Strengthening Global Trade Financial Solutions
NEW YORK, US - Media OutReach Newswire - 24 February 2025 - XTransfer, a leading global B2B cross-border trade payment platform, continues solidifying its regulatory presence in the United States by acquiring five new payment licenses in Illinois, Iowa, New Mexico, Idaho, and South Carolina. This milestone follows the company's recent expansion into New Hampshire, the District of Columbia, Utah, Georgia, and Arizona, further enhancing its ability to serve businesses engaged in global trade.This recent development builds upon XTransfer's existing success in the United States market, bolstering its capacity to support local SMEs navigating the complexities of international trade—particularly with China, which remains a linchpin of global supply chains.
The move comes as U.S. SMEs increasingly rely on Chinese suppliers and markets despite geopolitical tensions. According to the U.S. Census Bureau, bilateral trade between the U.S. and China reached $758 billion in 2024, with electronics, machinery, and consumer goods dominating exchanges. Yet, SMEs often face hurdles in cross-border payments, including compliance risks, currency conversion inefficiencies, and delayed settlements.
Alice Yao, Chief Risk Officer and Co-Founder of XTransfer, emphasized the strategic timing of the expansion: "The acquisition of these licenses underscores our commitment to bridging financial gaps for SMEs engaged in global trade and it also means our financial solutions are designed to simplify cross-border transactions while ensuring full compliance with U.S. regulations."
With these new licenses, XTransfer now holds 13 payment licenses across various states in the United States, further solidifying its commitment to meeting the highest standards of compliance and security in the financial industry. It can now onboard local SMEs in 18 states, offering cross-border remittances to global market. This also makes XTransfer a crucial enabler for American SMEs looking to tap into China's vast manufacturing ecosystem, which accounts for nearly 30% of global output, according to the World Bank.
The expansion also reflects broader trends in U.S.-China commerce. While tariffs and export restrictions have reshaped some trade flows, SMEs still depend on Chinese suppliers for cost competitiveness and scale. A 2024 National Small Business Association survey revealed that 68% of U.S. SMEs importing goods rely on Chinese suppliers, with cross-border payment friction cited as a top operational hurdle.
XTransfer's infrastructure addresses these pain points through partnerships with institutions like J.P. Morgan, DBS Bank, Barclays and Deutsche Bank, offering multi-currency clearing and AI-driven anti-money laundering systems. Its platform reduces the costs in global trade by up to 10%, and accelerates processing times—a critical advantage for SMEs balancing tight margins.
XTransfer's global financial infrastructure is designed to meet the unique needs of SMEs, offering secure, fast, and cost-effective cross-border payment solutions. Through partnerships with leading financial institutions such as J.P. Morgan, DBS Bank, Deutsche Bank, and Barclays, XTransfer has built a robust multi-currency clearing network and an advanced anti-money laundering risk control system powered by data and technology.
"For SMEs, trade with China isn't optional—it's economic reality," said Michael Carter, an American customer from XTransfer. "Platforms like XTransfer are becoming essential intermediaries for us, offering the seamless payment experience that traditional banks often lack."
Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong SAR, the United Kingdom, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the UAE, Nigeria, etc. The company remains committed to expanding its global footprint and strengthening partnerships worldwide.
As XTransfer eyes further growth in Latin America, Africa, the Middle East and Southeast Asia, its U.S. expansion signals a broader mission: Making SME financial services simple and accessible.
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