XTransfer, a China-based company, specialising in providing foreign trade enterprises is collaborating with Brazil’s Ouribank on payment and foreign exchange services.
By integrating Ouribank’s infrastructure, XTransfer can now offer clients expanded local payment and fund collection options.
Businesses with an XTransfer account can receive payments in Brazilian Real (BRL) from Brazilian buyers.
Buyers in Brazil and Latin America can pay Chinese and global suppliers in BRL via PIX, removing foreign exchange complexities.
Beyond traditional trade clients, XTransfer has established partnerships with major e-commerce platforms in Latin America.
E-commerce businesses, particularly Chinese clients, can receive payments from Brazil through their XTransfer accounts and transfer funds to domestic accounts.
China has been Brazil’s largest trading partner since 2009 and is a key foreign investor. Brazil was the first Latin American country to surpass US$100 billion in exports to China and remains China’s largest trading partner in the region.
In 2024, bilateral trade between the two countries increased by 3.5% year-on-year, reaching approximately US$188 billion.
Cross-border payments often involve challenges such as long remittance times, high costs, and exchange rate losses.
This partnership aims to simplify and facilitate Brazil’s cross-border trade transactions, benefiting both foreign trade companies operating in Latin America and Brazilian businesses working with international suppliers, particularly in China.
Bill Deng, Founder and CEO of XTransfer, described the partnership as
“A major milestone in our expansion across Brazil and Latin American markets. This collaboration not only drives XTransfer’s global growth but also transforms the trade experience for Latin American SMEs. We look forward to the long-term success of this alliance.”
Bruno Luigi Foresti, Director of Ouribank, stated:
“With the Hub, we are advancing in the payments technology sector, delivering solutions that reduce friction in international transactions without compromising the tradition and expertise we have built over more than four decades. We are confident that our partnership with XTransfer will bring significant value to markets throughout Latin America.”
Featured image credit: edited from freepik
