This achievement upgrades XTransfer's position in the B2B cross-border payments sector. The Monetary Authority of Singapore (MAS) officially granted the MPI licence on 1 January 2025.
With this MPI licence, XTransfer can offer services such as account issuance, domestic money transfers, cross-border transactions, and e-money issuance, meeting the demand for secure and convenient cross-border payment solutions in the region. The payment services are set to launch soon in Singapore. They will feature easy account setups, flexible top-up options, currency exchange services, and simplified solutions for cross-border fund collection and payments, specifically tailored for small and medium-sized enterprises (SMEs) engaged in international trade in Singapore.
With a client base exceeding 550,000 enterprises, XTransfer leverages technology to connect large financial institutions with SMEs across the globe, offering secure, compliant, fast, and cost-effective solutions for cross-border trade payments and fund collection. Following its global expansion, the company’s all-in-one business account now supports over 15 currencies and serves more than 200 countries and regions.
In recent years, trade relations between China and ASEAN have strengthened significantly. XTransfer is addressing the increasing international trade activities among SMEs and helping them seize opportunities in trade and capital flow between China and ASEAN. The company aims to facilitate trade between SMEs in China and Singapore but also to simplify foreign trade transactions between Singaporean enterprises and their global partners.
Officials from XTransfer announced that with this licence, they plan to leverage Singapore's position as Southeast Asia's financial centre to build up both existing and new partnerships in the region. The company is committed to supporting SMEs in effectively engaging in global trade and upgrading their competitiveness internationally through technology.
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