Hong Kong, 2 October 2026 — XTransfer showcased its local collection and CNY settlement solutions at the 23rd China–ASEAN Expo (CAEXPO), held in Nanning, Guangxi, from 17 to 21 September 2026. The solutions are designed to help eligible exporters collect payments from buyers in Southeast Asia and manage cross-border settlement more efficiently.
China–ASEAN Trade Growth Creates New Payment Needs
China–ASEAN trade continues to expand. According to China’s Ministry of Commerce, bilateral trade reached US$1.05 trillion in 2025, up 7.4% year on year. From January to July 2026, trade totalled US$744.41 billion, an increase of 24.7% year on year, accounting for 21.8% of China’s total foreign trade during the period. Source: China’s State Council
As trade grows, exporters need payment arrangements that work for buyers in their local markets. However, collecting cross-border payments can still involve practical challenges:
- Local payment preferences: Buyers may prefer to pay in their domestic currencies rather than arrange an international USD transfer.
- Additional payment costs: Currency conversion and intermediary-bank charges can affect the amount received.
- Settlement complexity: Converting collected funds and moving them across borders can add steps to cash-flow management.
For exporters trading with ASEAN markets, access to local collection options and a clear route to RMB settlement can help simplify the payment process.
Local Currency Collection Across Key ASEAN Markets
XTransfer connects its local collection network and partnerships with financial institutions to provide eligible businesses with local-currency collection options in markets including Malaysia, Indonesia, Thailand, Vietnam, the Philippines and Singapore. Supported currencies include MYR, IDR, THB, VND, PHP and SGD, subject to account availability and eligibility. Learn more about XTransfer Local Accounts
By providing local collection details where supported, XTransfer helps exporters give buyers a more familiar way to pay. Eligible businesses can then manage currency conversion and CNY settlement through XTransfer, subject to the applicable account, currency and transaction requirements.
How XTransfer Supports Cross-Border Trade Payments
XTransfer’s services can support different stages of the payment process, depending on a business’s needs.
Local Accounts: Collect/Pay in Local Currencies
XTransfer Local Accounts help eligible exporters receive payments in supported local currencies through domestic payment networks. For ASEAN trade, this can include collections in MYR, IDR, THB, VND, PHP and SGD.
Local collection may reduce reliance on an international wire for the collection leg. The overall cost and timing still depend on the payment route, conversion needs and any applicable fees.
Global Accounts: Manage Multiple Currencies
XTransfer Global Accounts support business payments and collections across 20+ currencies and 200+ countries and regions, helping businesses manage international trade funds in multiple currencies. This may be useful for exporters working with buyers and suppliers across several markets. Explore XTransfer Global Accounts
X2X: Transfer Between XTransfer Accounts
For transactions between eligible XTransfer accounts, X2X transfers are designed to settle near-instantly and carry zero transaction fees. This can simplify payments between trading partners who both use the platform. Separate currency conversion, funding or withdrawal routes may have their own terms and charges. Learn more about XTransfer payments
Supporting the Next Stage of China–ASEAN Trade
As China–ASEAN trade continues to grow, exporters need payment solutions that account for local buyer preferences, currency requirements and cross-border settlement workflows.
Through its local collection network, multi-currency account services and X2X transfers between eligible users, XTransfer aims to help businesses manage international trade payments with greater flexibility.
Businesses interested in collecting payments from ASEAN markets and settling in RMB can contact XTransfer to confirm supported countries, currencies, payment routes and applicable fees.
Availability, supported payment methods, settlement timing and fees depend on the account, transaction and payment route. Businesses should confirm the applicable terms with XTransfer before initiating a payment.
