XTransfer, a China-based business to business (B2B) cross-border trade payment platform, was granted the major payment institution (MPI) license by the Monetary Authority of Singapore (MAS) to offer payment services in the country.

XTransfer said in a statement on Friday that this significant milestone strengthens the firm’s leading position in the B2B cross-border payments industry.

The license was officially issued on January 1, 2025, by MAS.

With the MPI license, XTransfer is able to provide services including account issuance, domestic money transfer, cross-border money transfer, and e-money issuance, addressing the increasing demand for secure and convenient cross-border payment solutions in the region.

The comprehensive payment solutions are expected to be launched soon in Singapore.

The services include easy account setup, flexible top-up options, efficient currency exchange services, and simplified cross-border fund collection and payment solutions designed specifically for small and medium-sized enterprises (SMEs) involved in international trade in Singapore.

“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,” said Bill Deng, Founder and Chief Executive Officer of XTransfer.

“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,” he added.

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 and fund collection solutions.

The firm has more than 550,000 enterprise clients in China.

After XTransfer’s global expansion, its all-in-one business account covers 15+ currencies and 200+ countries/regions, and it is now utilized by trading companies around the world.

When both buyers and sellers have XTransfer accounts, they can achieve secure and compliant payment settlements 24/7, potentially saving up to 95 percent on remittance fees and 80 percent on currency conversion costs.

This enables uninterrupted fund circulation throughout the entire trade process.

It is noted that in recent years, trade exchanges between China and ASEAN have become increasingly close.

XTransfer aims to address this growth in international trade by SMEs and help them capture opportunities in trade and capital flow between China and ASEAN.

The firm not only aims to enhance trade facilitation between SMEs in China and Singapore but also seeks to streamline foreign trade transactions between Singaporean companies and their global partners.

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