XTransfer, a Chinese B2B cross-border trade payment platform, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.

This approval will enable XTransfer to offer services such as account issuance, domestic and cross-border money transfers, and e-money issuance.

With the MPI license, XTransfer plans to launch e-business wallet services in Singapore, offering account opening, top-up options, currency exchange, and cross-border fund collection and payment solutions designed for SMEs engaged in global trade.

XTransfer aims to facilitate trade between SMEs in China and Singapore and support smooth foreign trade transactions for Singaporean companies.

Founded in 2017, XTransfer leverages technology to connect financial institutions with SMEs worldwide, providing secure, compliant, and cost-effective cross-border trade payment solutions.

Serving over 450,000 enterprise clients, XTransfer has established its presence in China and recently expanded its international services.

“This approval marks a pivotal moment for us to strengthen our presence in Singapore and the region. Singapore, as the hub of Southeast Asia, enjoys a strategic geographic advantage, not only as an international financial centre but also as a leading centre of international trade, with one of the world’s top-ranked ports.

 

In the following period, our focus will be on the prompt deployment of our localised solutions to cater the needs of Singaporean SMEs. Subsequently, our endeavour will extend to Southeast Asia, utilising technology to help SMEs efficiently participate in global trade and enhance their global competitiveness.”

said Bill Deng, Founder and CEO of XTransfer.

Featured image credit: Edited from Freepik