XTransfer Chile SpA has completed its registration with Chile’s Unidad de Análisis Financiero (UAF).

The UAF is the agency responsible for preventing money laundering and terrorist financing.

The company stated that the registration strengthens its local compliance framework. It also supports its ability to offer cross-border payment services in Chile.

Based in China, XTransfer provides B2B trade payment services to SMEs involved in cross-border trade.

Trade between China and Chile has expanded since their free trade agreement came into effect in 2006. It was China’s first such agreement with a Latin American country.

According to China Customs, bilateral trade increased from over US$7 billion in 2005 to US$66.905 billion in 2025. In addition, China has remained Chile’s largest trading partner for many years.

Meanwhile, payment collections from Latin America on XTransfer’s platform rose 94% year-on-year in 2025. Collections from Chile increased by 79% over the same period.

However, the company noted that many exporters still face difficulties receiving payment.

For example, Latin American buyers often prefer to pay in local currencies, while exporters may lack suitable collection channels.

Furthermore, settling in US dollars can increase foreign exchange costs and cross-border fees.

Steps such as conversion and repatriation may also slow cash flow and affect order fulfilment.

To address these issues, XTransfer partners with licensed financial institutions to offer local-currency collection accounts to eligible companies.

The accounts cover markets including Chile, Brazil, Mexico, Colombia, Argentina and Peru.

As a result, buyers can pay from local bank accounts through local clearing. Exporters can then convert and settle the funds into RMB.

“XTransfer will continue to invest in regulated markets and strengthen its payment infrastructure to support SMEs participating in cross-border commerce,”

said Violas Xiao, Singapore and LatAm CEO of XTransfer.

Featured image: Edited by Fintech News Hong Kong, based on image by Who is Danny via Magnific.