XTransfer and OCBC Sign Strategic Cooperation Agreement at the 6th Meeting of the Singapore-Shanghai Comprehensive Cooperation Council
SHANGHAI, Nov. 7, 2025 /PRNewswire/ -- XTransfer, the World's Leading B2B Cross-Border Trade Payment Platform, and OCBC, the second largest financial services group in Southeast Asia, have officially signed a strategic cooperation agreement in Shanghai. Adhering to the principles of mutual support and shared development, both parties will establish a long-term and comprehensive partnership, leveraging their respective resources and network advantages to provide cross-border trading companies, especially SMEs, with comprehensive, compliant, and efficient financial services and solutions.
The signing coincides with the 6th Meeting of the Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) held in Shanghai. At the event, Mr Gong Zheng, Co-Chair of the Council on the Shanghai side and Mayor of Shanghai, and Mr Edwin Tong, Co-Chair on the Singapore side, Minister for Law and Second Minister for Home Affairs, attended and delivered remarks. On-site, Mr Seth Tan, Head of Corporate Banking of OCBC China and Mr Jason Sun, Co-founder and CFO of XTransfer, signed a memorandum of understanding.
In the first half of this year, bilateral trade between Shanghai and Singapore increased by 5.4% year-on-year. In terms of investment, as of the end of June this year, Singapore has invested in more than 6,800 projects in Shanghai, with a total value exceeding USD 27 billion. Shanghai enterprises have launched more than 600 projects in Singapore, with a cumulative investment of approximately USD 8.5 billion, underscoring the strong resilience and vast potential of Shanghai–Singapore economic and trade ties.
Under this agreement, OCBC will support XTransfer's business development in Greater China and ASEAN, key markets where the OCBC Group operates, by providing a comprehensive suite of corporate banking services, including trade finance, local and foreign currency loans, foreign exchange, payments and collections, time deposits, and corporate internet banking. The two parties will jointly explore new product and service areas, drive product innovation in cross-border business scenarios, and continually enhance the customer experience and operational efficiency for corporate clients.
Jason Sun, Co-founder and CFO of XTransfer, said, "This signing marks a key step forward in deep collaboration between the two sides within the cross-border B2B landscape. Leveraging OCBC's extensive network and integrated financial capabilities in Greater China and ASEAN, together with XTransfer's strengths in cross-border fund collection and payment, compliance, and risk-control technology, we will jointly build a secure, compliant, transparent, and efficient one-stop cross-border integrated financial service system. This will help foreign trade enterprises reduce costs and increase efficiency, safeguard transaction security, and improve capital turnover, thereby further promoting high-quality development of regional trade and investment."
Seth Tan, Managing Director & Head of Corporate Banking of OCBC China, said, "As XTransfer's global account manager team, OCBC China actively integrates the Group's rich resources across markets and, relying on the Group's advanced technology and systems, facilitates cross-border collaboration to open accounts for clients in locations such as Singapore and Hong Kong SAR. Working hand-in-hand with teams across regions, we have tailored a basket of API-based financial solutions for XTransfer, empowering it to provide customers with more efficient and convenient payment services and a more diversified range of collection options."
About XTransfer
XTransfer, world-leading B2B Cross-Border Trade Payment Platform, is dedicated to providing small and medium-sized enterprises (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 SAR, the United Kingdom, the Netherlands, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the UAE, and Nigeria. XTransfer has obtained local payment licenses in the Chinese Mainland, Hong Kong SAR, Singapore, the United Kingdom, the Netherlands, the United States, Canada, and Australia. To date, XTransfer serves over 700,000 enterprise clients worldwide.
By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and 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.
XTransfer completed its Series D financing in September 2021 and achieved unicorn status. The company has 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.
For more information: https://www.xtransfer.com/
About OCBC
OCBC is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is one of the world's most highly-rated banks, with Aa1 by Moody's and AA- by both Fitch and S&P. Recognised for its financial strength and stability, OCBC is consistently ranked among the World's Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
OCBC is the second largest financial services group in Southeast Asia by assets. The Group offers a broad array of commercial banking, specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.
OCBC's private banking services are provided by its wholly-owned subsidiary Bank of Singapore, which operates on a unique open-architecture product platform to source for the best-in-class products to meet its clients' goals. Its insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the leading asset management companies in Southeast Asia. Its brokerage subsidiary, OCBC Securities, is one of the leading securities firms in Singapore.
The Group's key markets are Singapore, Malaysia, Indonesia and Greater China. It has close to 400 branches and representative offices in 19 countries and regions.
For more information, please visit www.ocbc.com.
SOURCE XTransfer
Share this article