XTransfer, a B2B platform for cross-border trade payments in China, has received initial approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI). This license enables XTransfer to offer various services such as account issuance, domestic and cross-border money transfers, and electronic money issuance.
Following the acquisition of the MPI license, XTransfer plans to launch extensive eBusiness wallet services in Singapore. These services will feature easy account setup, convenient deposit methods, effective currency exchange capabilities, and simplified solutions for collecting and making cross-border payments designed specifically for small and medium-sized enterprises (SMEs) involved in international trade.
Using its advanced technological capabilities, rigorous risk management practices, and strategic business approach, XTransfer seeks to improve trade facilitation between SMEs in China and Singapore. This initiative aims to streamline foreign trade transactions for Singaporean companies, enabling smoother interactions with global counterparts.
“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”, shared Bill Deng, Founder and CEO of XTransfer.
“In the following period, our focus will be on the prompt deployment of our localised solutions to cater to 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”, he further added. XTransfer employs technology to connect major financial institutions with small and medium enterprises worldwide, enabling SMEs to access cross-border financial services comparable to those available to large multinational corporations.