Opening X-Net to Banks with Diverse Cooperation Models
XIAMEN, China, Sept. 16, 2026 /PRNewswire/ — The 26th China International Fair for Investment and Trade (CIFIT) was held in Xiamen last week. XTransfer, a leading global B2B cross-border trade payment platform, signed strategic cooperation agreements with China ZheShang Bank (CZ Bank) and Industrial Bank Co., Ltd. (CIB) during the event. The partnerships target key cross-border finance scenarios, including minor-currency collection in emerging markets and RMB conversion and withdrawal, using fintech to help foreign trade companies overcome FX settlement and remittance difficulties.
Hosted by China’s Ministry of Commerce, this year’s CIFIT saw CIPS establish a cross-border bank–enterprise cooperation zone for the first time, bringing together over 70 Chinese and foreign banks to showcase cross-border RMB services. XTransfer is signing agreements in the CIPS zone, underscoring its coordination with national-level financial infrastructure.
Bank Partnerships Address FX Pain Points
During the exhibition, XTransfer and CZ Bank jointly announced an all-currency settlement solution. Powered by XTransfer’s X-Net global local-collection network, it helps CZ Bank’s export clients collect payments in local currencies across global markets. The service focuses on Africa, the Middle East, and Latin America, addressing pain points such as local buyers being unable to pay in their own currency and long fund arrival times.
XTransfer and CIB also signed a strategic cooperation agreement to deepen collaboration in cross-border RMB clearing and minor-currency collection, improving the efficiency and coverage of RMB conversion and withdrawal. The service can handle the declaration of international receipts on behalf of foreign trade companies during the trade settlement process, convert funds, and credit them directly to onshore corporate accounts without affecting export tax rebates, significantly enhancing convenience for foreign trade firms.
Bill Deng, Founder and CEO of XTransfer, said, “The partnerships cover everything from collecting minor currencies in emerging markets to onshore RMB conversion and withdrawals, creating an end-to-end funding chain so that ‘minor currencies’ no longer become a major headache on the road to global expansion.” He added, “XTransfer looks forward to working with more financial institution partners to integrate fintech with the real economy and support Chinese foreign trade companies’ globalisation.”
Opening X-Net to Banks with Diverse Cooperation Models
At CIFIT, XTransfer showcased its globally unified B2B cross-border trade settlement network and risk-control system, X-Net, presenting multiple cooperation models for financial institution partners.
For many years, banks have provided XTransfer with access to capabilities such as domestic collections, domestic payments, FX conversion, and cross-border compliance reporting. Today, banks can directly leverage X-Net’s cross-border payment and local collection capabilities to serve their own customers, allowing the network capabilities built through long-term collaboration to benefit the banks’ own businesses.
Specifically, to address the challenge faced by banks’ exporter clients in collecting payments in emerging markets, XTransfer has launched a dedicated “Bank Minor-Currency Collection Solution”, opening up the X-Net global local collection network to banks in China and worldwide. This helps export clients collect minor-currency payments from emerging markets and repatriate funds.
Banks worldwide can also use X-Net to provide importers with fast, compliant payment services to China, supporting settlement in multiple currencies such as the U.S. dollar and the Chinese yuan, as well as helping local importer companies pay overseas suppliers in local currencies.
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SOURCE XTransfer
