XTransfer, the world’s leading and China’s No.1 B2B cross-border trade payment platform, and BNP Paribas,the European Union’s leading bank, have signed a landmark Memorandum of Understanding (MOU) to roll out comprehensive cross-border financial services during Money20/20 Europe in Amsterdam. This collaboration aims to reduce the cost and processing time of cross-border payments for XTransfer’s clients, particularly benefiting global traders with significant markets in the Eurozone.
The signing ceremony was held at Money20/20 Europe, with senior representatives from both companies in attendance. The MOU was signed by Bill Deng, Founder and CEO of XTransfer, and Bruno Mellado, Global Head of Payments and Receivables at BNP Paribas, marking a significant milestone in their strategic partnership.
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China and the EU are each other’s major trading partners. In terms of bilateral trade, according to China’s customs, the total import and export of goods between China and the EU in 2024 was US$785.8 billion, representing a 0.4% year-over-year increase. The EU is China’s third-largest export destination and second-largest import source, while China remains the EU’s largest import source and third-largest export destination.
The partnership between XTransfer and BNP Paribas is set to simplify cross-border payment solutions for European SMEs engaged in international trade. By leveraging BNP Paribas’ extensive network across Europe, XTransfer will empower its Chinese clients to collect funds in Euros seamlessly, while assisting European SMEs in making direct payments in Euros to reduce foreign exchange complexities and enhance transactional efficiency. This partnership is expected to expand further, with plans to introduce even more currency options in the near future.
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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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The partnership is designed to facilitate seamless trade between SMEs in China and European countries, at the same time streamlining foreign trade transactions between European businesses and their global partners. By simplifying cross-border payments and reducing transactional complexities, this collaboration will lower the costs associated with global trade and significantly enhance the global competitiveness of European SMEs.
Source: PR Newswire
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