Shanghai – December 16, 2020 – China’s leading one-stop cross-border financial and risk management services platform XTransfer was named as Deloitte 2020 China Rising Star.
The honors conferred on XTransfer came after the company made the list as a World Economic Forum Technology Pioneer 2020 and as one of CB Insights top 50 Chinese fintech companies earlier this year.
XTransfer’s presence in the Deloitte Who’s Who further highlights the Shanghai-based startup’s leading position in cross-border financial services and the immense room for its growth.
With the theme of “Resilience, Change and Renewal,” this year’s Deloitte Technology Fast 50 Program aims to draw attention to fast-growing, innovative and resilient high-tech companies.
Now celebrating its 175th anniversary, Deloitte is one of the “Big Four” professional services networks providing accounting, tax, corporate management and financial advisory services to listed and non-listed firms from different backgrounds. Deloitte’s network of member firms spans more than 150 countries and territories. It provides clients with world-class quality professional services and deep insights needed to address the most complicated and pressing challenges in the business world.
By hosting the annual award, Deloitte seizes the occasion to recognize and profile fast-growing companies in China. In addition, Deloitte also seeks to use its global networks and resources to empower more Chinese technology upstarts on track to becoming leaders in their respective fields.
The Deloitte Technology Fast 50 Program started in Silicon Valley in 1995 and became ever more influential afterward. Financial Times of London once hailed the program as the benchmark of global fast-growing enterprise. Over time, the program even was christened a “cradle of great companies,” counting among the winners world-class technology powerhouses such as Microsoft, Apple, Amazon, Google, Tesla, Alibaba, Tencent and ByteDance.
Jensen Zhao, Leading Partner of National FAST Program at Deloitte, remarked, “China strongly acknowledges the pivotal role that technological innovation plays in the transition of development models and new development patterns. The country also recognizes the value of synergies between government and market forces. It enforces a top-down design as well as possesses a bottom-up drive. Judging from the 2020 China Technology Fast 50 & China Rising Star list, we can see that more and more innovations now have gone beyond technology itself to include innovations in management, ideas and business models.”
In selecting the winners, this year’s China Rising Star program has a focus on the candidate firms’ founding teams, technology innovations and industry prospects.
China’s some 4 million small and medium-sized enterprises (SMEs) have come to form the bulk of Chinese exports. But as they do business globally, their infrequent transactions and a relative lack of risk awareness often restrict their access to proper banking services amid tightening regulations.
XTransfer, which was founded in 2017, tackles this industry pain point by employing technology to bridge the divide between global financial institutions and SMEs. In this process it built a data-driven, automated, Internet-powered and intelligent anti-money laundering (AML) risk management infrastructure aimed at serving SMEs.
Second from left: XTransfer CEO Bill Deng, third from left: Scort Zhang, Partner of Financial Services at Deloitte China, second from right: Jason Sun, XTransfer CFO, and the other two people in this picture are staff on the Deloitte China accounting and consulting services team.
By collaborating with internationally renowned banks and financial institutions, it has established a multi-currency settlement network and a globally unified financial platform, providing an array of cross-border financial services ranging from the opening of local collection accounts to FX exchange and reporting of income in countries with non-convertible currencies.
These offerings considerably cut international remittance costs, lower currency exchange fees, and offer a series of value-added financial services, allowing SMEs to access cross-border financial services on par with those traditionally available to multinational corporations.
XTransfer’s six partners all worked at Alibaba Group or Ant Financial and have accumulated years of experience in cross-border finance and export-oriented services. Their strengths also lie in expanding a global financial network and posessing world-class experience of compliance and AML practices.
XTransfer has gained significant support from global regulators, financial institutions, the marketplace and clients on the back of its convenient, stable and safe cross-border financial products and AML and risk management services. To date upwards of 80,000 SMEs have chosen the services of XTransfer.
XTransfer’s outstanding growth and performance also have endeared it to capital. In October, it announced a Series C1 round of financing led by Telstra Ventures, the fourth time it secured funding since its inception three years ago.
Recognition by venture capital and the market represents a vote of confidence in XTransfer’s growth potential. China’s government has rolled out strong preferential policies to bolster SME exporters this year. XTransfer is well-tipped to help translate this policy support into real benefits in a timely fashion for the collective welfare of SMEs.
XTransfer was founded in May 2017 by six ex-Ant Financial and Alibaba employees. XTransfer cooperates with banks from various countries to set up a globally unified B2B financial network and intelligent risk management system, and launches comprehensive solutions of various cross-border financial services, such as global account opening, foreign currency exchange, and foreign exchange declaration. XTransfer strives to remove the hurdle for small and medium-sized enterprises (SMEs) to enter the global market and improve their world-wide competitiveness.