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.”
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.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
