Chinese fintech startup XTransfer has received in-principle approval from the Monetary Authority of Singapore for a payment institution licence while SE Asia’s six major exchanges look at regional market connectivity.
XTransfer receives in-principle approval for MPI
XTransfer, a Chinese fintech startup providing cross-border financial services, announced that it has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence.
This licence will allow XTransfer to provide account issuance, domestic money transfer, cross-border money transfer, and e-money issuance.
After obtaining the MPI licence, XTransfer is set to introduce e-business wallet services in Singapore. The services include seamless account opening, top-up options, currency exchange services, and streamlined cross-border fund collection and payment solutions for small and medium-sized enterprises (SMEs) engaged in global trade.
Founded in 2017, XTransfer completed its Series D financing in September 2021 and achieved unicorn status. The company possesses a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners.
SE Asian bourses eye regional market connectivity
Six major exchanges in SE Asia have agreed on steps to foster greater market connectivity to make the region more competitive, with a focus on building a sustainability ecosystem.
At a 37th ASEAN Exchanges CEOs meeting recently, the leaders of Bursa Malaysia, the Indonesia Stock Exchange (IDX), The Philippine Stock Exchange (PSE), the Singapore Exchange (SGX Group), The Stock Exchange of Thailand (SET), and the Vietnam Exchange decided on four proofs-of-concept (POCs) over the next three years. These include setting up ASEAN data infrastructure, capacity building for listed issuers, transition financing for corporates’ suppliers, and instituting ESG awards.
The ASEAN-Interconnected Sustainability Ecosystem (ASEAN-ISE) initiative, which started with an MoU between Bursa Malaysia, IDX, and SET, has since expanded to include SGX Group and most recently PSE (July 2024). The development underscores the ASEAN bloc’s commitment to adopting and implementing common ESG metrics within their respective ESG data infrastructures.
