This partnership concerns collection account services and foreign exchange transactions.
XTransfer, the one-stop foreign trade cross-border financial and risk management service company, recently announced it will work with Deutsche Bank AG to provide global and local collection account services, as well as foreign exchange transactions, for small and medium enterprises (SMEs) to enable seamless cross-border collection and cut transaction costs.
The global collection account service was launched in December, 2021. It supports major global currencies, including the Chinese yuan. With the help of this new service, Chinese SMEs conducting foreign trade are enabled to collect payments globally.
With the help of Deutsche Bank's global branch network, XTransfer plans to provide local collection accounts to SME clients in the United States, Europe, the United Kingdom, Singapore and Japan in 2022. This move aims to help SMEs be more competitive in the international market, as overseas buyers no longer need to process international payments. Instead, they can make online remittances and pay domestic remittance commissions.
Accordingly, SME clients can save considerable intermediary bank charges for cross-border payment collections, enjoying a more convenient and faster collection experience, thereby improving the efficiency of capital flow. Together with Deutsche Bank, XTransfer expects to offer local collection account service in more countries and regions in the future.
The collaborative program could also provide more competitive foreign exchange rates for SMEs, which will significantly reduce their currency conversion fees.
XTransfer founder and CEO Bill Deng said, "Deutsche Bank is one of the best financial and capital management service providers for global enterprises. Its global branch network will allow us to provide faster and more professional global financial services to our clients and help SMEs to accelerate their global business expansion."
Chintan Shah, APAC Head of Corporate Cash Management at Deutsche Bank, said: "Our founding purpose as a bank in 1870 was to serve global trade, and for over 150 years, we have been committed to making cross-border business simpler for our clients. With supporting XTransfer, we are proud to enable more SME clients to enjoy world-class global treasury management services, including global and local payment collections services that widen their reach, as well as best-in-class foreign exchange services that reduce their costs of doing international business."
XTransfer is a one-stop cross-border financial and risk management service company for foreign trade enterprises, dedicated to helping SMEs significantly reduce the cost of global expansion, and enhance global competitiveness. By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network that offers various solutions including foreign trade collections, multi-currency cash management, risk management services and customer relationship management software, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations. Up to now, XTransfer has served more than 150,000 foreign trade SMEs nationwide.
About Deutsche Bank
Founded in 1870 in Berlin, Germany, Deutsche Bank is a global leading financial services provider. It is one of the world’s largest foreign exchange dealers and a major clearing house for EUR and USD. Deutsche Bank provides commercial and investment banking, retail banking, transaction banking, as well as asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is the leading bank in Germany with strong European roots and a global network. Deutsche Bank first established its presence in China in 1872 and has been serving clients in China for 149 years.