XTransfer, a Chinese B2B cross-border trade payment platform, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
With this approval, X forwarding We provide services such as account issuance, domestic and international remittances, and electronic money issuance.
With the MPI license, XTransfer plans to launch its electronic business wallet service in Singapore, offering account opening, top-up options, currency exchange, cross-border fund collection and payment solutions designed for small and medium-sized enterprises engaged in international trade.
XTransfer aims to facilitate trade between China and Singapore SMEs, and support smooth trade transactions for Singaporean companies.
Founded in 2017, XTransfer uses technology to connect financial institutions and small and medium-sized enterprises around the world to provide secure, compliant and cost-effective cross-border trade payment solutions.
Serving over 450,000 business clients, XTransfer has established a base in China and recently expanded its international services.
Bill Deng
“This approval marks a pivotal moment in strengthening our presence in Singapore and the region. Located at the heart of Southeast Asia, Singapore enjoys a strategic location not only as an international financial centre but also a major international trade hub with a world-class port.”
Going forward, our focus will be on rapidly deploying localized solutions to cater to the needs of SMEs in Singapore. Our efforts will then extend to Southeast Asia, leveraging technology to help SMEs efficiently participate in international trade and strengthen their global competitiveness.”
“XTransfer is a game changer,” said Bill Deng, founder and CEO of XTransfer.
Featured Image Credit: Free Pick
