Cross-border fee agency XTransfer has acquired the Main Cost Establishment (MPI) license from the Financial Authority of Singapore (MAS).
The license, issued on 1 January 2025, permits XTransfer to supply companies reminiscent of account issuance, home and cross-border cash transfers, versatile top-up choices, and e-money issuance in Singapore.
The corporate, based in 2017, specialises in cross-border fee options tailor-made to small and medium-sized enterprises (SMEs).
With its new license, XTransfer plans to roll out companies geared toward simplifying worldwide commerce transactions for SMEs in Singapore.
These embody streamlined account setup, foreign money alternate, and fund assortment and fee companies.
XTransfer, which serves over 550,000 enterprise shoppers globally, has been a distinguished participant in China’s B2B cross-border fee sector.
The corporate’s international enterprise account helps over 15 currencies and operates throughout 200 nations and areas.
It permits safe and compliant transactions, with 24/7 fee settlement functionality, providing uninterrupted fund circulation all through the commerce course of.
“With the license, we purpose to leverage Singapore’s distinguished place as Southeast Asia’s monetary hub to strengthen each current and new partnerships within the area.
We stay dedicated to our objective of serving to SMEs effectively interact in international commerce and improve their competitiveness on a worldwide scale by way of know-how.”
mentioned Invoice Deng, Founder and CEO of XTransfer.
