XTransfer, a leading global B2B cross-border payment platform, and Siam Commercial Bank (SCB), Thailand’s first local bank, have signed a memorandum of understanding (MoU) at the Singapore FinTech Festival 2025.
The partnership aims to provide businesses in Thailand with faster, safer, and more affordable foreign exchange (FX) services for international trade.
Under the MoU, XTransfer and SCB will work together to create customized foreign exchange (FX) solutions for businesses in Thailand involved in international trade. The focus will be on offering competitive FX rates and more transparency in conversions.
By using APIs and digital platform connections, the partnership aims to provide automated, real-time FX conversions and smooth transaction processing. This will help businesses lower costs and manage their cash flow more efficiently.
The collaboration may also expand beyond FX to include domestic and cross-border payment solutions across major ASEAN markets, such as 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.”
XTransfer is a leading global B2B cross-border trade payment platform that helps small and medium-sized enterprises (SMEs) make secure, fast, and low-cost international payments. Its services simplify fund collection, reduce the costs of global expansion, and boost the competitiveness of businesses worldwide.
Founded in 2017, XTransfer is headquartered in Shanghai and has branches in Hong Kong SAR, UK, Netherlands, US, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, Philippines, UAE, and Nigeria. The company has also obtained local payment licenses in China, Hong Kong SAR, Singapore, UK, Netherlands, US, Canada, and Australia.
XTransfer currently serves over 700,000 enterprise clients worldwide, offering them efficient and compliant solutions to manage international trade payments and grow their businesses globally.
Siam Commercial Bank (SCB) is Thailand’s first local bank, founded in 1906 under a Royal Charter. With a history of 119 years, it has grown into one of the country’s leading banks.
By the end of 2024, SCB Group had a market value of THB 424.3 billion and total assets of THB 3,305.4 billion. The bank is among Thailand’s largest commercial banks, with a wide network of branches and services across the country.
