XTransfer, a global B2B cross-border trade payment platform, signed strategic cooperation agreements with China ZheShang Bank (CZ Bank) and Industrial Bank Co., Ltd. (CIB) during the 26th China International Fair for Investment and Trade. The XTransfer bank partnerships aim to focus on cross-border finance scenarios, which include minor-currency collection in emerging markets and RMB conversion and withdrawal.
XTransfer and CZ Bank announced an all-currency settlement solution, enabled by the X-Net global local-collection network. The service will focus on Africa, the Middle East and Latin America.
XTransfer and CIB aim to deepen collaboration in cross-border clearing and minor-currency collection, improving the coverage of RMB conversion and withdrawal.
Bill Deng, the Founder and CEO of XTransfer, said,
“The partnerships cover everything from collecting minor currencies in emerging markets to onshore RMB conversion and withdrawals, creating an end-to-end funding chain so that ‘minor currencies’ no longer become a major headache on the road to global expansion.”
Featured image edited by Fintech News Hong Kong based on an image by prostophotokate on Magnific