XTransfer, a leading B2B cross-border trade payment platform, and OCBC, Southeast Asia’s second-largest financial services group, have signed a strategic cooperation agreement in Shanghai. The agreement, announced at the 6th Meeting of the Singapore-Shanghai Comprehensive Cooperation Council, aims to provide comprehensive financial services to cross-border trading companies, particularly small and medium-sized enterprises (SMEs).
The collaboration will leverage the strengths of both organisations to offer a suite of corporate banking services, including trade finance, foreign exchange, and corporate internet banking. This partnership is expected to enhance the customer experience and operational efficiency for corporate clients in Greater China and ASEAN markets.
Jason Sun, co-founder and CFO of XTransfer, highlighted the significance of the agreement, stating, “This signing marks a key step forward in deep collaboration within the cross-border B2B landscape.” He emphasised the potential for the partnership to build a secure and efficient financial service system that will help foreign trade enterprises reduce costs and improve capital turnover.
Seth Tan, Managing Director and Head of Corporate Banking of OCBC China, noted that OCBC will support XTransfer by integrating resources across markets and providing tailored financial solutions. The partnership is set to drive product innovation and explore new service areas, further promoting regional trade and investment.
The agreement comes as bilateral trade between Shanghai and Singapore has seen a 54% increase in the first half of the year, underscoring the strong economic ties between the two regions.
