XTransfer, Bank of China HK Sign Cooperation Pact
The partnership will offer trade firms cross-border collections, payments and foreign exchange services through XTransfer's network.
Updated on Nov. 3, 2026 in Financial Services
XTransfer and Bank of China (Hong Kong) signed a cooperation agreement during Hong Kong FinTech Week 2026, with Martin Liu and Winnie Fan signing at the XTransfer booth. The deal makes XTransfer the first corporate partner of BOCHK under this cooperation model.
Why it matters
The partnership is expected to make global cross-border collection, payment and foreign exchange services more accessible to foreign trade enterprises. The parties say fewer handover points should improve service experience and capital turnover efficiency.
XTransfer reports over 1 million business customers and US$60 billion in 2025 total payment volume, per CIC, with coverage in more than 200 countries and regions as of March 31, 2026. The agreement's commercial terms and rollout schedule have not been disclosed.
The players
XTransfer
XTransfer is a cross-border B2B payments company that provides settlement and foreign exchange services to trade businesses and holds licenses in multiple jurisdictions.
Bank of China (Hong Kong)
Bank of China (Hong Kong) is the Hong Kong subsidiary of China's Bank of China and serves as the RMB clearing bank in Hong Kong.
The details
The two parties will combine BOCHK's cross-border settlement and foreign exchange capabilities with XTransfer's B2B settlement network and risk management system. The cooperation runs through XTransfer's Financial Institution Partnership Model, in which financial institution partners act as co-builders.
Timeline
Nov. 3, 2026: Cooperation agreement signed at Hong Kong FinTech Week.
2025: XTransfer processes over US$60 billion in total payment volume, according to CIC.
March 31, 2026: XTransfer's coverage of more than 200 countries and regions is stated.
Market Landscape
The deal extends Hong Kong's position as the offshore RMB clearing center into cross-border trade settlement run by fintech intermediaries rather than banks alone. It positions XTransfer's partner-bank model against competing cross-border payment providers that seek direct bank access for RMB services.
Foreign trade businesses could gain more convenient access to cross-border collections, payments and foreign exchange services as the cooperation develops. The parties expect fewer handover points to speed up capital turnover for those firms.
The takeaway
Trade firms that rely on multi-country payments may want to watch for product launches from the XTransfer and BOCHK partnership, since reduced handover points could shorten settlement times. Businesses should confirm fees and availability directly with providers once services are offered.
Further reading
For more on how cross-border payment providers are reshaping trade finance, see Financial Services.
