Chinese fintech XTransfer plans expansion into wealth management, lending

XTransfer, a Chinese fintech firm specialising in business-to-business (B2B) cross-border financial services, is planning to expand its presence into wealth management and lending, reported Reuters. The firm, which competes with PayPal and PingPong in China, aims to serve its clients, who are underserved by traditional banking, with the new move. XTransfer founder and CEO Bill Deng said that firm will start short-term investment offerings to small exporters who have cash temporarily held in their accounts. According to Deng, Chinese exporters get paid by overseas consumers but do not have to make payments to suppliers immediately. The firm intends to help…