Featuring Pakistan's Prime Minister and UAE Trade Minister
HONG KONG, Jan. 22, 2024 -- XTransfer participates in the 54th Annual Meeting of the World Economic Forum as part of the Unicorn Community from 15 to 19 January 2024. Bill Deng, Founder and CEO of XTransfer, spoke at the panel "TradeTech's Trillion-Dollar Promise" featuring Pakistan's Prime Minister H.E. Anwaar-ul-Haq Kakar, UAE Trade Minister H.E. Thani Ahmed Al Zeyoudi and other honourable guests on 17 January.
Technology is revolutionising global commerce and investment, and digitalising the trade ecosystem holds the potential to increase trade by nearly $9 trillion by 2026 within the G7 alone. The panel discussed how technological, regulatory and business model innovations address the hurdles to digitalising global trade and FDI to harness this massive potential.
The panel included Pakistan Prime Minister H.E. Anwaar-ul-Haq Kakar, UAE Trade Minister H.E. Thani Ahmed Al Zeyoudi, Vincent Clerc, CEO of A.P. Møller-Maersk, and Deemah Al Yahya, Secretary-General of the Digital Cooperation Organization.
During the discussion, the moderator asked Bill about the challenges XTransfer faces in global trading. Bill replied, "We offer payment services for importers and exporters of SMEs worldwide. Regulatory compliance for Anti Money Laundering (AML) has become a significant challenge. Regulators now set higher standards, requiring us to ensure that a genuine and legitimate trade background supports each movement of money. As a result, we need significant manpower to communicate frequently with regulators."
"I believe that AI-driven infrastructures are crucial in addressing these global business challenges. Advanced technologies such as AI can play a critical role in resolving regulatory issues and facilitating connections in the global business landscape. By leveraging AI tools and solutions, we aim to streamline processes and enhance compliance measures within our platform," Bill added.
"I don't believe in de-globalisation. Although challenges for global businesses are a daily occurrence, overcoming these obstacles adds value to the work of entrepreneurs. We remain committed to expanding our platform globally despite the challenges," Bill firmly expressed.
XTransfer aims to provide seamless and efficient cross-border trade payment services to global SMEs. Leveraging cutting-edge AI technology, XTransfer serves as a bridge connecting leading international banks like J.P. Morgan, Deutsche Bank and DBS Bank with over 400,000 SMEs, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations. XTransfer's participation in the World Economic Forum aligns with its mission to drive innovation to enhance financial inclusion for Micro & SMEs worldwide.
