SINGAPORE, Nov. 17, 2025 /PRNewswire/ — XTransfer, World’s Leading B2B Cross-Border Trade Payment Platform and Siam Commercial Bank (SCB), Thailand’s first indigenous bank, announced the signing of a memorandum of understanding (MoU) at Singapore FinTech Festival 2025. The collaboration will focus on delivering efficient, secure, and cost-effective foreign exchange (FX) services in Thailand for enterprises engaging in international trade.
Under the MoU, XTransfer and SCB will work together to evaluate and develop tailored FX solutions in Thailand for enterprises engaged in international trade. The partnership will prioritise competitive FX conversion and improved rate transparency. By leveraging application programming interfaces (APIs) and digital platform connectivity, the parties aim to enable automated, real-time FX conversion and efficient transaction processing to help enterprises reduce costs and improve cash flow management. The parties will continue to explore the expansion of their collaboration beyond FX in Thailand to encompass domestic and cross-border payment solutions across key ASEAN markets, including Thailand, Malaysia, Indonesia, Singapore, the Philippines, Cambodia, and Vietnam.
Bill Deng, Founder and CEO of XTransfer, said, “We are delighted to partner with Siam Commercial Bank to bring best‑in‑class cross-border financial services to enterprises in Thailand. SCB’s market leadership and digital capabilities, combined with XTransfer’s foreign trade enterprises’ focused infrastructure, will help our clients achieve better rates, faster settlement, and enhanced transparency. This collaboration not only strengthens service delivery for Thai enterprises, but also enables XTransfer to deepen our development across ASEAN. Together, we will continue to strengthen compliance and risk management to build a trusted financial backbone for cross-border trade.”
Rungsi Vongkitbuncha, Executive Vice President, Head of Large Corporates and International Business Function of SCB, said, “It is an honour to represent SCB at today’s Memorandum of Understanding signing ceremony, establishing our role as XTransfer’s key financial partner in ASEAN. As Thailand’s longest-established local bank, SCB supports XTransfer’s cross-border business development by providing advanced technological systems and efficient financial solutions, thereby offering more convenient business models for international traders.”
About 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.
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/
About Siam Commercial Bank
The Siam Commercial Bank PCL was Thailand’s first indigenous bank, established in 1906 under Royal Charter, with a rich history spanning 119 years. As of the end of 2024, the SCB Group’s total market capitalisation stood at THB 424.3 billion. With total assets of THB 3,305.4 billion, the bank ranks among Thailand’s largest commercial banks, boasting a nationwide branch and service network.
Backed by the SCBX Group’s comprehensive business matrix, it spans commercial banking, investment banking, securities brokerage, fund management, insurance brokerage, fintech, and numerous other sectors. It has been consecutively honoured with multiple awards, including “Thailand’s Best Bank”, “Bank of the Year”, and “Thailand’s Best Investment and Foreign Exchange Bank”.
SCB is committed to becoming Thailand’s “Most Admired Bank” by balancing value propositions for all stakeholders – customers, employees, shareholders, regulators, and society – and becoming a leader in shaping the future of Thailand’s banking industry. For more information, please visit https://www.scb.co.th.
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SOURCE XTransfer
