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.

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.

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