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XTransfer Officially Receives MPI License from the Monetary Authority of Singapore
XTransfer, the World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, was granted the Major Payment Institution (MPI) License under the Payment Services Act 2019 by the Monetary Authority of Singapore (MAS). This significant milestone strengthens XTransfer’s leading position in the B2B cross-border payments industry. The license was officially issued on January 1, 2025, by MAS.
With the MPI license, XTransfer is able to 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 the region. The comprehensive payment solutions are expected to be launched soon in Singapore. The services include 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.
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 & fund collection solutions. With more than 550,000 enterprise clients, XTransfer has become the industry leader in China. After XTransfer’s global expansion, our All-in-one business account covers 15+ currencies and 200+ countries/regions, it is now utilised by trading companies around the world. When both buyers and sellers have XTransfer accounts, they can achieve secure and compliant payment settlements 24/7, potentially saving up to 95% on remittance fees and 80% on currency conversion costs. This enables uninterrupted fund circulation throughout the entire 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 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.
“Receiving this license from the Monetary Authority of Singapore marks a significant milestone for XTransfer as we expand our services throughout Southeast Asia. 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,” said Bill Deng, Founder and CEO of XTransfer. “With the license, 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.”
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SUNRATE Secures Bank Negara Malaysia Licence, Enabling Full-Scale Operations in Malaysia
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NUVA Digital Raises US$5.2M to Accelerate Development of Web3 Real-World Asset Platform NUVA
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Regional Openness and the Shift to Cloud Processing
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TSAM London: MinuteMaster on The Rising Cost of Meeting Inefficiency in Asset Management
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Atos Selected by LCH SA to Migrate its Financial Information Systems to the Cloud
Atos, a global leader of AI-powered digital transformation, announces it has signed a three-year contract with LCH SA, the global clearing house based in Paris, to assist LCH SA with the migration of its financial information systems on a highly secure, SecNumCloud-qualified cloud infrastructure, while guaranteeing full continuity of operations.
KAST Appoints Former SEC Official to Lead Policy Communications as Company Targets US Market Growth
KAST, the global financial platform built on stablecoin rails, announced today that Stephanie Allen, a former senior advisor at the U.S. Securities and Exchange Commission, has joined the company as Head of Corporate and Policy Communications.