XTransfer, the Hong Kong-based trade payment platform, recently received conditional approval from Bank Negara Malaysia (BNM) for key payment licenses. This includes licenses for issuing electronic money, plus a Class A Money Services Business License, covering remittance and currency exchange.
“Receiving conditional approval from Bank Negara Malaysia is an important milestone for XTransfer in the ASEAN region,” Bill Deng, Founder and CEO of XTransfer, said. “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.”
XTransfer says it plans to introduce digital patment services in Malaysia designed to support businesses, particularly SMEs that are engaged in international trade. That includes streamlined onboarding, convenient funding options, efficient foreign exchange, and secure remittance and settlement experiences.
XTransfer also says that it intends to make Malaysia its regional operational hub for Southeast Asia. “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 scaleacross the region.”
(Source: Media OutReach)
