(SINGAPORE, Jan 9, 2025)XTransfer, a player in the B2B cross-border trade payment platform, has received the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. This license, effective from January 1, 2025, marks a key development for XTransfer in the cross-border payments sector.
With the MPI license, XTransfer is now authorized to offer services including account issuance, domestic and cross-border money transfers, and e-money issuance. These services aim to meet the growing demand for secure and convenient cross-border payment solutions in Southeast Asia, benefiting small and medium-sized enterprises (SMEs) engaged in international trade.
Founded in 2017, XTransfer has focused on connecting financial institutions and SMEs globally, offering secure, fast, and cost-effective cross-border trade payment and fund collection solutions. The company serves over 550,000 enterprise clients and has a notable presence in the industry in China. With its global operations, XTransfer’s services now support 15+ currencies and cater to over 200 countries and regions, facilitating 24/7 secure payment settlements.
The growing trade between China and ASEAN underscores the need for efficient trade payment solutions. XTransfer’s initiatives aim to support this increasing trade volume by enabling SMEs in Singapore and other ASEAN countries to access more significant trade and capital flow opportunities between the region and China.
Bill Deng, Founder and CEO of XTransfer, commented on the new licensing achievement, stating, “Receiving this license from the Monetary Authority of Singapore reinforces our dedication to providing secure and efficient cross-border payment services. Utilizing Singapore’s status as a financial hub, we are ready to enhance our partnerships in the region and support SMEs in boosting their global trade capabilities.”
XTransfer’s operations extend beyond Asia, with branches in key global markets including Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Australia, Vietnam, Thailand, Malaysia, the Philippines, the UAE, and Nigeria. The company has also secured local payment licenses in several of these regions, solidifying its extensive network designed to support SMEs in managing their international trade processes efficiently.
In partnership with multinational banks and financial institutions, XTransfer has established a global multi-currency clearing network and a data-driven anti-money laundering risk control system tailored to the needs of SMEs. These systems are part of XTransfer’s efforts to provide SMEs with access to comprehensive cross-border financial services, leveling the playing field with large multinational corporations.
