KUALA LUMPUR: Malayan Banking Bhd
(Maybank) has entered into a strategic partnership with B2B cross-border trade payment platform XTransfer to deliver cross-border payment and Shariah-compliant solutions across key markets.
In a joint statement, Maybank and XTransfer said they have inked a memorandum of understanding to collaborate on one-stop cross-border financial solutions - spanning domestic and cross-border payments and FX conversion - across key Asean markets, Hong Kong, the UK and the US.
Recognising the growing demand for Islamic finance-compliant services in Asean, XTransfer and Maybank will also explore and develop Shariah-compliant FX and payment offerings tailored to regional needs.
Maybank president and group CEO Datuk Sri Khairussaleh Ramli said the collaboration will enable more seamless cross-border payments and collections with competitive forex rates for merchants engaged in Asean-China trade.
He noted the two regions are each other's largest trading partners, on track to hitting a total trade value of US$1 trillion this year.
"This collaboration also opens opportunities to develop innovative solutions for businesses. With Maybank’s presence in the key Asean markets, we are truly well positioned to support their cross-border needs," he said.
XTransfer founder and CEO Bill Deng said the solutions will help businesses reduce costs, enhance cash flow, and improve transaction efficiency. "We will continue to strengthen compliance and risk management to build a trusted cross-border financial infrastructure for our clients,” he added.
