TechPression

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  • XTransfer extends payment services to over 200 countries

    XTransfer extends payment services to over 200 countries

    XTransfer, China’s leading B2B cross-border trade payment platform, has officially launched its international services, extending its footprint to over 200 countries and regions globally.

    After initially introducing international services in Hong Kong in April last year, the platform aims to cater to Micro-, Small, and Medium-sized Enterprises (MSMEs) engaged in cross-border trade.

    Commitment to MSMEs and Impressive Market Presence. Founded in 2017, XTransfer has demonstrated a steadfast commitment to China’s domestic market, focusing on providing secure, compliant, fast, convenient, and cost-effective cross-border trade payment solutions for MSMEs. With a customer base surpassing 400,000 enterprises, XTransfer has earned the status of a fintech unicorn and is recognized as the top platform in China’s industry.

    Read also: Bank of Tanzania grants authorisation to DPO Pay for digital payment services

    Global Expansion and Market Reception

    In mid-2023, XTransfer entered Hong Kong’s market, extending cross-border trade payment and financial services to local trading enterprises. The platform has already received positive feedback and inquiries from markets such as Hong Kong, Nigeria, and Vietnam, having served over 1,000 overseas trading enterprises. Currently, around 30,000 businesses are seeking consultation for account opening services.

    Future Global Presence and CEO’s Vision

    In 2024, XTransfer plans to fully expand its services worldwide, including regions like the U.S.A, Canada, the United Kingdom, Southeast Asia, South Asia, Africa, the U.A.E, and Latin America. Bill Deng, Founder and CEO of XTransfer, emphasized the company’s active partnerships with local licensed financial institutions globally to provide innovative cross-border payment solutions for local MSMEs.

    Addressing Challenges Faced by Global MSMEs

    Acknowledging the challenges faced by global MSMEs in obtaining sound financial services from traditional banks, XTransfer has built a data-based, automated, Internet-powered, and AI anti-money laundering risk management infrastructure. This has gained the trust of international financial institutions like J.P. Morgan Chase Bank, DBS Bank, and Deutsche Bank. XTransfer aims to enable MSME clients to open accounts with renowned financial institutions, offering secure and compliant cross-border collection and payment services.

    Transformative Impact on Trade Capital Flow

    XTransfer clients benefit from services such as convenient cross-border collection and payment, efficient foreign exchange, and more. The platform facilitates secure and compliant 24/7 payment settlement, potentially saving 95% of remittance fees and 20% of currency conversion costs. This efficiency is expected to result in hassle-free trade capital flow, providing a unified platform for global buyers and sellers and saving up to 10% of trade costs along the entire chain.

    Driving Financial Inclusion for MSMEs Globally

    As an innovative unicorn, XTransfer remains dedicated to its mission of enhancing financial inclusion for MSMEs worldwide. The platform supports MSMEs through Generative AI tools to improve competitiveness, foster business growth, and reduce potential inequality in the global marketplace. With its global expansion, XTransfer aims to bring extreme convenience to MSMEs engaged in cross-border trade.

  • Top, leading countries in 5G deployment

    Top, leading countries in 5G deployment

    South Korea

    Mostly hailed as the global leader in 5G deployment, South Korea boasts extensive coverage and adoption rates. Companies like SK Telecom, KT Corporation, and LG Uplus have been instrumental in rolling out the network.

    China

    With aggressive investments and initiatives by major telecom companies like Huawei, ZTE, and China Mobile, China has rapidly expanded its 5G network. Chinese cities have witnessed widespread coverage and high-speed connectivity.

    Read also:  Experts highlight need for 5G deployment in Africa

    United States

    American telecom giants like Verizon, AT&T, and T-Mobile have been actively deploying 5G networks across various cities. The U.S. government has also been pushing to accelerate 5G infrastructure development.

    Japan

    Japan has made significant strides in 5G deployment, aiming for nationwide coverage by 2025. Companies such as NTT Docomo and KDDI are leading the charge in rolling out 5G technology.

    United Kingdom

    Telecom operators like EE, Vodafone, and Three UK have launched 5G services in major cities. The UK government has focused on facilitating 5G infrastructure development for enhanced connectivity.

    Germany

    German telecom providers such as Deutsche Telekom, Vodafone, and Telefonica Deutschland have been actively implementing 5G networks. Germany aims to expand 5G coverage, especially in industrial applications.

    Saudi Arabia

    The Kingdom has been proactive in deploying 5G networks, with companies like Saudi Telecom Company (STC) and Zain KSA making significant investments. They aim to leverage 5G for smart city initiatives.

    Australia

    Australian telcos like Telstra, Optus, and Vodafone have been gradually rolling out 5G networks across cities. The country focuses on improving connectivity and enabling advanced technologies.

    Nokia, NTT Docomo collaborate on Open RAN 5G network

    Each of these countries has made remarkable progress in deploying 5G networks, focusing on enhancing connectivity, enabling IoT (Internet of things) applications, fostering innovation, and supporting emerging technologies like autonomous vehicles and smart cities.

    While these nations have been at the forefront of 5G deployment, other countries are also steadily progressing in implementing this technology to meet the growing demands for faster, more reliable connectivity.