China’s XTransfer gains in-principle approval for Singapore MPI license 

XTransfer plans to launch e-business wallet services in the Lion City.

China-based cross-border trade payment platform XTransfer has received an in-principle approval for a major payment institution license (MPI) from Singapore’s central bank.

The in-principle approval will allow XTransfer to provide services including account issuance, domestic money transfer, cross-border money transfer, and e-money issuance, the company announced in a press release.

After obtaining an MPI license, XTransfer said that it plans to introduce e-business wallet services in Singapore.

Amongst services it promises to offer 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). 

XTransfer was founded in 2017 with the goal of providing cross-border trade payment and fund collection solutions to SMEs and financial institutions. XTransfer now has over 450,000 enterprise clients.