NRQC) status from the Bank of Thailand, becoming the first company in Thailand to receive this status. XTransfer, together with Deutsche Bank, is able to assist China and Thailand’s foreign trade enterprises, allowing Thai buyers to make payments directly to Chinese suppliers in Thai baht through the local payment system PromptPay. XTransfer’s Chinese supplier clients can collect funds instantly, ensuring a fast, secure, and compliant process, while Thai buyers can save on cross-border remittance fees.

Speaking from the trade show, Founder and CFO of XTransfer, Jason Sun, said, “We are delighted that XTransfer’s innovative payment solutions have attracted the attention of many Thai companies at the show. Our collaboration with Deutsche Bank Thailand provides convenient payment solutions for Thai buyers, which we believe will further promote trade between China and Thailand. In the future, XTransfer will actively cooperate with local licensed institutions such as banks and payment companies to provide payment solutions to local businesses in Thailand. Apart from meeting the pay-to-China needs of SMEs, XTransfer aims to facilitate the collection needs of local export SMEs as well.”