XTransfer, China-based business to business (B2B) cross-border trade payment platform, announced Tuesday that it 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, XTransfer said in a statement.

After obtaining the MPI license, XTransfer is set to introduce comprehensive e-business 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 not only to enhance trade facilitation between SMEs in China and Singapore but also to facilitate smooth foreign trade transactions between Singaporean companies and their global counterparts.

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 450,000 enterprise clients, XTransfer has become the industry leader in China.

Earlier this year, the company officially launched its international service.

“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 center but also as a leading center of international trade, with one of the world’s top-ranked ports.” said Bill Deng, Founder and Chief Executive Officer of XTransfer.

“In the following period, our focus will be on the prompt deployment of our localized solutions to cater the needs of Singaporean SMEs,

“Subsequently, our endeavor will extend to Southeast Asia, utilizing technology to help SMEs efficiently participate in global trade and enhance their global competitiveness,” he added.

XTransfer is headquartered in Shanghai and has branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Japan, Australia, and Singapore.

The firm has obtained local payment licenses in Hong Kong SAR, the United Kingdom, the United States, Canada, and Australia.

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