SINGAPORE — 13 November 2024 — XTransfer, the world’s leading B2B cross-border trade payment platform, participated in Singapore FinTech Festival (SFF) 2024, where Founder and CEO Bill Deng shared his views on digital transformation, globalisation and the evolving needs of small and medium-sized enterprises (SMEs) engaged in international trade.
The event brought together financial institutions, fintech companies and businesses from around the world to discuss developments in financial technology and global commerce. Against the backdrop of growing trade between China and Southeast Asia, discussions at SFF highlighted the need for more accessible and efficient cross-border payment infrastructure for businesses operating across markets.
Southeast Asia Becomes an Important Region for Global Trade
Southeast Asia has become an increasingly important part of global supply chains and international trade. According to ASEAN trade data, the region recorded approximately US$3.5 trillion in merchandise trade in 2023, including around US$1.8 trillion in exports and US$1.7 trillion in imports.
China remains one of ASEAN’s largest trading partners. In 2023, China accounted for approximately 23.9% of ASEAN imports, while two-way merchandise trade between China and ASEAN reached around US$696.7 billion.
As trade flows continue to expand, businesses on both sides need payment infrastructure that can support cross-border collections, supplier payments, foreign exchange and settlement across different currencies and banking systems.
Payment Challenges Across Southeast Asian Markets
Despite the growth of regional trade, cross-border payments remain complex for many SMEs.
Businesses operating between China and Southeast Asia may need to manage different banking systems, payment methods, currencies and regulatory requirements. For importers purchasing from Chinese suppliers, making timely supplier payments can involve multiple financial intermediaries and foreign-exchange considerations. Exporters, meanwhile, need reliable ways to collect payments from overseas buyers and manage funds across markets.
These challenges can become more pronounced for businesses expanding into several Southeast Asian markets, where local payment practices and financial infrastructure vary from country to country.
XTransfer Shares Insights at Singapore FinTech Festival
As a Gold Sponsor of SFF 2024, XTransfer took part in discussions on the future of cross-border financial services and global trade.
Bill Deng, CEO of XTransfer, participated in the session “Payment Solutions in the Era of Globalization: How Cross-Border Transactions for Businesses Are Facilitated,” where he discussed the continuing role of globalisation in supporting international trade.
“Despite current news and trends regarding deglobalisation, I still believe in the benefits of globalisation for the world economy.”
Deng also highlighted the role of SMEs in international trade, noting that businesses engaged in foreign trade continue to contribute to the development of globalisation.
In another panel, “Global Fintech Innovation: Insights from China,” discussions focused on China’s fintech development and the opportunities created by closer economic ties between China and Southeast Asia, including those supported by the Regional Comprehensive Economic Partnership (RCEP).
The discussions reflected a broader trend: while businesses are increasingly operating across borders, the financial infrastructure supporting them still needs to become more connected and accessible.
Supporting Cross-Border Trade Through Technology and Local Capabilities
XTransfer’s approach focuses on connecting SMEs with financial institutions and providing services for international collections, supplier payments, foreign exchange and cross-border settlement.
For Chinese exporters, these capabilities can help simplify the collection and management of overseas payments. For Southeast Asian importers and trading companies, they can support supplier payments and currency conversion when purchasing from international partners.
For businesses operating across multiple markets, local payment capabilities and multi-market account services can also help reduce some of the operational complexity associated with managing cross-border transactions.
At SFF 2024, XTransfer also highlighted its XTransfer-to-XTransfer Payment (X2X Payment) service, designed to facilitate payments between businesses using XTransfer.
Looking Ahead: Building More Accessible Cross-Border Payments for SMEs
The continued growth of China-Southeast Asia trade is likely to increase demand for payment solutions that are faster, more transparent and easier for SMEs to access.
For businesses engaged in international trade, improvements in digital payments, compliance infrastructure and local market connectivity could help reduce some of the friction associated with cross-border transactions.
XTransfer’s participation at Singapore FinTech Festival 2024 reflects the broader industry focus on improving financial infrastructure for SMEs as global trade continues to evolve. By combining cross-border payment capabilities with local market connectivity, fintech platforms can play a role in making international trade payments more accessible to businesses across Southeast Asia.
About XTransfer
XTransfer is a global fintech company building digital payment infrastructure for businesses engaged in international trade.
Through its B2B cross-border payment platform, XTransfer helps SMEs manage global collections, supplier payments, foreign exchange, and multi-market settlement with secure, compliant, fast, and cost-effective payment solutions.
Founded in 2017, XTransfer serves more than 1 million enterprise clients globally, provides payment services across 200+ countries and regions, and continues building a global financial infrastructure network for SMEs.
Sources
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ASEAN Secretariat — ASEAN Key Figures 2024
(ASEAN merchandise trade reached approximately US$3.5 trillion in 2023; China accounted for 23.9% of ASEAN imports)
https://asean.org/ -
ASEAN Secretariat — ASEAN-China Trade Relations
(ASEAN-China merchandise trade reached approximately US$696.7 billion in 2023; China remained ASEAN’s largest trading partner)
https://asean.org/ -
Singapore FinTech Festival Official Website
(Event background, global fintech industry participation and positioning)
https://www.fintechfestival.sg/ -
XTransfer Official Website
(XTransfer company profile, global payment infrastructure, client base, product capabilities)
https://www.xtransfer.com/ -
XTransfer Singapore FinTech Festival 2024 Announcement
(Event participation, Bill Deng speeches, X2X Payment introduction)
https://www.xtransfer.com/
