XTransfer Files for Hong Kong IPO After Rapid Growth,

April 26, 2026

XTransfer has filed for an initial public offering in Hong Kong, seeking a main board listing as it expands its cross-border payment services for small and medium-sized enterprises (SMEs).

Founded in 2017 and headquartered in Shanghai, XTransfer provides payment infrastructure for SMEs engaged in international trade, targeting challenges such as limited access to banking services, account restrictions, foreign exchange barriers, long settlement cycles, and high transaction costs.

Central to its offering is “X-Net,” which the company describes as a unified global settlement and risk management network for B2B trade. The platform enables centralized risk control and cross-bank payment connectivity, allowing SMEs to transact more efficiently, according to the company.

As of March 31, 2026, XTransfer said it had partnered with financial institutions globally and expanded its services to more than 200 countries and regions. The company has also integrated X-Net with digital wallet services to support payments, foreign exchange, and fund transfers.

XTransfer reported strong growth in transaction volume over the past three years. Total payment volume (TPV) increased from $18.6 billion in 2023 to $60.5 billion in 2025, representing a compound annual growth rate of 80.2%, compared with an industry average of 34%, based on third-party data cited in the prospectus.

The company said it ranked among the largest B2B cross-border payment platforms globally by TPV in 2025, with a 5.1% market share, citing third-party data.

XTransfer also highlighted its AI-driven system “TradePilot,” which it said enables automated transaction review and fraud control. As of March 2026, the company said it achieved an automated review rate of about 98.5% and a fraud rate of approximately 0.003%.

(Source: XTransfer public filing)