China-based B2B cross-border trade payment platform XTransfer has received conditional approval from Bank Negara Malaysia (BNM) for two payment licences, with one covering the issuance of electronic money, and a Money Services Business Licence (Class A) encompassing remittance and currency exchange services.
The approval marks a significant step in XTransfer's expansion into Southeast Asia. Once pre-issuance conditions are met and the company is permitted to launch, it plans to introduce digital payment services in Malaysia directed at businesses, particularly small and medium-sized enterprises (SMEs) involved in international trade. The planned offering includes simplified onboarding, foreign exchange, and remittance and settlement services, with a stated focus on compliance, security, and operational reliability.
Malaysia as a regional hub
Beyond the product launch, Malaysia forms a central part of XTransfer's broader regional strategy. The company intends to establish the country as its operational hub for Southeast Asia, coordinating compliance, risk management, customer support, and broader group-wide operations from the market.
Bill Deng, Founder and CEO of XTransfer, described the BNM approval as an important milestone for the company in the ASEAN region, adding that the goal is to bring Malaysian businesses compliant and efficient payment solutions that help trade move faster, especially as intra-Asia and broader South-South trade routes continue to expand. Deng further noted that Malaysia offers the talent base, governance environment, and regional proximity required to scale across the region.
Company background
Founded in 2017, XTransfer focuses on cross-border trade payment and fund collection solutions for SMEs, connecting businesses with large financial institutions. The company currently serves more than 800,000 enterprise clients and has expanded its operations across multiple international markets.
The conditional approval from BNM does not yet constitute authorisation to operate. The commercial launch of XTransfer's Malaysian services remains subject to the fulfilment of the regulator's pre-issuance requirements.
