XTransfer granted MPI license in Singapore

XTransfer will launch its payments solutions soon.

XTransfer has clinched a major payment institution (MPI) license under the Payment Services Act 2019 by the Monetary Authority of Singapore (MAS), officially issued on 1 January 2025.

With the MPI license, XTransfer is able to provide services including account issuance, domestic money transfer, cross-border money transfer, and e-money issuance.

XTransfer expects to launch its payment solutions soon.

Services to be offered include easy account setup, flexible top-up options, efficient currency exchange services, and simplified cross-border fund collection and payment solutions. These are designed specifically for small and medium-sized enterprises (SMEs) involved in international trade.

Founded in 2017, XTransfer now has over 550,000 enterprise clients across China and the ASEAN region.