XTransfer Officially Receives MPI License from the Monetary Authority of Singapore
Comprehensive Payment Solutions are Set to Launch
SINGAPORE - Media OutReach Newswire - 8 January 2025 - 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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The issuer is solely responsible for the content of this announcement.
XTransfer
XTransfer, World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, is dedicated to providing SMEs with secure, compliant, fast, convenient and low-cost foreign trade payment & fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness. Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the UAE, Nigeria, etc. XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. With more than 550,000 enterprise clients, XTransfer has become the industry No.1 in China.By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and built a data-based, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centred on small and medium enterprises. 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.
XTransfer completed its Series D financing in September 2021 and achieved unicorn status. The Company possesses a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners.
For more information: https://www.xtransfer.com/
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