In recent years, global enterprises have increasingly looked beyond traditional markets in Europe and the United States. Amid shifting global trade dynamics, commerce with emerging economies is projected to experience sustained growth. Hong Kong is seeing a notable rise in trade activity with emerging markets, particularly in ASEAN, South America, and Africa, reflecting a broader trend toward diversified global trade partnerships.
According to XTransfer’s latest data, the first quarter of 2025 (January–March) saw a remarkable surge in cross-border collections from emerging markets. Collection volume from XTransfer’s Hong Kong clients trading with ASEAN, Africa, and Latin America increased by an impressive 300% year-over-year, with Nigeria recording the highest growth. During this period, collections from these three regions accounted for nearly 50% of the total collection volume from XTransfer’s Hong Kong clients. Additionally, close to 70% of all clients on the XTransfer platform in Q1 of 2025 exported to Asia, Africa, or Latin America, underscoring a clear shift in trade focus toward high-growth emerging markets.
To support this trend, XTransfer not only provides Hong Kong clients with the “Global Business Account” but also offers the “Local Currency Account”, enabling clients to receive payments in local currencies from multiple emerging countries directly. In addition to traditional markets like the US, Canada, the Eurozone, and Australia, supported countries include ASEAN markets such as Indonesia and Vietnam, Latin American countries such as Brazil and Mexico, and African countries such as Nigeria and Kenya, covering over 30 countries and supporting more than 56 local currencies.
This service addresses the common issue of a lack of US dollars in emerging markets and avoids foreign exchange losses caused by necessary conversions through intermediary banks. For overseas buyers, paying in local currencies also significantly reduces remittance costs for both parties.
Additionally, XTransfer’s “Local Currency Account” support 24 types of local currency payments. Hong Kong companies that need to pay overseas partners in local currencies can do so easily through XTransfer. By using local clearing networks, there are no intermediary bank fees, and payments can be received instantly in the fastest cases. These services are estimated to reduce remittance fees by 95% and foreign exchange costs by 80%, significantly improving cash flow efficiency.
Bill Deng, Founder and CEO of XTransfer, said, “Over the past two years, we have actively participated in local events and exhibitions in Hong Kong, strengthening our presence in the market. This year, we are once again taking part in the Global Sources Consumer Electronics Show further to promote XTransfer’s innovative global trade payment solutions. We aim to help more Hong Kong enterprises adapt to the rapidly changing international trade environment, solve cross-border payment challenges, improve fund operation efficiency, and accelerate global business expansion.”
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About XTransfer
XTransfer, the world-leading and China’s No.1 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 Mainland China, Hong Kong SAR, Singapore, the United Kingdom, the United States, Canada, and Australia. With more than 600,000 enterprise clients, XTransfer has become the industry No.1 in China.
By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and built 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 possesses 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/
