XTransfer Secures MAS Licence, to Meet Demand for Cross-Border Payment Solutions in Singapore

The Monetary Authority of Singapore (MAS) has granted China-based B2B cross-border trade payment platform, XTransfer, a Major Payment Institution (MPI) licence, enabling it to provide a range of money transfer services in the region. 

Having obtained the MPI licence, XTransfer can now provide services including account issuance, domestic money transfer, cross-border money transfer, and e-money issuance, addressing the increasing demand for secure and convenient cross-border payment solutions in Singapore.

XTransfer plans to launch new payment solutions soon in Singapore; with these services including easy account setup, flexible top-up options, efficient currency exchange services, and simplified cross-border fund collection and payment solutions designed specifically for small and medium-sized enterprises (SMEs) involved in international trade in Singapore.

“Receiving this licence from the MAS marks a significant milestone for XTransfer as we expand our services throughout Southeast Asia,” explained Bill Deng, founder and CEO of XTransfer. “This achievement underscores our commitment to upholding the highest standards of regulatory compliance and reinforces our dedication to providing secure, compliant, convenient, and fast cross-border payment services.

“With the licence, we aim to leverage Singapore’s prominent position as Southeast Asia’s financial hub to strengthen both existing and new partnerships in the region. We remain committed to our goal of helping SMEs efficiently engage in global trade and enhance their competitiveness on a worldwide scale through technology.”

Enhancing cross-border trade between SMEs 

Founded in 2017, XTransfer leverages technology to bridge large financial institutions and SMEs worldwide, providing them with low-cost cross-border trade payment and fund collection solutions.

After XTransfer’s global expansion, its all-in-one business account covers more than 15 currencies across over 200 countries. When both buyers and sellers have XTransfer accounts, they can achieve secure and compliant payment settlements 24/7, saving up to 95 per cent on remittance fees and 80 per cent on currency conversion costs. This enables uninterrupted fund circulation throughout the trade process.

In recent years, trade exchanges between China and ASEAN have become increasingly close. XTransfer aims to address this growth in international trade by SMEs and help them capture opportunities in trade and capital flow between China and ASEAN.

XTransfer explained that it not only aims to enhance trade facilitation between SMEs in China and Singapore, but also seeks to streamline foreign trade transactions between Singaporean companies and their global partners.