Cross-border payment firm XTransfer has received the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

The license, issued on 1 January 2025, allows XTransfer to offer services such as account issuance, domestic and cross-border money transfers, flexible top-up options, and e-money issuance in Singapore.

The company, founded in 2017, specialises in cross-border payment solutions tailored to small and medium-sized enterprises (SMEs).

With its new license, XTransfer plans to roll out services aimed at simplifying international trade transactions for SMEs in Singapore.

These include streamlined account setup, currency exchange, and fund collection and payment services.

XTransfer, which serves over 550,000 enterprise clients globally, has been a prominent player in China’s B2B cross-border payment sector.

The company’s global business account supports over 15 currencies and operates across 200 countries and regions.

It enables secure and compliant transactions, with 24/7 payment settlement capability, offering uninterrupted fund circulation throughout the trade process.

“With the license, we aim to leverage Singapore’s prominent position as Southeast Asia’s financial hub to strengthen both existing and new partnerships in the region.

We remain committed to our goal of helping SMEs efficiently engage in global trade and enhance their competitiveness on a worldwide scale through technology.”

said Bill Deng, Founder and CEO of XTransfer.