XTransfer Debuted Local Payment Solution in Nanning
The platform introduced new tools for Southeast Asian trade collections at the China-ASEAN Expo in September 2026.
Updated on Oct. 5, 2026 in International Trade
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In September 2026, XTransfer launched a specialized payment collection service at the 23rd China-ASEAN Expo in Nanning. The solution allows exporters to receive payments in local currencies, facilitating smoother RMB settlement.
Why it matters
Southeast Asian buyers prefer paying in their local currencies, while exporters have faced high costs and delays when relying on USD settlement. This service bypasses those friction points by leveraging a network of licensed financial institutions.
Bilateral trade between China and ASEAN reached USD 744.41 billion between January and July 2026, marking a 24.7% increase compared to the previous year. This trade volume accounted for 21.8% of China's total foreign trade during that period.
The players
XTransfer
This is a financial services company that provides cross-border payment and settlement solutions for international trade.
The details
The platform supports collections in IDR, MYR, THB, VND, PHP, and SGD, with dedicated local-currency accounts available in Malaysia, Indonesia, Vietnam, and Thailand. By enabling buyers to pay via local clearing networks, the service helps Chinese exporters convert regional payments directly into RMB.
Timeline
The 23rd China-ASEAN Expo took place in Nanning during September 2026.
Bilateral trade between China and ASEAN reached USD 1.05 trillion in 2025.
Trade between the two regions totaled USD 744.41 billion from January to July 2026.
Market Dynamics
The introduction of this local collection tool follows the established trend toward regional currency settlement in China-ASEAN trade. By facilitating direct local clearing, the service positions XTransfer to capture market share from traditional financial providers that still rely on USD-based settlement workflows.
Exporters operating within the China-ASEAN corridor may see reduced currency conversion costs and faster cash flow cycles by adopting this regional payment service. Retail investors monitoring trade-tech firms should observe whether such local-clearing capabilities lead to increased market penetration for providers like XTransfer.
The takeaway
Businesses looking to expand in Southeast Asia should prioritize payment solutions that allow for local currency clearing to meet buyer preferences. Reducing reliance on USD-denominated settlements can significantly improve margins by minimizing the FX costs associated with traditional cross-border trade.
Further reading
For more context on how shifts in payment infrastructure affect global commerce, visit International Trade.
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