The Monetary Authority of Singapore (MAS) has granted XTransfer a major payment institution (MPI) license under the Payment Services Act 2019.
The move will allow the China-based B2B cross-border payments firm to provide services including account issuance, domestic money transfer, cross-border money transfer, and e-money issuance.
“Save up to 95% on remittance fees and cut currency conversion costs by as much as 80%”
XTransfer is set to roll out its comprehensive payment solutions in Singapore, targeting small and medium-sized enterprises (SMEs) involved in international trade.
The soon-to-be-launched services will offer seamless account setup, flexible top-up options, efficient currency exchange, and streamlined cross-border fund collection and payment solutions. These services are designed to simplify international transactions and enhance cash flow for SMEs, a key driver of Singapore’s trade economy.
Founded in 2017, XTransfer has rapidly grown to become China’s dominant player in cross-border trade payments, serving over 550,000 enterprise clients. The fintech firm’s innovative platform connects SMEs with large financial institutions, offering secure, compliant, and cost-effective payment solutions. Its all-in-one business account supports over 15 currencies and operates in more than 200 countries and regions.
A major draw for global SMEs is the ability to significantly reduce transaction costs. By using XTransfer’s system, businesses can save up to 95% on remittance fees and cut currency conversion costs by as much as 80%, the firm claims.
Additionally, settlements between buyers and sellers with XTransfer accounts can be processed 24/7, ensuring smooth and uninterrupted fund circulation.
As trade between China and ASEAN nations continues to thrive, XTransfer’s expansion into Singapore comes at a pivotal time. The company aims to facilitate smoother trade flows between SMEs in both regions, positioning itself as a key enabler in the growing economic relationship. XTransfer’s Singapore launch not only targets trade between China and ASEAN but also seeks to streamline foreign trade for Singaporean businesses globally, reinforcing Singapore’s position as a hub for international commerce.
“A milestone for XTransfer as we expand our services throughout Southeast Asia”
Bill Deng, Founder and CEO of XTransfer, said: “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. 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.”
XTransfer partnered with OCBC for Southeast Asia expansion
XTransfer recently formed a comprehensive partnership with OCBC, the second-largest financial services group in Southeast Asia. The collaboration is set to provide small and medium-sized enterprises (SMEs) engaged in international trade with innovative, one-stop cross-border financial solutions.
The partnership will leverage OCBC China’s expansive regional network and resources, focusing on key markets such as Singapore, Hong Kong SAR, Malaysia, and Indonesia. The two companies will offer SMEs integrated services including payment solutions, foreign exchange (FX), risk control, and wealth management.
A key element of the collaboration is the introduction of XTransfer’s use of OCBC’s “Global Multi-Currency Account” in Hong Kong, which enables clients to make payments and collect funds globally. This account supports a wide range of currencies, including major ones like the Renminbi, US Dollar, British Pound, Euro, and various ASEAN currencies.
This development is expected to improve the efficiency of foreign trade settlements, providing SMEs with enhanced payment and collection options, as well as the ability to conduct transactions through local clearing networks like CHATS or FPS in Hong Kong, offering ease similar to local bank transfers.
