XTransfer, the world’s leading and China’s top B2B cross-border trade payment platform, has entered a strategic partnership with BNP Paribas, the European Union’s leading bank.
The agreement was formalised with the signing of a Memorandum of Understanding (MOU), and it aims to to reduce the cost and processing time of cross-border payments for XTransfer’s clients.
With a particular focus on supporting global traders operating within the Eurozone, the two companies seek to streamline and enhance international trade transactions.
XTransfer specialises in providing cross-border financial and risk control solutions for small and medium-sized enterprises (SMEs).
Its platform supports efficient global collections and settlements, with a particular focus on reducing barriers for Chinese businesses engaged in international trade.
BNP Paribas offers a comprehensive suite of financial services ranging from retail and corporate banking to investment solutions. With a strong European presence and an expansive global network, BNP Paribas plays a pivotal role in facilitating international financial operations for corporates.
As part of the agreement, XTransfer will leverage BNP Paribas’ robust European infrastructure to enable its Chinese SME clients to collect funds directly in Euros. Simultaneously, European SMEs will be able to send payments in Euros to international trade partners with fewer foreign exchange hurdles. The partnership is expected to evolve, with plans to introduce support for more currencies to accommodate broader trade requirements.
The agreement was signed by Bill Deng, founder and CEO of XTransfer, and Bruno Mellado, global head of payments and receivables at BNP Paribas, during a ceremony attended by senior leadership from both companies. This marks a major milestone in the companies’ efforts to develop more inclusive and efficient global financial services.
Bilateral trade between China and the European Union reached $785.8bn in 2024, up 0.4% year-over-year, according to China’s customs data. The EU is currently China’s third-largest export destination and second-largest source of imports, while China remains the EU’s largest import source and third-largest export destination.
Bill Deng, founder and CEO of XTransfer, said, “It is a great honour to join hands with BNP Paribas. This MOU reflects our mutual ambition to empower SMEs with enhanced cross-border financial solutions. As we continue to grow our European footprint, partnerships like this are instrumental in building robust, compliant, and innovative financial infrastructure for international trade.”
Bruno Mellado, global head of payments and receivables at BNP Paribas, added, “By combining BNP Paribas’ extensive European network with XTransfer’s expertise in B2B cross-border trade payments, we aim to simplify international trade transactions, reduce costs, and enhance the global competitiveness of our clients. This partnership marks a significant step forward in our mission to provide innovative and efficient financial solutions for businesses operating in the global market.”
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