Asia Tech Wire (July 16) -- XTransfer, a Chinese B2B cross-border trade payment platform, announced on Tuesday that it has received an in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for the issuance of a Major Payment Institution (MPI) License.

The MPI license will allow XTransfer to provide services including account opening, local remittance, cross-border remittance, and e-money issuance.

With the MPI license, XTransfer said it will launch an integrated e-commerce wallet service in Singapore to provide foreign trade SMEs with solutions such as high-speed account opening, convenient top-ups, flexible currency conversion, and customized cross-border payments and receipts.

Founded in 2017, XTransfer aims to using technology to bridge large financial institutions and SMEs worldwide.