The Foreign Trade Finance Summit Yiwu 2020 takes place on Dec 10. [Photo/zgyww.cn]

Cross-border financial and risk control service company XTransfer hosted the Foreign Trade Finance Summit Yiwu 2020 in Yiwu, Zhejiang province to discuss the sustainable development of cross-border commerce with local foreign trade professionals on Dec 10.

Attendees discussed topics such as 2021 prospects, trustworthy cross-border finance services, issues related to cross-border transactions, and XTransfer's solutions.

Yao Weichun, co-founder and chief risk officer of XTransfer, said that XTransfer is committed to helping small and medium-sized enterprises significantly reduce the cost of global expansion and enhance global competitiveness.

Yiwu, the world's leading small commodities market located in East China, is a "barometer" for China's foreign trade performance.

Statistics from the municipal commerce bureau show that Yiwu's imports and exports in the first three quarters were valued at 230.98 billion ($35.22 billion), up 5.8 percent year on year, and require more steady, safe, and low-cost cross-border transactions.

Cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network, as well as data-based risk control infrastructure centered on small and medium-sized enterprises.

XTransfer's resources around the world will allow Yiwu-based small and medium-sized enterprises to enjoy the same cross-border financial services as large multinational corporations.