XTransfer and Kasikornbank (KBank), a regional financial institution in the AEC+3 market, have signed a MoU at the Singapore Fintech Festival 2025.
The partnership seeks to provide cross-border financial solutions for SMEs engaged in trade across ASEAN markets.
The collaboration will focus on domestic and cross-border payment solutions, foreign exchange (FX) conversion, and operational integration to support trade efficiency.
Under the MoU, the parties will assess and develop cross-border payment solutions, including domestic and international collections and payments, as well as FX conversion, tailored for SMEs in Thailand, Indonesia, and Vietnam.
Using application programming interfaces (APIs) and digital platforms, XTransfer and KBank aim to enable automated, real-time FX conversion and transaction processing.
The collaboration is intended to improve scalability, efficiency, and reliability for clients.
The partnership also anticipates closer operational integration, including enhanced system connectivity, standardised reporting, and straight-through processing to improve risk management and service performance.
In addition, XTransfer and KBank will explore lending solutions for Chinese merchants to support working capital needs.
Bill Deng, Founder and CEO of XTransfer, said,
“This collaboration with KBank represents another important milestone in our mission to make cross-border trade more efficient and inclusive for SMEs across ASEAN. By combining KBank’s regional strengths, we aim to help clients reduce costs, improve cash flow, and increase transaction efficiency.”
Dr Karin Boonlertvanich, Executive Vice President – Corporate Strategy and Innovation Division Head at KBank, said,
“Cross-border trade and commerce in ASEAN has been expanding at a rate of 8%, driven by rapid advancements in digital technology and artificial intelligence. This digital transformation presents growth opportunities for SMEs, enabling them to scale efficiently while reducing transactional banking costs and mitigating associated risks.”
The partnership combines KBank’s regional network, spanning Thailand, Vietnam, Indonesia, and China, with XTransfer’s digital solutions to provide cross-border financial services.
The collaboration is designed to support SMEs in expanding operations, improving efficiency, and strengthening competitiveness in international trade.
Featured image credit: XTransfer
