XTransfer

XTransfer, registered in Hong Kong as XTransfer Ltd.,[3] is a Chinese[4] fintech company[5] founded in May 2017.[6] Headquartere

XTransfer
XTransfer
TypePrivate
FoundedMay 2017
FoundersBill Deng;[1]
5 other Ali alumni
HeadquartersShanghai
Area served
Worldwide
Key people
Bill Deng (CEO)[2]
Websitewww.xtransfer.com

XTransfer, registered in Hong Kong as XTransfer Ltd.,[3] is a Chinese[4] fintech company[5] founded in May 2017.[6] Headquartered in Shanghai,[7] it focuses on providing SMEs with cross-border financial services.[8] The company also offers risk management and banking compliance services.[9] It serves enterprises within and outside China.[10] As of March 2022, its valuation reached $1 billion.[11]

XTransfer co-founders are six Alibaba alumni,[12] including Bill Deng.[13] Among the company's backers are Gaorong Capital,[14] D1 Capital Partners,[15] and MindWorks Capital.[16] In January 2024, XTransfer CEO attended the World Economic Forum.[17] In January 2025, it obtained a payment license in mainland China.[18] In February of the same year, the company inked an agreement with Ecobank.[19]

History

XTransfer was established in 2017. In 2018, it was backed by Yunqi Partners.[20] In September 2021, it secured a $138 million round of funding.[21] In 2024, it entered into a partnership with Deutsche Bank.[22]

In 2024, XTransfer launched its TradePilot LLM model.[23] In the same year, it secured in-principle approval for a major payment institution license from the MAS of Singapore.[24] In January 2025, the license was issued by the MAS.[25]

References

  1. ^ Tom Mitchell; Yuan Yang; Ryan McMorrow (January 11, 2021). "The Future of Private Business in China". Financial Times. Archived from the original on June 12, 2026.
  2. ^ "This Chinese Special Economic Zone "isn't all that special"". Voice of America. November 17, 2023. Archived from the original on September 16, 2025.
  3. ^ Lulu Yilun Chen (April 4, 2023). "Chinese Unicorn XTransfer Expands in Hong Kong Amid Fintech Recovery". Bloomberg News. Archived from the original on June 12, 2026.
  4. ^ Simon Sharwood (July 22, 2024). "Chinese researchers create four-gram drone". The Register. Archived from the original on May 15, 2026.
  5. ^ Alexander Smith (August 1, 2022). "China's XTransfer to expand from payments into wealth management, lending". Reuters.
  6. ^ Eudora Wang (October 22, 2020). "With new funding, China's XTransfer to boost client base, make global inroads". DealStreetAsia.
  7. ^ "WealthNavi is the highlight in Japan's IPO boom". Financial Times. November 30, 2020.
  8. ^ "VC Daily: Gingko Bioworks' $350 Million Spinout Fund; Construction Tech; Biotech IPOs Cool; Elizabeth Warren's Valley Supporters". The Wall Street Journal. October 11, 2019.
  9. ^ Lulu Yilun Chen (November 14, 2023). "China economy: Wealthy are using total strangers to sneak cash out of the country". The Sydney Morning Herald. Archived from the original on May 16, 2026.
  10. ^ Nicholas Gordon (February 24, 2026). "Stablecoins could finally bring cross-border payments into the digital age, argues XTransfer CEO Bill Deng". Fortune.com. Fortune. Archived from the original on June 13, 2026.
  11. ^ Lucinda Shen (March 8, 2022). "Women fintech founders are rare across a booming industry". Axios. Archived from the original on July 6, 2026.
  12. ^ Lulu Yilun Chen (November 18, 2020). "Ant Alumni Who Cashed Out Before IPO Flop Have Big Ambitions". Bloomberg News. Archived from the original on June 8, 2026.
  13. ^ Lulu Chen; Kiuyan Wong; Suvashree Ghosh; Claire Che (July 30, 2025). "Hong Kong's stablecoin law is set to take effect in August". Bloomberg. Archived from the original on June 13, 2026.
  14. ^ Quynh Nguyen (July 16, 2024). "SEA Digest: XTransfer gets in-principle nod for MPI; ASEAN bourses to drive sustainability ecosystem". DealStreetAsia. Archived from the original on June 11, 2026.
  15. ^ CK Tan (September 17, 2021). "Chinese trade services startup XTransfer reaches unicorn status". Nikkei Asia. Archived from the original on June 11, 2026.
  16. ^ Xinmei Shen (October 9, 2024). "Hong Kong VC MindWorks raises US$220 million in new fund, defying private capital slump". South China Morning Post. Archived from the original on July 6, 2026.
  17. ^ "Chinese B2B cross-border payments unicorn XTransfer eyes Vietnam and Pakistan". Radio Free Asia. January 31, 2024. Archived from the original on May 15, 2026.
  18. ^ Zhang Yuzhe (January 7, 2025). "Shanghai UnionPay Changes Major Shareholder". Caixin. Archived from the original on May 26, 2026.
  19. ^ The Banker. "Bank of the Year Awards 2025 – Africa". The Banker. December 3, 2025. Archived from the original on July 6, 2026.
  20. ^ CK Tan (January 18, 2021). "Former Ant execs' startup draws new investors and bank partners". Nikkei Asia. Archived from the original on June 12, 2026.
  21. ^ "Chinese Fintech Startup XTransfer Raises $138 Million". Bloomberg News. Archived from the original on July 6, 2026. Partially available at here. September 22, 2021.
  22. ^ Larissa Ku (October 3, 2024). "SME frictionless cross-border payments enabled by Deutsche Bank-XTransfer partnership". Euromoney. Archived from the original on July 6, 2026.
  23. ^ "XTransfer Introduces Self-developed Large Language Model TradePilot". Business World. September 11, 2024. ISSN 0970-8197.
  24. ^ Paige Lim (July 16, 2024). "XTransfer gets in-principle approval from MAS for major payment institution licence". The Straits Times. Archived from the original on May 15, 2026.
  25. ^ "XTransfer obtains MPI License in Singapore". Yahoo News. January 8, 2025. Archived from the original on July 6, 2026.

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