XTransfer, the China-based business to business (B2B) cross-border trade payment platform and Siam Commercial Bank (SCB), Thailand’s first indigenous bank, announced Monday the signing of a memorandum of understanding (MoU) to improve cross-border payments.
The duo said in a statement that the collaboration will focus on delivering efficient, secure, and cost-effective foreign exchange (FX) services in Thailand for enterprises engaging in international trade.
Under the MoU, XTransfer and SCB will work together to evaluate and develop tailored FX solutions in Thailand for enterprises engaged in international trade.
The partnership will prioritize competitive FX conversion and improved rate transparency.
By leveraging application programming interfaces (APIs) and digital platform connectivity, the parties aim to enable automated, real-time FX conversion and efficient transaction processing to help enterprises reduce costs and improve cash flow management.
The parties will continue to explore the expansion of their collaboration beyond FX in Thailand to encompass domestic and cross-border payment solutions across key ASEAN markets, including Thailand, Malaysia, Indonesia, Singapore, the Philippines, Cambodia, and Vietnam.
SCB’s market leadership and digital capabilities, combined with XTransfer’s foreign trade enterprises’ focused infrastructure, will help our clients achieve better rates, faster settlement, and enhanced transparency,
“This collaboration not only strengthens service delivery for Thai enterprises, but also enables XTransfer to deepen our development across ASEAN. Together, we will continue to strengthen compliance and risk management to build a trusted financial backbone for cross-border trade,” said Bill Deng, Founder and Chief Executive Officer of XTransfer.
Rungsi Vongkitbuncha, Executive Vice President, Head of Large Corporates and International Business Function of SCB, said as Thailand’s longest-established local bank, the bank supports XTransfer’s cross-border business development by providing advanced technological systems and efficient financial solutions, thereby offering more convenient business models for international traders.
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