From Thailand to ASEAN: XTransfer and Siam Commercial Bank Team Up in SFF 2025
- Written by Asian Spectator
The collaboration will focus on delivering efficient, secure, and cost-effective foreign exchange (FX) services in Thailand for enterprises engaging in international trade.
Under the MoU, XTransfer and SCB will work together to evaluate and develop tailored FX solutions in Thailand for enterprises engaged in international trade. The partnership will prioritise competitive FX conversion and improved rate transparency. By leveraging application programming interfaces (APIs) and digital platform connectivity, the parties aim to enable automated, real-time FX conversion and efficient transaction processing to help enterprises reduce costs and improve cash flow management. The parties will continue to explore the expansion of their collaboration beyond FX in Thailand to encompass domestic and cross-border payment solutions across key ASEAN markets, including Thailand, Malaysia, Indonesia, Singapore, the Philippines, Cambodia, and Vietnam.
Bill Deng, Founder and CEO of XTransfer, said, "We are delighted to partner with Siam Commercial Bank to bring best‑in‑class cross-border financial services to enterprises in Thailand. 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."
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