XTransfer obtains nod for MPI License from Monetary Authority of Singapore

By Gloria Mathias

XTransfer, China’s B2B cross-border trade payment platform, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License (MPI).

This license will allow XTransfer to provide services, including account issuance, domestic money transfer, cross-border money transfer, and e-money issuance.

After obtaining the MPI license, XTransfer is set to introduce comprehensive eBusiness wallet services in Singapore. These will include seamless account opening, convenient top-up options, efficient currency exchange services, and streamlined cross-border fund collection and payment solutions tailored specifically for small and medium-sized enterprises (SMEs) engaged in global trade.

Leveraging its advanced technological capabilities, rigorous risk management practices, and strategic business approach, XTransfer aims to enhance trade facilitation between SMEs in China and Singapore to facilitate smooth foreign trade transactions between Singaporean companies and their 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.”

XTransfer uses technology as a bridge to link large financial institutions and small and medium enterprises around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations.