XTransfer gets in-principle approval from MAS for major payment institution licence

SINGAPORE – Chinese cross-border trade payment platform XTransfer has received in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) licence.

This licence allows XTransfer to provide services such as account issuance, domestic money transfer, cross-border money transfer and e-money issuance to Singapore small and medium-sized enterprises (SMEs), the company announced on July 16.

With the MPI licence, XTransfer said it plans to introduce comprehensive e-business wallet services in Singapore. This includes seamless account opening, convenient top-up options, efficient currency exchange services and streamlined cross-border fund collection and payment solutions tailored for enterprises engaged in global trade.

“Leveraging our advanced technological capabilities, rigorous risk management practices and strategic business approach, XTransfer aims not only to enhance trade facilitation between SMEs in China and Singapore, but also to facilitate smooth foreign trade transactions between Singapore companies and their global counterparts,” the company said.

Founded in 2017, XTransfer provides SMEs with cross-border payment solutions.

The company is headquartered in Shanghai and has branches in Hong Kong, Britain, the Netherlands, US, Canada, Japan, Australia and Singapore. It has more than 450,000 enterprise clients globally.

XTransfer’s founder and chief executive Bill Deng said MAS’ approval marks a pivotal moment for the platform to strengthen its presence in Singapore and the region.

“Singapore, as the hub of South-east 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,” he said.

The group will next focus on deploying its localised solutions to Singapore SMEs, before moving on to the rest of South-east Asia.

THE BUSINESS TIMES