CZBank Shanghai, XTransfer ink agreement for cross-border finance

The two will jointly offer cash management services to Chinese foreign trade enterprises.

XTransfer has announced a strategic partnership agreement with the CZBank Shanghai Branch to enhance their collaboration in cross-border finance.

Under the agreement, XTransfer and CZBank Shanghai branch will jointly offer global collection and cash management services to Chinese foreign trade enterprises.

Senior executives from both sides attended the signing ceremony, including Bill Deng, the Founder and CEO of XTransfer, and Yan Jun, the Vice President of CZBank Shanghai Branch.

CZBank reportedly has extensive experience in cross-border finance and supply chain finance, according to the press release.

Meanwhile, XTransfer said that it is dedicated to using technology to connect small and medium enterprises (SMEs) with global financial institutions. The company offers foreign trade payment and collection services, multi-currency cash management, and risk control services.

XTransfer said that it serves over 700,000 corporate clients worldwide.

Looking ahead, the two companies set out plans to engage in extensive cooperation in areas such as local account services, multi-currency settlement, risk control system development, and expansion into emerging markets.