Recently, Xtransfer, China's No. 1 B2B foreign trade finance platform, joined hands with Deutsche Bank to upgrade its local collection account in Thailand and completed the first Thai baht onshore transaction since the launch of the Bank of Thailand's Non-Resident Qualified Company (NRQC) program, marking XTransfer as the world's first payment company to obtain NRQC qualification.
In 2021, the Bank of Thailand announced the launch of the NRQC program, which aims to relax foreign exchange control standards to adjust the balance of Thailand's foreign exchange ecosystem and provide greater flexibility for non-resident companies to conduct Thai baht foreign exchange transactions with financial institutions in Thailand.
Based on the NRQC program, Xtransfer will work with Deutsche Bank to provide an upgraded version of Thailand's local collection service for Chinese micro, small and medium-sized foreign trade enterprises.
When foreign trade enterprises receive money through the Xtransfer local collection account in Thailand, they can save the intermediary bank fees caused by cross-border remittance, and enjoy a more efficient and fast arrival experience of the local real-time clearing network in Thailand. At the same time, in the negotiation process, in Thai baht, it will reduce the disagreement between the buyer and the seller due to different expectations of the exchange rate, reduce the cost of communication, and also avoid the risk of delay, underpayment, or even default and abandonment of goods caused by large fluctuations in the exchange rate; In addition, since overseas buyers can pay in their own currency, there is no need to pass on the cost of exchange conversion to Chinese sellers. In this way, it solves the problems of low efficiency of cross-border payment and high handling fees of intermediary banks, and greatly improves the efficiency of capital flow.
Deutsche Bank, which has been based in Thailand for 46 years, has been providing a full range of corporate banking and investment banking services for multinational companies, large local enterprises and financial institutions, providing customers with integrated service solutions including cash management, foreign exchange, custody, ** financing, corporate finance and advisory.
Pimolpa Simaroj, General Manager of Deutsche Bank Thailand, said: "We are honored to have successfully assisted xtransfer in completing Thailand's first onshore Thai baht transaction. Deutsche Bank is committed to helping clients maximize the opportunities in the Thai market and enhance the convenience of doing business in Thailand. This project is a milestone for Thailand's first Thai baht onshore transaction, and also provides a precedent for more Chinese and multinational companies to achieve significant growth in Thailand."
Since its establishment nearly 7 years ago, Xtransfer has served more than 400,000 enterprises, and is committed to helping small and medium-sized enterprises to significantly reduce the threshold and cost of global business.
Violas, Head of Xtransfer Singapore, said: "Thanks to our partnership with Deutsche Bank, we have successfully obtained NRQC accreditation and significantly enhanced Xtransfer's trading capabilities in Thailand. The upgraded cross-border payment solution will make it easier for customers to explore the potential Thai market, while providing customers with more convenient and powerful services and support." Hotspot Engine Program