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XTransfer presented a Southeast Asia local collection and renminbi settlement service at the China-ASEAN Expo in Nanning, aimed at companies involved in cross-border trade between China and ASEAN markets.
The service gives eligible businesses access to local-currency collection accounts in several Southeast Asian markets, including Malaysia, Indonesia, Vietnam and Thailand. It supports collections in IDR, MYR, THB, VND, PHP and SGD, allowing buyers to pay from local bank accounts through local clearing before exporters convert and settle funds into renminbi.
The launch comes as trade between China and ASEAN continues to expand. Bilateral trade passed USD $1 trillion in 2025 for the first time, reaching USD $1.05 trillion, up 7.4% year on year.
From January to July this year, bilateral trade totalled USD $744.41 billion, up 24.7% from a year earlier. That accounted for 21.8% of China's total foreign trade, underscoring the scale of the commercial relationship and the growing need for payment systems that can handle transactions across multiple currencies and jurisdictions.
Payment friction
Exporters trading into Southeast Asia often face delays and added costs when collecting money from overseas buyers. Many ASEAN importers prefer to pay in their domestic currencies, while exporters may lack access to suitable local collection channels.
In those cases, US dollar settlement can add foreign exchange charges and cross-border banking fees. Cash cycles can also slow because funds may need to pass through several stages, including conversion, settlement and repatriation, before they are available for use.
XTransfer said its service is designed to address that gap by combining collection, conversion, settlement and fund return in a single process. It relies on a local collection network and partnerships with licensed financial institutions to provide the accounts.
The focus on renminbi settlement is notable as more Chinese exporters seek ways to reduce currency friction in regional trade. Direct settlement into renminbi can help businesses avoid some of the costs and delays associated with routing transactions through the US dollar.
Regional trade
China has been ASEAN's largest trading partner for 17 consecutive years, while ASEAN has been China's largest trading partner for six consecutive years. The figures reflect the increasing integration of manufacturing supply chains, wholesale trade and business-to-business commerce across the region.
As those links deepen, payment systems have become a more important part of trade infrastructure. Businesses selling goods across borders must not only secure orders and manage logistics, but also ensure they receive payments quickly and in a form that supports working capital needs.
This is particularly relevant for smaller exporters, which can be more exposed to payment delays and foreign exchange costs than larger groups with broader banking arrangements. A local collection option allows buyers to pay in familiar domestic currencies while giving exporters a route to receive and convert funds with fewer stages.
XTransfer described the service as part of its effort to support secure and compliant cross-border transactions. It is also working to improve foreign exchange and settlement processes for businesses trading across Southeast Asia.
The company made its first appearance at the China-ASEAN Expo, with the Southeast Asia local collection offering as its main product focus.