Virtual exchange projects (VEP) are known for bringing learners together from all over the globe to develop skills and attitudes through collaborative tasks. However, the present understanding of learners' perspective transformation during a VEP remains limited. Based on a four-week VEP between students at a Japanese and Polish university, this study adapted transformative learning theory to offer a theoretical understanding into how students developed new perspectives during the VEP. Qualitative data was collected from the Japanese students and thematically analysed. Analysis of the data provided an emic perspective for identifying the participants' challenges, self-awareness, new goals, skills, attitudes and knowledge associated with global human resource learning outcomes. This study contributes to bridge the theory-practice gap in online pedagogical approaches that aim to foster learner development, and also bring an understanding of the development processes that occur in a VEP.