Kuala Lumpur, Malaysia – XTransfer has obtained conditional authorisation from Bank Negara Malaysia (BNM) for several payment-related licences in Malaysia, including approval to issue electronic money and a Class A Money Services Business licence covering remittance and foreign currency exchange activities.
Following the fulfilment of regulatory requirements, the company intends to roll out digital payment solutions in the Malaysian market. The proposed services are aimed primarily at enterprises involved in cross-border commerce, with a focus on SMEs.
The offering is expected to encompass digital onboarding, account funding facilities, foreign exchange capabilities, and remittance and settlement services. The XTransfer platform will operate within established regulatory frameworks, with an emphasis on operational resilience and risk controls, to support compliant international trade flows.
“We look forward to bringing Malaysian businesses compliant and efficient payment solutions that help trade move faster and more predictably, especially as intra-Asia and broader south–south trade routes continue to expand,” Bill Deng, founder and CEO of XTransfer, stated.
“Malaysia gives us the talent, governance environment, and regional proximity to scale across the region.”
The approval marks a further step in the company’s expansion across Southeast Asia. Malaysia forms part of its broader regional development plans, with the country identified as a base for coordinating selected operational functions.
The expansion of operations will include oversight of compliance and risk processes, customer operations, and regional support activities, in line with domestic regulatory standards and wider group policies.
XTransfer’s planned Malaysian operations are intended to facilitate the company’s activities across regional and emerging trade corridors, including intra-Asian routes and other developing markets.
