SINGAPORE: XTransfer, the world’s leading and China’s No.1 B2B cross-border trade payment platform has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution Licence (MPI).
This will allow XTransfer to offer services like account issuance, domestic money transfer, cross-border money transfer, and e-money issuance in Singapore.
With the MPI licence, XTransfer plans to launch a range of e-business wallet services tailored for small and medium-sized enterprises (SMEs) engaged in global trade.
These services will feature seamless account opening, convenient top-up options, efficient currency exchange, and streamlined cross-border fund collection and payment solutions.
Using advanced technology and strong risk management practices, XTransfer aims to boost trade facilitation between SMEs in China and Singapore and support smooth foreign trade transactions with their global partners for Singaporean companies.
XTransfer, founded in 2017, has quickly become the industry leader in China, serving over 450,000 enterprise clients.
The company aims to use technology to connect large financial institutions and SMEs worldwide, offering secure, compliant, fast, and low-cost cross-border trade payment and fund collection solutions.
Earlier this year, XTransfer launched its international service, reaching trading companies worldwide. The platform helps sellers with fund collection and caters to global buyers.
When buyers and sellers use XTransfer accounts, they can achieve secure and compliant 24/7 payment settlement, potentially saving 95% on remittance fees and 20% on currency conversion costs, ensuring uninterrupted fund circulation throughout the trade process.
Bill Deng, Founder and CEO of XTransfer, expressed excitement about the IPA from MAS.
“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,” he said.
“In the following period, our focus will be on the prompt deployment of our localised solutions to cater 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,” he added. /TISG