XTransfer secures conditional approval in Malaysia for e-money, remittance

XTransfer, B2B cross-border trade payment platform, has secured conditional approval from Bank Negara Malaysia (BNM) for key payment licences.

The conditional approval covers permission to issue electronic money and a Money Services Business Licence (Class A) for remittance and currency exchange.

The platform will roll out the services after meeting BNM's pre-issuance requirements and receiving approval to launch.

The digital payment services will be designed to support businesses involved in international trade, including small and medium-sized enterprises (SMEs). The planned offering is expected to include onboarding, funding options, foreign exchange, and remittance and settlement capabilities.

XTransfer founder and CEO Bill Deng said: "Receiving conditional approval from Bank Negara Malaysia is an important milestone for XTransfer in the ASEAN region.

"We appreciate BNM's guidance and oversight. 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."

The company also intends to set up Malaysia as its regional operational hub.

Founded in 2017, XTransfer provides cross-border trade payment and fund collection services. The company said it has more than 800,000 enterprise clients.

The company secured an electronic money institution (EMI) licence in the Netherlands in May last year. The approval from De Nederlandsche Bank (DNB) enabled XTransfer to officially launch financial services in the Netherlands.

Separately, CIMB Group Holdings in Malaysia has signed a Memorandum of Understanding (MoU) with Ant International to explore innovations in cross-border payments, as well as treasury and liquidity management solutions.

The partnership will see CIMB work with Ant International's Alipay+, Antom and Bettr Treasury across cash management, treasury and markets, financing, capital markets and sustainability initiatives.

"XTransfer secures conditional approval in Malaysia for e-money, remittance" was originally created and published by Electronic Payments International, a GlobalData owned brand.