XTransfer and Shanghai Pudong Development Bank Co. Ltd., Hong Kong Branch Sign the Strategic Agreement at Hong Kong FinTech Week
- Written by Telegraph Magazine
Co-building Global Trade Finance Infrastructure
HONG KONG SAR - Media OutReach Newswire - 4 November 2025 – XTransfer, World's Leading B2B Cross-Border Trade Payment Platform and Shanghai Pudong Development Bank Co Ltd. , Hong Kong Branch, jointly announced a collaboration on cross-border financial services and reached a strategic cooperation intention. The two parties aim to develop a strategic partnership focused on core capabilities, including payment and collection solutions and transaction processing. This collaboration will provide SMEs engaged in foreign trade with more secure, efficient, and convenient services for global payments and collections, and cash management.
Following the strategic partnership signed between XTransfer and SPD Bank Shanghai Branch in August this year, XTransfer is once again joining hands with SPD Bank. Coinciding with Hong Kong FinTech Week 2025, Bill Deng, Founder and CEO of XTransfer, and Zhu Jun, Deputy Chief Executive Officer of Shanghai Pudong Development Bank Co. Ltd., Hong Kong Branch witnessed the official signing of a memorandum of cooperation at the XTransfer booth.
XTransfer and Shanghai Pudong Development Bank Co. Ltd., Hong Kong Branch are engaging in deep cooperation across multiple cross-border payment areas. Leveraging SPD Bank's robust network and service capabilities through its Hong Kong branch, services such as "Global Accounts", "Local Currency Accounts", transaction processing, and cash management will be provided to XTransfer's more than 700,000 clients. This ensures that XTransfer customers can efficiently and compliantly receive payments from global buyers through SPD Bank's ecosystem. The two parties will initially focus on cooperation in the Chinese Mainland and the Hong Kong SAR, and as collaboration deepens, plan to expand to more regions.
Bill Deng, Founder and CEO of XTransfer, said: "We are delighted to collaborate with Shanghai Pudong Development Bank Co. Ltd., Hong Kong Branch. By combining SPD Bank's expertise and resource advantages in cross-border finance with XTransfer's global network and technological capabilities, we can further strengthen end-to-end transaction processing and compliance governance, providing SMEs with integrated cross-border financial infrastructure to support compliant operations and global expansion."
Mr. Zhu Jun, Deputy Chief Executive Officer of Shanghai Pudong Development Bank Co. Ltd., Hong Kong Branch said, "SPD Bank will continue to collaborate closely with XTransfer, aiming to enhancing our cross-border financial service system, providing more convenient and reliable financial support for Chinese enterprises expanding globally."
Looking ahead, the two parties will continue to deepen cooperation in areas such as local accounts, multi-currency settlement, compliance and risk control system development, and interconnection of global payment and collection networks, promoting innovation and enhancing China's foreign trade finance ecosystem, allowing SMEs to access cross-border financial services comparable to those offered to large multinational corporations.
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The issuer is solely responsible for the content of this announcement.
XTransfer
XTransfer, world-leading B2B Cross-Border Trade Payment Platform, is dedicated to providing small and medium-sized enterprises (SMEs) with secure, compliant, fast, convenient and low-cost foreign trade payment and fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness. Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the UAE, and Nigeria. XTransfer has obtained local payment licences in the Chinese Mainland, Hong Kong SAR, Singapore, the United Kingdom, the Netherlands, the United States, Canada, and Australia. To date, XTransfer serves over 700,000 enterprise clients worldwide.
Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the UAE, and Nigeria. XTransfer has obtained local payment licences in Chinese Mainland, Hong Kong SAR, Singapore, the United Kingdom, the Netherlands, the United States, Canada, and Australia.
By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and a data-based, automated, internet-based and intelligent anti-money laundering risk control infrastructure centred on SMEs. XTransfer uses technology as a bridge to link large financial institutions and SMEs around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations.
XTransfer completed its Series D financing in September 2021 and achieved unicorn status. The company has a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners.
For more information, please visit: https://www.xtransfer.com/
Shanghai Pudong Development Bank Co., Ltd. Hong Kong Branch
Shanghai Pudong Development Bank Co., Ltd. ("SPD Bank") was established with the approval of the People's Bank of China on August 28, 1992, and officially commenced operations on January 9, 1993. It has been listed on the Shanghai Stock Exchange since 1999 (Stock Code: 600000). Headquartered in Shanghai, SPD Bank is a nationwide joint-stock commercial bank.
In 2025, SPD Bank ranked 19th among the "Top 1000 World Banks" by The Banker (UK) and 10th among Chinese-funded banks in "The Brand Finance Banking 500". Fitch Ratings, Standard & Poor's Ratings and Moody's all gave SPD Bank investment grade rating or higher.
Shanghai Pudong Development Bank Co. Ltd., Hong Kong Branch officially commenced operations on June 8, 2011. It was the 149th licensed bank in Hong Kong at the time, the 8th Chinese-funded bank authorized to conduct the full spectrum of banking businesses in Hong Kong, and SPD Bank's first overseas branch.
The establishment of the Hong Kong Branch marked a milestone in financial cooperation between Shanghai and Hong Kong, as well as a significant step in SPD Bank's international expansion. Over a decade of development, the Hong Kong Branch has built a strong reputation and solid market presence through forward-looking strategies and professional services. Going forward, the Branch will continue to leverage Hong Kong's status as an international financial center–Hong Kong financial cooperation, adhering to the position of "Based in Hong Kong, Committed to the Mainland, oriented toward the World."
