Bank Negara Malaysia has granted XTransfer conditional approval for key payment licenses, clearing a path for its entry into the local market.

The approval covers the issuance of electronic money and a Class A Money Services Business license for remittance and currency exchange.

The company must satisfy pre-issuance conditions before commencing operations.

Once operational, XTransfer plans to introduce digital payment services for businesses engaged in international trade, particularly SMEs.

The offering is expected to include digital onboarding, foreign exchange, funding options and cross-border remittance and settlement.

The company said the services will prioritise compliance, security and operational reliability to support legitimate trade flows across regional and emerging-market corridors.

Bill Deng, Founder and CEO of XTransfer, 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.”

XTransfer also plans to establish a regional operational hub in Malaysia to oversee compliance, risk management, customer support and operational coordination in Southeast Asia, subject to regulatory approval.

The hub will align local operations with group-wide standards.

The company recently signed a partnership with Maybank at the Singapore Fintech Festival 2025 to expand cross-border payment collaboration in the region.

Founded in 2017, XTransfer provides cross-border trade payment and fund collection solutions.

The company reports serving more than 800,000 enterprise clients globally.

Watch our Fintech Fireside Asia interview with Bill Deng to understand why cross-border payments fail SMEs and how XTransfer addresses those gaps.

Featured image: Edited by Fintech News Malaysia, based on image by mrsiraphol via Freepik