XTransfer Secures MPI License in Singapore
Singapore – In a groundbreaking development, XTransfer, the World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, has been awarded the Major Payment Institution (MPI) License by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. This monumental achievement cements XTransfer’s position as a leader in the B2B cross-border payments sector. The official issuance of the license took place on January 1, 2025, by MAS.
Enhancing Cross-Border Payment Solutions
With the MPI license in hand, XTransfer is poised to offer a range of services, including account issuance, domestic and cross-border money transfers, and e-money issuance, catering to the growing demand for secure and convenient cross-border payment solutions in the region. These comprehensive payment solutions are set to be rolled out in Singapore soon, providing easy account setup, flexible top-up options, efficient currency exchange services, and simplified cross-border fund collection and payment solutions tailored for small and medium-sized enterprises (SMEs) engaged in international trade in Singapore.
Empowering Global Trade
Established in 2017, XTransfer is committed to leveraging technology to connect major financial institutions and SMEs worldwide, offering them secure, compliant, fast, convenient, and cost-effective cross-border trade payment and fund collection solutions. With over 550,000 enterprise clients, XTransfer has emerged as a frontrunner in the industry in China. Following its global expansion, the All-in-one business account covers 15+ currencies and 200+ countries/regions, making it a preferred choice for trading companies worldwide. By utilizing XTransfer accounts, both buyers and sellers can facilitate secure and compliant payment settlements round the clock, potentially saving up to 95% on remittance fees and 80% on currency conversion costs, ensuring seamless fund circulation throughout the trade process.
Facilitating International Trade Growth
As trade ties between China and ASEAN continue to strengthen, XTransfer aims to support the surge in international trade by SMEs and assist them in capitalizing on opportunities in trade and capital flow between China and ASEAN. The company not only seeks to enhance trade facilitation between SMEs in China and Singapore but also strives to streamline foreign trade transactions between Singaporean firms and their global counterparts.
Personal Touch
Imagine being a small business owner in Singapore, navigating the complex world of international trade. XTransfer’s MPI license brings a ray of hope, promising secure, efficient, and cost-effective cross-border payment solutions tailored to your needs. With XTransfer’s services, the world of global trade becomes more accessible, allowing you to compete on a global scale with ease.
In conclusion, the acquisition of the MPI license from the Monetary Authority of Singapore marks a momentous milestone for XTransfer, signifying its expansion into Southeast Asia. This accomplishment underscores the company’s dedication to upholding regulatory standards and delivering secure, compliant, convenient, and swift cross-border payment services. With Singapore’s stature as a financial hub in Southeast Asia, XTransfer aims to forge strong partnerships in the region, empowering SMEs to engage in global trade efficiently and enhance their competitiveness worldwide through technological innovation.
