XTransfer has received conditional approval from Bank Negara Malaysia for key payment licences, marking a significant step in its expansion across Southeast Asia. The approval includes authorization to issue electronic money as well as a Class A Money Services Business licence covering remittance and currency exchange.
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The conditional approval clears the path for XTransfer to launch digital payment services in Malaysia once pre-issuance requirements are fulfilled. The company intends to focus on supporting Malaysian small and medium-sized enterprises engaged in international trade. Its planned services will include streamlined onboarding, flexible funding options, efficient foreign exchange solutions, and secure remittance and settlement capabilities all designed with compliance and operational resilience at the forefront.
Founder and CEO Bill Deng described the development as a major milestone for the company’s ASEAN strategy. He emphasized appreciation for the regulatory guidance provided by Malaysia’s central bank and highlighted the growing importance of intra-Asia and South–South trade corridors. As regional trade flows continue to expand, XTransfer aims to provide businesses with faster, more predictable cross-border payment infrastructure that reduces friction in legitimate trade.
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Malaysia also plays a broader strategic role in XTransfer’s regional ambitions. The company plans to establish the country as its Southeast Asian operational hub, coordinating compliance, risk management, customer support, and regional oversight from within the market. Deng noted that Malaysia’s governance framework, regulatory environment, and access to regional talent make it well-positioned to serve as a control centre for expansion across ASEAN.
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Founded in 2017, XTransfer focuses on bridging global financial institutions and SMEs through technology-driven cross-border trade payment solutions. With more than 800,000 enterprise clients worldwide, the company has built a strong presence in facilitating compliant, low-cost international transactions. The Malaysia approval signals continued momentum as XTransfer deepens its footprint in high-growth trade markets.
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