XTransfer Secures Conditional Approval from Bank Negara Malaysia for E-Money and Remittance Payment Licenses

China's XTransfer has received conditional approval from Bank Negara Malaysia (BNM) for key payment licenses on February 27, 2026.

The approvals include licenses for issuing electronic money and a Money Services Business License (Class A) covering remittance and currency exchange services.

XTransfer's Background and Global Reach

Founded in 2017, XTransfer is a leading B2B cross-border trade payment platform bridging financial institutions and SMEs worldwide.

The company now serves over 800,000 enterprise clients with secure, compliant, and cost-effective payment solutions.

Strategic Expansion into Malaysia and ASEAN

XTransfer plans to establish Malaysia as its Southeast Asia regional hub for compliance, risk management, and operations.

Upon completing pre-issuance conditions, the firm will launch digital payment services tailored for Malaysian businesses, especially SMEs in international trade.

These services will offer streamlined onboarding, convenient funding, efficient foreign exchange, and secure remittance experiences.

Bill Deng, Founder and CEO of XTransfer, described the approval as a major milestone for the company's ASEAN ambitions.

Deng highlighted Malaysia's strong talent pool, governance environment, and regional proximity as ideal for scaling operations.

The entry is poised to reduce frictions in legitimate trade, accelerating intra-Asia and South-South payment corridors.

By enhancing payment efficiency, XTransfer could significantly boost SME growth in Malaysia's burgeoning digital economy.