XTransfer, a China-based business-to-business (B2B) cross-border trade payment platform, has been granted a major payment institution (MPI) license by the Monetary Authority of Singapore (MAS).
The license, effective from January 1, 2025, enables XTransfer to offer diverse payment services in Singapore, enhancing its position in the B2B payments industry, according to an announcement.
The MPI license permits XTransfer to engage in several financial activities within Singapore, including account issuance, domestic and cross-border money transfers, and e-money issuance.
This accreditation comes as part of XTransfer’s strategy to meet the growing demand for secure and efficient cross-border payment solutions across Southeast Asia.
Scheduled to launch its comprehensive payment solutions soon in Singapore, XTransfer plans to introduce features like easy account setup, flexible top-up options, efficient currency exchange services, and simplified payment processes for small and medium-sized enterprises (SMEs).
These services are tailored to support SMEs involved in international trade, facilitating smoother transactions and enhancing their competitive edge in global markets.
The company’s expansion into Singapore is viewed as a strategic move to capitalize on the city-state’s status as a financial hub in Southeast Asia.
This expansion is aimed at strengthening XTransfer’s partnerships within the region and supporting its mission of aiding SMEs in their international trade endeavors.
Founded in 2017, XTransfer has rapidly grown to serve over 550,000 enterprise clients predominantly in China. Its platform offers a unified business account solution that supports transactions in over 15 currencies and extends to more than 200 countries and regions globally.
For trading companies worldwide, the platform promises secure and compliant payment settlements around the clock, significantly reducing costs associated with remittances and currency conversions.
As trade exchanges between China and the Association of Southeast Asian Nations (ASEAN) continue to intensify, XTransfer’s efforts are focused on facilitating this growing international trade.
The firm is dedicated not only to enhancing trade between Chinese and Singaporean SMEs but also to simplifying transactions for Singaporean companies with global partners, thereby supporting uninterrupted capital flows in international trade processes.