XTransfer leverages technology to connect large financial institutions with SMEs globally, offering cross-border payment solutions for international trade. Credit: TippaPatt/ Shutterstock.

Chinese cross border payments company XTransfer has secured the Major Payment Institution (MPI) Licence under the Payment Services Act 2019 from the Monetary Authority of Singapore (MAS).  

The licence was issued by MAS on 1 January 2025, with the payment solutions set to launch soon in Singapore.  

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With the new licence, XTransfer is authorised to offer services such as account creation, domestic and international money transfers, and e-money issuance in the country.  

The services comprise account setup, top-up options, currency exchange, and cross-border payment and fund collection solutions, tailored for small and medium-sized enterprises (SMEs) engaged in international trade in Singapore.  

Set up in 2017, XTransfer leverages technology to connect large financial institutions with SMEs globally, offering secure and “low-cost” cross-border payment and fund collection solutions for international trade.  

XTransfer has a global presence with over 550,000 enterprise clients across more than 15 currencies and over 200 countries/regions.  

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When both buyers and sellers use XTransfer accounts, users can make payment settlements 24/7 and are said to potentially save up to 95% on remittance fees and 80% on currency conversion costs.  

XTransfer CEO and founder Bill Deng said: “Receiving this licence from the Monetary Authority of Singapore marks a significant milestone for XTransfer as we expand our services throughout Southeast Asia.  

“With the licence, we aim to leverage Singapore’s prominent position as Southeast Asia’s financial hub to strengthen both existing and new partnerships in the region.” 

XTransfer teamed up with financial services group OCBC to provide its customers with the “Global Multi-Currency Account” from OCBC Hong Kong, by enabling them to manage payments and receive funds worldwide.