XTransfer, the China-based business to business (B2B) cross-border trade payment platform, and Maybank, the Malaysia-based bank, announced Thursday a strategic partnership to expand cross-border payment and Shariah-compliant solutions.
The duo said in a statement that under the collaboration, XTransfer and Maybank will harness their respective strengths to deliver one-stop cross-border financial solutions, spanning domestic and cross-border payments and foreign exchange (FX) conversion, across key ASEAN markets, Hong Kong, United Kingdom and United States.
The parties will leverage new technologies and innovations, including APIs, digital platforms, collection solutions, and virtual accounts, to enable automated, real-time, and seamless FX conversion and transaction processing, enhancing the scalability, efficiency, and reliability of cross-border financial services.
Recognizing the growing demand for Islamic finance-compliant services in ASEAN, XTransfer and Maybank will also explore and develop Shariah-compliant FX and payment offerings tailored to regional needs, broadening financial inclusion and meeting the evolving requirements of businesses seeking Shariah-compliant solutions.
This comprehensive partnership deepens XTransfer’s Southeast Asia coverage and multi-currency settlement capabilities, while supporting Maybank’s strategy to strengthen its regional franchise and ecosystem connectivity.
“This collaboration with Maybank marks a significant step in elevating our services across ASEAN,
“With stronger local collection, FX conversion, and potential Shariah-compliant settlement capabilities, we will help businesses reduce costs, enhance cash flow, and improve transaction efficiency,” said Bill Deng, Founder and Chief Executive Officer of XTransfer.
He added they will continue to strengthen compliance and risk management to build a trusted cross-border financial infrastructure for their clients.
Khairussaleh Ramli, President and Group Chief Executive Officer of Maybank, said together with XTransfer, they can enable more seamless cross-border payments and collections with competitive forex rates for merchants engaged in ASEAN-China trade, and participate in the surging flows between the two regions—now each other’s largest trading partners.
“Total trade value is on track to reach $1 trillion this year. This collaboration also opens opportunities to develop innovative solutions for businesses,
“With Maybank’s presence in the key ASEAN markets, we are truly well positioned to support their cross-border needs,” he added.
Malaysia’s Maybank facilitates over $950B in digital transactions since 2020