XTransfer and Deutsche Bank Collaborate on Groundbreaking Onshore Thai Baht Trade in Thailand
HONG KONG, Feb. 8, 2024 /PRNewswire/ -- XTransfer, World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, is thrilled to announce a major milestone in its partnership with Deutsche Bank. In a groundbreaking move, Deutsche Bank has successfully executed XTransfer's first onshore Thai Baht (THB) trade in Thailand, leveraging the latest version of the Bank of Thailand's Non-Resident Qualified Company (NRQC) rules.
Under the NRQC program, XTransfer can now receive local payments from Thai buyers on behalf of export companies. In a seamless process facilitated by Deutsche Bank, THB payments are converted to HKD and RMB before being transferred to XTransfer's international accounts. From there, XTransfer can efficiently distribute the funds to its export clients, ensuring smooth cross-border transactions.
Deutsche Bank helped XTransfer (as a non-Thai company) receive approval for NRQC status through its Bangkok branch. Key benefits include a higher THB limit for accounts (more than THB 200 million) and shorter FX settlement time.
Violas Xiao, XTransfer Singapore Local CEO said: "We are delighted to have partnered with Deutsche Bank to obtain NRQC status and enhance our ability to transact in Thailand. This enhanced cross-border payment solutions greatly opens up the Thai market for our clients, and we are now even more strongly positioned to help clients access and expand business in this high potential market."
Pimolpa Simaroj, Deutsche Bank Chief Country Officer for Thailand said: "We are proud to help XTransfer execute Thailand's first THB trade in this country. We are committed to helping our clients maximise the opportunity in Thailand and facilitating the ease of doing business here. We hope this landmark achievement will pave the way for more China or International based companies to expand their operations and grow in the Thai market."
Deutsche Bank has had a presence in Bangkok for 46 years. It provides a range of corporate and investment banking solutions to multinational companies, large local corporates and financial institutions in Thailand. These services include cash management, FX, custody, trade finance, corporate finance and advisory solutions.
In 2023, Deutsche Bank Thailand was named Asiamoney's 'Best Corporate Bank'. It was also recognized by the Asset for 'Best Payments and Collections Solution' and 'Best Structured Trade Finance Solution.'
XTransfer is dedicated to providing SMEs with secure, compliant, fast, convenient and low-cost foreign trade payment & 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 China's major foreign trade cities such as Hong Kong, Shenzhen and the United Kingdom, 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. With more than 400,000 enterprise clients, XTransfer has become the industry leader in China.
By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and built a data-based, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centred on SMEs. XTransfer uses technology as a bridge to link large financial institutions and SMEs around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations.
SOURCE XTransfer
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