XTransfer has secured five additional payment licenses in the United States as part of its regulatory expansion in the country.

The Chinese payments company has been licensed in New Hampshire, the District of Columbia, Utah, Georgia and Arizona, totaling eight payment licenses in the United States, with the company having already obtained approvals in Florida, Delaware and Colorado.

XTransfer partners with renowned multinational banks and financial institutions, such as JP Morgan, DBS, Deutsche Bank, BARCLAYS, to provide a unified global multi-currency clearing network.

This infrastructure allows XTransfer to provide technology that acts as a bridge, connecting large financial institutions with SMEs around the world and ensuring that they can benefit from the same level of cross-border financial services as large enterprises.

“Meet the highest standards of compliance and security in the global financial ecosystem”

Alice Yao, CRO and co-founder of XTransfer, said: “The acquisition of these additional licenses demonstrates XTransfer’s commitment to upholding the highest standards of compliance and security in the global financial ecosystem. We are proud to be recognized by regulators in these additional states, allowing us to offer our services to a broader range of clients, facilitating their international business efforts. » Added Alice.

Now authorized to conduct domestic transfers and cross-border remittances in New Hampshire, the District of Columbia, Utah, Georgia and Arizona, XTransfer will be able to serve global business businesses expanding into these states and supporting local businesses in their global expansion.

XTransfer’s global financial infrastructure and platform is designed to meet the needs of small and medium-sized enterprises (SMEs) involved in international trade. The company bridges the gap between large financial institutions and SMEs, allowing them to access the same level of financial services as multinational corporations.

The company has branches in Hong Kong, China, United Kingdom, Netherlands, United States, Canada, Japan, Australia and Singapore. The company currently holds local payment licenses in Hong Kong, China, the United Kingdom, the United States and Canada, and is committed to further expanding its global presence.

XTransfer received approval in principle in Singapore

XTransfer recently received approval in principle (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, which allows domestic money transfer, cross-border money transfer and electronic money issuance.

The cross-border business payments platform is expected to introduce comprehensive e-business wallet services in Singapore, including account opening, top-up options, foreign exchange services, and cross-border fundraising and payment solutions.

Earlier this year, the company officially launched its international service. Trading companies around the world are now starting to use XTransfer, which helps sellers solve the difficult problem of fundraising and also caters to global buyers. When buyers and sellers use XTransfer accounts, they can get secure and compliant payment settlement 24/7, potentially saving 95% on transfer fees and 20% on currency conversion costs. This facilitates uninterrupted flow of funds throughout the trading process.

In May, XTransfer in partnership with TerraPay to leverage its global payments infrastructure to further enhance its service offerings. Customers will be able to execute local payments globally and settle payments in local currencies in 136 countries and regions, including emerging markets such as Africa, Latin America and Southeast Asia. TerraPay has an extensive cross-border payments network regulated in 31 global markets and enabling payments to over 144 receiving countries, over 210 sending countries, over 7.5 billion bank accounts and over 2.1 billion mobile wallets.