Sunday, October 18, 2020

"XTransfer" received C1 round of financing, will invest heavily in anti-money laundering risk control and information security system construction

 After this round of financing, XTransfer will further consolidate its data foundation capabilities and anti-money laundering risk control capabilities, enhance customer in-depth service capabilities, and comprehensively upgrade its organization to introduce global talents.

36 Krypton once reported that XTransfer was established in May 2017, headquartered in Shanghai, and opened branches in Hong Kong, the United Kingdom, Canada, the United States, Japan, Australia, and Singapore. XTransfer collaboration with international banks and financial institutions, from the construction of a unified global multi-currency clearing operator network network, providing financial services solutions for SMEs to global exhibition industry, including cross-border and local collection, payment, foreign exchange and other treasury management service. In addition, XTransfer has also built an anti-money laundering risk control infrastructure centered on small, medium and micro enterprises.

Founder and CEO Deng Guobiao said: “In terms of cross-border risk control of funds for small, medium and micro enterprises, we have really experienced the huge challenges: on the one hand, the risk exposure of serving small, medium and micro enterprises is large, and the trend of small and fragmented foreign trade orders makes small and medium enterprises The cross-border capital accounts of micro enterprises carry high-frequency flows of funds; on the other hand, risk control is difficult and costly: limited by organizational configuration and market education, small, medium and micro enterprises often lack risk awareness and weak internal control capabilities; transaction partners, There are many places, regions and categories and they are changeable . In addition, the B2B foreign trade industry lacks comprehensive, unified standards and structured data sources. But this is also what makes us excited. We think that we should do hard work, dirty work and tired work well. Core competitiveness."

Currently, XTransfer's product services include foreign trade collection, multi-currency cash management, risk control services and value-added services based on foreign trade ecology. XTransfer Global Receiving Account cooperates with well-known international banks , and customers can receive remittances from global buyers. Currently, it supports 14 mainstream currencies and achieves a minimum of zero maintenance fees/entry fees. The local collection account allows corporate customers to receive international remittances just like domestic collections, and buyers pay in local currency to reduce exchange costs. XTransfer's local clearing network enables fast collection and zero intermediary bank fees. XTransfer supports global transfers of payments and receipts, which can be transferred to public accounts such as suppliers, and there is no limit on the amount.

In terms of foreign exchange settlement and withdrawal services, XTransfer supports extremely fast deposits and compliance declarations, achieving 100% successful deposits, and extremely fast value-added services will arrive within 1 hour at the fastest. The service of ordinary withdrawals to corporate accounts supports tax refunds, and the tax refunds to corporate accounts with withdrawals to mainland China are unlimited, and there is no limit on the amount.

At the level of security compliance, XTransfer adopts strict capital security measures, and its financial solutions have been inspected and approved by cooperative banks and institutions for compliance Client funds are deposited in the reserve account of the partner bank, and all fund operations are carried out in strict accordance with the client's instructions. XTransfer's security protection will ensure the authenticity of customer authorization, and any abnormalities will be identified and blocked in time. In addition, XTransfer will never disclose customer information to unrelated third parties without the authorization of the customer. All information is stored in XTransfer's secure server, any data transmission is encrypted with the latest SSL technology, and data access permissions are strictly controlled by physical controls.

In terms of anti-money laundering risk control, co-founder and CRO Yao Weichun said that at present, XTransfer's intelligent information insight system and intelligent decision-making system can quickly identify high-risk customers and high-risk transactions, improve customer experience and ensure platform security. In the future, XTransfer will continue to invest in resources and continuously upgrade its infrastructure.

In terms of further technical implementation, according to co-founder and CTO Liu Yanfang, XTransfer has embedded a reliable and credible data protection mechanism in the platform in the early stage, through trusted computing, underlying encryption, and full-link sensitive data encryption. And other key technologies to build a data security infrastructure. After the new round of financing, XTransfer will continue to increase its investment in information security construction and strengthen its investment in business risk prevention, big data and artificial intelligence.

Investor perspective

Bu Junquan, partner of Telstra Ventures, said that we have always been optimistic about entrepreneurs with broad international vision and deep professional capabilities. The anti-money laundering risk control system created by XTransfer has accumulated the best practices of the global financial risk control system in the past three years and has realized process intelligence. The team's efforts have won the trust and support of supervision, upstream and downstream cooperative financial institutions, and customers. We believe that this kind of continuous efforts and the trust network formed through long-term accumulation can provide the most convenient financial innovation services for the global development of small, medium and micro enterprises, and release huge value.

Zhang Ruiqi, a conceptual capital partner of MindWorks Capital, said that he expects XTransfer to rely on its technology platform and massive data in the future to provide small, medium and micro export companies with products that solve more pain points, help them comprehensively improve operational efficiency and enhance international competitiveness.

Gan Zixin, executive director of China Merchants Venture Capital, believes that after the epidemic, the global supply chain and foreign exchange market have accelerated fluctuations due to the interference of the epidemic, the demand cycle is disordered, and the business risk of enterprises has increased. He proposed the ability of suppliers to e-commerce and small batches. Higher requirements. The digital payment clearing network and anti-money laundering risk control system provided by XTransfer are a powerful guarantee to help small, medium and micro export companies improve their business flow efficiency and continuously reduce financial compliance costs. This year, the Chinese government issued a strong support policy to benefit SMEs and the export industry. A service platform like XTransfer is an emerging force that allows these policies to be implemented better and faster, and allows small and medium-sized enterprises to benefit in batches. We expect the company to continue to create greater social and economic value in this special period.

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