XTransfer and Tencent Cloud Enter Strategic Partnership

Facilitate the Digital Transformation of Foreign Trade Industry

HONG KONG, Nov. 21, 2023 /PRNewswire/ -- XTransfer, China's No.1 B2B foreign trade financial technology platform, and Tencent Cloud signed a strategic cooperation agreement in Shanghai. Bill Deng, Founder and CEO of XTransfer, and Xu Yiming, Vice President of Tencent Cloud, conducted the signing ceremony. Both parties will fully open and share their respective advantages, including technology, brand, and resources, to jointly create more competitive product solutions in foreign trade digitalisation, contribute to the digital transformation of the foreign trade industry and support the development of SMEs.

XTransfer was established in 2017 and has served over 400,000 foreign trade SMEs in China. Regarding customer base, it has become the No.1 B2B foreign trade finance platform in China. XTransfer is a major leader and promoter in the B2B cross-border payment industry and an important participant in the digital service sector of the foreign trade industry. It has been committed to providing convenient, secure, and cost-effective digital services for foreign trade SMEs.

As the cloud business of the global technology company Tencent, Tencent Cloud provides globally leading cloud computing, big data, artificial intelligence, and other technological products and services to business organisations, enterprises and individual developers around the world. Leveraging advanced technological capabilities, Tencent Cloud creates a broad range of industry solutions, fosters an open and win-win cloud ecosystem, promotes the development of internet-based products and services, and supports various industries in achieving digital upgrades.

In this strategic partnership, both parties will adopt an open attitude and share resources while collaborating in areas such as product solutions, technology research and development, product integration, and extension. This will further ensure the stability of XTransfer's product services and promote the application of AI technology in the digitalisation of foreign trade, accelerating its global business development.

Earlier this year, XTransfer officially embarked on its globalisation process, starting with Hong Kong and continuously expanding into international markets to serve more foreign trade companies. Its technology platform and numerous services are built on cloud infrastructure. "When an enterprise reaches a certain stage of development, whether for cost or stability considerations, it is necessary to implement a multi-cloud solution. At this stage, our biggest concern is not cost but rather building better products, enabling foreign trade companies to enjoy seamless financial services. Tencent Cloud's technological capabilities have been refined through hundreds of large-scale financial institution business scenarios, achieving deep integration between financial business scenarios and technological capabilities. The autonomy and controllability of the technology have been widely verified in the digitisation practices of financial institutions. Tencent Cloud's core capabilities in cloud computing, databases, big data platforms, and its significant advantage in global network coverage will provide strong support for the technical deployment of XTransfer's numerous global sites in the future while continuously enhancing user experience," said Ma Jiwu, Technical Director of XTransfer.

Currently, the commercialisation of AI applications is accelerating. Over the years, XTransfer has been developing AI-driven anti-money laundering and risk control systems. This year, XTransfer has launched "AI Letter Writing" and "AI Employee" and is now deeply integrating AI into the foreign trade industry and providing targeted products and services for millions of foreign trade enterprises. As AI continues to extend its application in the foreign trade industry, XTransfer is collaborating closely with Tencent Cloud to enhance the digital experience of foreign trade companies in areas such as cross-border payments and finance, risk control services, marketing and customer acquisition, customer management, and employee management. This collaboration aims to help foreign trade enterprises benefit from the technological advantages of the AI era, enabling them to enjoy efficient risk control and seamless product experiences. Tencent Cloud will provide technical support to XTransfer for building large-scale models, assisting in the digital transformation of XTransfer's products, and jointly expanding the application of AI technology in various foreign trade scenarios.

Bill Deng, Founder and CEO of XTransfer, said, "Tencent Cloud possesses industry-leading self-developed products and technologies. Through deep collaboration, we can create more leading solutions tailored for the B2B foreign trade industry and drive the penetration of these solutions into SMEs, accelerating the digitalisation of foreign trade."

Xu Yiming, Vice President of Tencent Cloud, said, "This partnership demonstrates Tencent Cloud's innovative approach in the B2B foreign trade finance field, further solidifying our technological capabilities in the digitalisation of foreign trade. Going forward, Tencent Cloud is committed to supporting the growth of partners in the  foreign trade industry and fostering its digital transformation. Both parties will collaborate closely, leveraging their strengths to propel various industries towards a new digital and physical integration realm."

About XTransfer

XTransfer, No.1 B2B Foreign Trade Financial Technology Platform, 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 in countries including 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 No.1 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 small and medium enterprises. XTransfer uses technology as a bridge to link large financial institutions and small and medium enterprises around the world, allowing small and medium enterprises to enjoy the same level of cross-border financial services as large multinational corporations.

XTransfer completed its Series D financing in September 2021, and the company's current valuation exceeds USD$1.3 billion, making it a unicorn. The lead investor is China Merchants Venture, and other global leading strategic investors include eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, Telstra Ventures, MindWorks, Lavender Hill Capital Partners, and D1 Capital Partners LP. For more information: https://www.xtransfer.cn/ and https://hk.xtransfer.com/

SOURCE XTransfer