XTransfer Gets BNM's Conditional Nod For Key Payment Licences
KUALA LUMPUR, Feb 26 (Bernama) -- Business-to-business cross-border trade payment platform XTransfer has received conditional approval from Bank Negara Malaysia (BNM) for key payment licences, including issuing electronic money and a money services business licence (Class A) covering remittance and currency exchange.
Upon completing the pre-issuance conditions and being permitted to launch, XTransfer plans to introduce digital payment services in Malaysia designed to support businesses, particularly small and medium enterprises (SMEs) engaged in international trade.
“These services are intended to include streamlined onboarding, convenient funding options, efficient foreign exchange, and secure remittance and settlement experiences, with a focus on compliance, security, and operational reliability, helping Malaysian SMEs reduce friction in legitimate trade as they scale into regional and emerging-market corridors,” it said in a statement today.
Founder and chief executive officer Bill Deng said receiving conditional approval from BNM is an important milestone for XTransfer in the ASEAN region.
“We look forward to bringing Malaysian businesses compliant and efficient payment solutions that help trade move faster and more predictably, especially as intra-Asia and broader South-South trade routes continue to expand,” he said.
He said Malaysia is also central to XTransfer’s regional strategy, with a plan to establish Malaysia as its regional operational hub, serving as a strategic control centre within Southeast Asia, coordinating compliance, risk management, customer support, and global operations to ensure alignment with both local and group-wide standards.
“Malaysia gives us the talent, governance environment, and regional proximity to scale across the region,” he said.
Founded in 2017, XTransfer is dedicated to using technology to bridge large financial institutions and SMEs worldwide, providing secure, compliant, fast, convenient and low-cost cross-border trade payment and fund collection solutions.
-- BERNAMA
