This licence allows XTransfer to offer various services including account issuance, domestic and cross-border money transfers, and e-money issuance. Following the MPI licence approval, XTransfer plans to launch comprehensive e-business wallet services in Singapore. These services aim to facilitate account opening, enable convenient top-up options, offer currency exchange services, and streamline cross-border fund collection and payment solutions designed for small and medium-sized enterprises (SMEs) engaged in global trade.
Officials from XTransfer talked about Singapore's strategic geographic advantage and status as an international financial and trade hub. The company's immediate priority is deploying localised solutions for Singaporean SMEs, followed by an extension of services across Southeast Asia.
Established in 2017, XTransfer focuses on leveraging technology to connect large financial institutions with SMEs globally, providing secure, compliant, and cost-effective cross-border trade payment and fund collection solutions. With over 450,000 enterprise clients, XTransfer is well-known in China and expanded internationally earlier this year.
Headquartered in Shanghai, the company operates branches in multiple countries including Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Japan, Australia, and now Singapore. The company has secured local payment licences in several key markets and continues to improve its global multi-currency clearing network and anti-money laundering risk control infrastructure to support SMEs worldwide.
XTransfer also completed its Series D financing in September 2021, achieving unicorn status with a diverse group of international investors supporting its growth.
In June 2024, XTransfer partnered with Banking Circle, a payments bank headquartered in Luxembourg. The partnership intended to enhance cross-border payment capabilities for businesses, particularly focusing on Chinese suppliers with markets in Europe and the Middle East. The collaboration between XTransfer and Banking Circle was driven by a shared commitment to reducing the cost and processing time associated with global trade payments.
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