Deutsche Bank (DB) has executed Thailand’s first onshore Thai baht trade for XTransfer, under the latest version of the Bank of Thailand’s non-resident qualified company (NRQC) rules.

XTransfer, the company says, is China’s number one business-to-business cross-border trade payment platform that provides payment solutions to small and medium-sized enterprises that export goods to Thailand.

Under the latest NRQC programme, it can now receive local payments from Thai buyers on behalf of export companies. Deutsche Bank then converts baht payments to Hong Kong dollars and yuan, and transfers the funds to XTransfer’s accounts offshore, for onward payment to export clients.

DB helped XTransfer (as a non-Thai company) receive approval for NRQC status through its Bangkok branch. Key benefits include a higher baht limit for accounts – that is, more than 200 million baht (US$5.62 million) – and shorter foreign exchange settlement times.

Violas Xiao, XTransfer Singapore CEO, notes: “This enhanced cross-border payment solution greatly opens up the Thai market for our clients, and we are now even more strongly positioned to help them access and expand in this high-potential market.”

Pimolpa Simaroj, DB’s chief country officer for Thailand adds: “We hope this landmark first will pave the way for more China and internationally based companies to expand their operations and grow in the Thai market.”