XTransfer and Siam Commercial Bank signed an MoU at the Singapore Fintech Festival 2025 to build more transparent, secure and cost effective FX services for businesses trading internationally.
The agreement focuses on developing FX solutions in Thailand that provide clearer pricing and more competitive conversion rates for enterprises engaged in cross border trade.
Both companies will use API and digital platform connectivity to enable automated real time FX conversion and faster transaction processing, with the aim of improving cash flow management and reducing operational costs.
The partnership also includes plans to explore further cooperation beyond FX, including domestic and cross border payment services across ASEAN markets such as Malaysia, Indonesia, Singapore, the Philippines, Cambodia, Vietnam and Thailand.
Bill Deng, Founder and CEO of XTransfer, said,
“SCB’s market leadership and digital capabilities, combined with XTransfer’s foreign trade enterprises’ focused infrastructure, will help our clients achieve better rates, faster settlement, and enhanced transparency.
This collaboration not only strengthens service delivery for Thai enterprises, but also enables XTransfer to deepen our development across ASEAN. Together, we will continue to strengthen compliance and risk management to build a trusted financial backbone for cross-border trade.”
Rungsi Vongkitbuncha, Executive Vice President, Head of Large Corporates and International Business Function of SCB, said,
“It is an honour to represent SCB at today’s Memorandum of Understanding signing ceremony, establishing our role as XTransfer’s key financial partner in ASEAN.
As Thailand’s longest-established local bank, SCB supports XTransfer’s cross-border business development by providing advanced technological systems and efficient financial solutions, thereby offering more convenient business models for international traders.”
