XTransfer and Shanghai Pudong Development Bank, Hong Kong Branch (SPD Bank) have announced a collaboration on cross-border financial services, formalising a strategic cooperation agreement.

The partnership will focus on payment and collection solutions, transaction processing, and cash management for SMEs engaged in foreign trade.

Following a previous agreement with SPD Bank’s Shanghai Branch in September, this collaboration extends to the Hong Kong Branch.

The memorandum of cooperation was signed at the XTransfer booth during Hong Kong Fintech Week.

Under the partnership, XTransfer clients will have access to services including “Global Accounts,” “Local Currency Accounts,” transaction processing, and cash management through SPD Bank’s Hong Kong branch.

Initial cooperation will focus on the Chinese Mainland and Hong Kong, with plans to expand to additional regions over time.

Bill Deng, Founder and CEO of XTransfer said,

“By combining SPD Bank’s expertise and resource advantages in cross-border finance with XTransfer’s global network and technological capabilities, we can further strengthen end-to-end transaction processing and compliance governance, providing SMEs with integrated cross-border financial infrastructure.”

Zhu Jun, Deputy Chief Executive Officer of SPD Bank added,

“SPD Bank will continue to collaborate closely with XTransfer, aiming to enhance our cross-border financial service system, providing more convenient and reliable financial support for Chinese enterprises expanding globally.”

The two parties plan to further collaborate on local accounts, multi-currency settlement, compliance and risk control, and interconnection of global payment and collection networks to support cross-border trade finance for SMEs.

Featured image credit: XTransfer