XTransfer, the China-based business to business (B2B) cross-border trade payment platform, has on Tuesday announced a strategic partnership with TerraPay, leading global money movement company.

This new alliance aims to revolutionize payment solutions for small and medium-sized enterprises (SMEs) engaged in international trade, providing them with secure, compliant, fast, and cost-effective cross-border payments and fund collection solutions, XTransfer said in a statement.

Through this partnership, XTransfer will be able to leverage TerraPay’s global payments infrastructure to enhance its service offerings, enabling its customers to execute local payments on a global scale, and settle payments in local currencies across 136 countries and regions, including emerging markets such as Africa, Latin America, and Southeast Asia.

This partnership will be instrumental in boosting cross-border trade while significantly broadening the spectrum of payment methods available to SMEs.

“This partnership is a significant milestone for XTransfer, as it greatly enhances our global payment capabilities,” said Violas Xiao, Local Chief Executive Officer of Singapore at XTransfer.

“By leveraging TerraPay’s extensive global payments network, XTransfer has achieved significant cost savings and accelerated our market entry time, eliminating the need for local rebuilding efforts,

“This collaboration further exemplifies our dedication to empowering SMEs in their global expansion and enhancing global competitiveness through innovative trade payment solutions,” she added.

Sukesh Malliah, Vice President – Asia Pacific at TerraPay, said this partnership underscores the firm’s commitment to providing innovative and reliable financial solutions that drive efficiency and inclusivity.

“Together, we aim to empower SMEs with the tools they need to succeed in the global marketplace, fostering economic development and connectivity in emerging markets,” he added.

According to the statement, this partnership aligns with TerraPay’s goals of pushing the boundaries for global businesses and driving financial inclusion, especially in inaccessible markets.

By collaborating with XTransfer, TerraPay strengthens its position as a key player in the global payments industry, enhancing its ability to serve a diverse range of clients across various regions.

XTransfer is a firm aims to provide SMEs with secure, compliant, fast, convenient and low-cost foreign trade payment and fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness.

Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong, the United Kingdom, the Netherlands, the United States, Canada, Japan, Australia, and Singapore.

XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. The firm has more than 450,000 enterprise clients.

XTransfer completed its Series D financing in September 2021 and achieved unicorn status.

The company possesses a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners.

TerraPay is a firm provides a single connection to an expansive cross-border payments network regulated in 31 global markets.

It is enabling payments to 144+ receive countries, 210+ send countries, 7.5 billion+ bank accounts and 2.1 billion+ mobile wallets.

Founded in 2014, TerraPay is headquartered in London, with global offices across Dubai, Miami, Bogota, Dakar, Joburg, Nairobi, Milan, Singapore, Bangalore.

The firm has received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.

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