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XTransfer Builds AML Barrier for Foreign Trade SMEs Through Risk Management Services

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XTransfer Builds AML Barrier for Foreign Trade SMEs Through Risk Management Services

September 07
19:00 2021

The emergence of cross-border e-commerce in China and other parts of the world is made possible by the decimation of overseas and local markets for offline trade due to sustained recurrence of COVID infections in 2020. Traditional foreign trade enterprises are forced to beef up their cross-border e-commerce operations. On the positive side, the Internet brings considerable room for survival and prosperity of such enterprises. Indeed it is now a golden opportunity to conduct online foreign trade operations.

Golden Era with Both Opportunities and Challenges for Cross-Border E-Commerce Industry

In the booming cross-border trade industry, the cross-border e-commerce B2B model has emerged as the new opportunity for SMEs wishing to conduct international business. Digitalization of foreign trade is also aided by the government’s effort to build a “better foreign trade infrastructure”. The biggest stumbling block for cross-border trades is cross-border payment. Yet it has not stopped enterprises from being involved not least because of the enormity of its scale.

Liquidity has always been an issue to be overcome by B2B cross-border e-commerce SMEs, with millions of such enterprises being involved in small-scale operations and experiencing fragmented growth on transactions. The trading behavior is also highly unstable. Their plight is exacerbated by banks’ reluctance to offer services due to the high cost of anti-money laundering risk management and uncertain profits. Suffice it to say that liquidity and compliance are usually the main reasons hindering their growth.

Nevertheless, such problems bring opportunities. Given the immense popularity of cross-border trade in today’s world, foreign trade SMEs urgently need a path that can resolve these problems. Against this backdrop of anti-money laundering risk management for cross-border payments, XTransfer uses technology as a bridge to link large financial institutions and SMEs around the world, allowing them to enjoy the same level of cross-border financial services as large multinational corporations.

XTransfer builds anti-money laundering barrier with its risk management services to overcome difficulties in foreign trade collections

XTransfer is a one-stop cross-border financial and risk management service company for foreign trade enterprises. The company is headquartered in Shanghai, and has branches in China’s major foreign trade cities such as Hong Kong, Shenzhen and the United Kingdom, the United States, Canada, Japan, Australia, and Singapore. By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network, and built a data-based, automated, Internet-based and intelligent anti-money laundering risk management infrastructure centered on SMEs, the two core system modules of risk management include intelligent information insight system and intelligent decision analysis system to identify high-risk clients and high-risk transactions right away.

XTransfer founder and CEO Bill Deng has over ten years of experience in relation to payments. According to him, “We need a new digital foreign trade and finance infrastructure to meet business development needs. It needs to be highly efficient and offers low cost to SMEs that conduct cross-border B2B e-commerce operations. Since the day of its inception XTransfer has made anti-money laundering risk management as an important pillar of its business model. Safe collections through XTransfer is our long-standing commitment.”

Above all, XTransfer applies only to trade of physical items that are truly compliant.  This is because cross-validation of the three key aspects of physical goods-trade (information flow, goods flow and fund flow) facilitates authentication of the trade background. Thus, the intelligent risk management system that is founded on big data and artificial intelligence can precisely identify transaction risks at once. While fully considering the diversity of foreign trade features, XTransfer also strictly adheres to its standards to ensure that clients’ collection accounts can be stably used in the long term. It is understood that XTransfer will continue to upgrade its anti-money laundering risk management system driven by artificial intelligence and big data. This will improve the accuracy and efficiency of electronic information collected and validated.

Indeed, big data and artificial intelligence technologies now play important roles in XTransfer’s anti-money laundering risk management approach. The risk management efficiency will be constantly improved by accumulated data volume, strategy engine’s self learning and feedback from expert experience.

XTransfer’s value has been consistently recognized by domestic and international capital markets.

XTransfer completed its angel funding round worth US$5 million in July 2017 by leading venture capital firms Gaorong Capital and Yunqi Partners. In October 2018, XTransfer received US$10 million from its Series A round of financing, led by China Merchants Group. In October 2019, XTransfer closed a Series B1 round valued at US$15 million, with eWTP as a principal investor. In October 2020, XTransfer announced a Series C1 round led by Telstra Ventures. In January 2021, XTransfer raised a Series C2 round with Lavender Hill Capital Partners counting among its chief financial backers.

Thanks in large to its relentless pursuit of highly-efficient, professional service, XTransfer has garnered exceptional market goodwill. Till today the company has served more than 150,000 foreign trade SMEs in China. Despite immense challenge involved in risk management for cross-border payments, it is technological companies like XTransfer that allow foreign trade SMEs to gain their foothold in “cross-border trade”. XTransfer will as ever adhere to its original mission and seek to win over clients’ trust and support with its professionalism and diligence.

Media Contact
Company Name: XTransfer
Contact Person: Xiaoyi Wang
Email: Send Email
City: Shanghai
Country: China

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