SHANGHAI, Nov. 7, 2025 -- XTransfer and OCBC 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.
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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."
