XTransfer, The world’s leading and China number 1 under the B2B payment platforms for cross-border trade, and BNP Paribasthe leading Bank of the European Union, signed a pioneering declaration of intent (Memorandum of Understanding, MOU) during the Money20/20 Europe in Amsterdam in order to introduce comprehensive cross -border financial services. This cooperation aims to reduce the costs and processing times for cross -border payments for Xtransfer customers, of which global dealers in particular will benefit with significant markets in the euro zone.
The signing ceremony took place on the Money20/20 Europe in the presence of high -ranking representatives of both companies. The declaration of intent was Bill Deng, founder and managing director of Xtransferand Bruno Mellado, global director of the payments and demands at BNP Paribassigned and represents an important milestone in its strategic partnership.
China and the EU are the most important trading partners of each other. As far as bilateral trade is concerned, according to the Chinese customs information, the entire import and export of goods between China and the EU in 2024 amounted to $ 785.8 billion, which corresponds to an increase of 0.4 % compared to the previous year. The EU is China’s third largest export market and the second largest import source, while China is still the largest importer and third largest EU export market.
The partnership between Xtransfer and BNP Paribas is intended to simplify cross -border payment solutions for European SMEs that work in international trade. Through the use of the extensive network of BNP Paribas across Europe, Xtransfer will enable its Chinese customers the seamless collection of funds in euros and at the same time support European SMEs in direct payments to EUR to reduce exchange rate risks and increase transaction efficiency. This partnership is to be expanded, with the introduction of further currency options planned in the near future.
Bill Deng, founder and managing director of Xtransfersaid: “It is a great honor to work with BNP Paribas. This declaration of intent reflects our joint endeavor to support SMEs with improved cross -border finance solutions. While we are further expanding our presence in Europe, partnerships such as this are of crucial importance for building up a robust, compliant and innovative financial infrastructure for international trade.”
Bruno Mellado, global director for payments and claims at BNP Paribas, added: “By combining the extensive European network of BNP Paribas with the expertise of Xtransfer in cross-border B2B payment transactions, we want to simplify international trade transactions, reduce costs and strengthen the global competitiveness of our customers. This partnership is an important step forward in our mission, innovative and efficient financial solutions for companies that work on the global market.”
The partnership is intended to facilitate the smooth trade between SMEs in China and European countries and at the same time optimize the foreign trade transactions between European companies and its global partners. By simplification of cross -border payments and reducing the complexity of transactions, this cooperation will significantly reduce the costs associated with global trade and improve the global competitiveness of European SMEs.
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