Establishing a Strong Presence and Participating in Hong Kong “Global Sources Consumer Electronics Show
HONG KONG SAR 11 April 2024 – XTransfer, the World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, celebrates its one-year anniversary in the Hong Kong market while joining the “Global Sources Consumer Electronics Show” held at the AsiaWorld-Expo. The event gathers over 2,000 top Asian manufacturers and features 4,000 booths, providing a diverse range of consumer electronics products for global buyers. Over the past year, XTransfer has been dedicated to providing global payment & collection solutions, foreign exchange services, and other financial services for Hong Kong’s foreign trade SMEs. With excellent progress, XTransfer has achieved outstanding results.
Hong Kong has frequent trade with mainland China. According to XTransfer data, in 2023, the total amount collected by the company’s mainland Chinese SME clients from Hong Kong increased by 17.2% compared to the previous year. However, in the first quarter of 2024, it showed a slight decline of 1.7% compared to the same period last year. Based on the analysis of the characteristics of XTransfer’s clients, among its mainland SME clients, the top three provinces in terms of payment collected from exports to Hong Kong in 2023 were Guangdong, Zhejiang, and Shandong, with Guangdong being the most active, accounting for 69.0% of the total payment amount received by XTransfer’s clients, followed by Zhejiang (6.5%) and Shandong (3.8%). In terms of export categories, the top three categories of SMEs’ exports to Hong Kong were apparel, integrated circuits, and lighting.
However, Hong Kong SMEs continue to encounter significant obstacles in trade settlement with Mainland China, including difficulties in opening accounts with traditional banks, high risk of fund freezing, high exchange losses, long remittance time, high remittance costs, and even being forced to remit funds through non-compliant channels. Over the past year, XTransfer has collaborated with renowned financial institutions such as J.P. Morgan, DBS Bank, and Deutsche Bank to provide compliant, efficient, convenient, and low-cost global trade payment & collection solutions, as well as other related financial services for Hong Kong SMEs engaged in foreign trade. This enables SMEs to make payments to mainland suppliers and enjoy the same level of cross-border financial services as large multinational corporations.
Speaking at the exhibition, Founder and CEO of XTransfer, Bill Deng, said, “We are delighted to participate in the “Global Sources Consumer Electronics Show” and engage with manufacturers and buyers. XTransfer’s innovative trade payment solutions have attracted considerable attention from the traders at the event. It has been nearly a year since XTransfer entered the Hong Kong market, during which our team has been committed to expanding our business in Hong Kong. We have upgraded our Hong Kong office to a service centre and expanded our local team to 50 members.”
“Now, XTransfer is actively expanding its business to more than 200 countries and regions worldwide. By collaborating with banks and payment institutions in different locations, XTransfer allows clients to receive payments from buyers in various countries using their local currency, making it more convenient and efficient. In the future, XTransfer will continue to develop its business in Hong Kong, aiming to raise awareness among more SMEs and assist in their global expansion. Apart from meeting the Pay-to-China needs of Hong Kong SMEs, XTransfer also aims to facilitate the collection needs from overseas as well, thereby supporting the export industry in Hong Kong.” Bill added.
