XTransfer, one of the world’s leading and China’s business-to-business (B2B) cross-border trade payment platform has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) licence.

This licence will allow XTransfer to provide services including account issuance, domestic money transfer, cross-border money transfer, and e-money issuance.

After obtaining the MPI licence, XTransfer is set to introduce comprehensive e-business wallet services in Singapore. These will include seamless account opening, convenient top-up options, efficient currency exchange services, and streamlined cross-border fund collection and payment solutions tailored specifically for small and medium-sized enterprises (SMEs) engaged in global trade. Leveraging our advanced technological capabilities, rigorous risk management practices, and strategic business approach, XTransfer aims not only to enhance trade facilitation between SMEs in China and Singapore but also to facilitate smooth foreign trade transactions between Singaporean companies and their global counterparts.

Founded in 2017, XTransfer is dedicated to using technology to bridge large financial institutions and SMEs worldwide, providing them with secure, compliant, fast, convenient and low-cost cross-border trade payment and fund collection solutions. With more than 450,000 enterprise clients, XTransfer has become the industry leader in China. Earlier this year, the company officially launched its international service. Trading companies worldwide are now starting to use XTransfer, which helps sellers address the challenging issue of fund collection and also caters to the global buyer side. When both buyers and sellers use XTransfer accounts, they can achieve secure and compliant 24/7 payment settlement, potentially saving 95% on remittance fees and 20% on currency conversion costs. This facilitates uninterrupted fund circulation throughout the entire trade process.

Bill Deng, founder and CEO of XTransfer, said: “We’re thrilled to have received IPA from the MAS. 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.”

Deng said: “In the following period, our focus will be on the prompt deployment of our localised solutions to cater for 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.”

Re-disseminated by The Asian Banker