#China #Guangzhou #Canton Fair #cross-border trade #XTransfer

XTransfer Unveils Innovative Solutions at the Canton Fair

At the recently held 137th Canton Fair in Guangzhou, China, XTransfer, the premier B2B cross-border trade payment platform, launched its groundbreaking solution, the Local Currency Account. This innovative service is set to transform how small and medium-sized enterprises (SMEs) engage in global trade, particularly with fast-growing markets across Asia, Africa, and Latin America.

The Canton Fair is known as a key barometer of China's foreign trade activity. This year's fair attracted a record number of businesses, highlighting its importance in international commerce. XTransfer's participation emphasizes its commitment to facilitating effective trade for Chinese SMEs with emerging economies.

The Local Collection Account directly addresses several significant challenges faced by businesses involved in cross-border payments, including exorbitant fees, slow transaction times, and the frequent risk of account freezes due to banks flagging transactions as suspicious. By allowing buyers to pay in their local currencies through established clearing networks, XTransfer eliminates the need for intermediary banks. This not only reduces costs but also ensures that funds can be settled quickly, often within the same business day.

Li Pengsen, Chairwoman of Hebei Ovison Industrial Group, praised the new service, stating, "As a small business trading with Africa, we used to face serious challenges when buyers couldn't send USD payments through traditional banks. XTransfer's Local Currency Accounts made it easy and safe for our African clients to pay directly into our Chinese accounts, without currency hurdles or banking delays."

Since its inception in 2018, XTransfer has made remarkable strides in local collection solutions. Impressively, the platform now supports over 30 global and local currencies, catering to more than 200 regions worldwide, including critical emerging markets like Kenya, Nigeria, Brazil, Mexico, Indonesia, and the Philippines. With more than 600,000 clients, it holds the title of the largest B2B cross-border financial platform in China.

XTransfer's mission is to eliminate the obstacles that often hinder companies from trading with emerging markets. Bill Deng, the Founder and CEO of XTransfer, remarked, "Trading with emerging markets presents huge growth opportunities, but payment friction often holds businesses back. Our goal is to create a more inclusive, efficient, and secure global trade environment."

As the Canton Fair continues to promote international collaboration and commerce, XTransfer is leading the charge in digital financial innovation, connecting Chinese exporters with buyers from emerging markets and paving the way for new opportunities in global trade.