XTransfer Receives In-Principle-Approval For MPI License from Monetary Authority of Singapore
- Written by Telegraph Magazine
Facilitating Cross-Border Remittances for Local SMEs
SINGAPORE - Media OutReach Newswire - 16 July 2024 – XTransfer, the World's Leading & China's No.1 B2B Cross-Border Trade Payment Platform, is pleased to announce 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.
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 our 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. Trading companies worldwide are now starting to use XTransfer, which helps sellers address the challenging issue of fund collection and also caters to the global buyer side. When both buyers and sellers use XTransfer accounts, they can achieve secure and compliant 24/7 payment settlement, potentially saving 95% on remittance fees and 20% on currency conversion costs. This facilitates uninterrupted fund circulation throughout the entire trade process.
“We're thrilled to have received IPA from the MAS. 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 centre but also as a leading centre of international trade, with one of the world's top-ranked ports.” said Bill Deng, Founder and CEO of XTransfer, "In the following period, our focus will be on the prompt deployment of our localised solutions to cater the needs of Singaporean SMEs. Subsequently, our endeavour will extend to Southeast Asia, utilising technology to help SMEs efficiently participate in global trade and enhance their global competitiveness."
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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, Japan, Australia, and Singapore. XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia. With more than 450,000 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.
