Chinese B2B cross-border trade payment platform XTransfer has secured an electronic money institution (EMI) licence from De Nederlandsche Bank (DNB), the central bank of the Netherlands.
As a member of the European System of Central Banks (ESCB), DNB’s issuance of the EMI licence enables the company to officially launch financial services in the Netherlands.
Go deeper with GlobalData
The new licence enables XTransfer to offer localised payment services to Dutch SMEs, such as local accounts and cross-border settlements.
XTransfer Founder and CEO Bill Deng said: “Receiving this licence from DNB is a significant milestone in our global strategy, following our earlier authorisation as an Authorised Payment Institution by the UK’s Financial Conduct Authority (FCA).
“With the Netherlands as our operational base, we plan to expand our services across all 30 countries in the European Economic Area (EEA). Our goal is to provide secure, efficient, and cost-effective cross-border payment solutions to more SMEs. Additionally, we will seek further opportunities in emerging markets by leveraging the Netherlands’ financial connectivity with regions like Africa and the Middle East.”
Established in 2017, XTransfer has developed a regulatory presence in financial hubs including the US, the UK, Singapore, Canada, Australia, and Hong Kong SAR.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe platform currently serves a clientele of over 600,000 global trade enterprises.
In January, XTransfer secured a major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019.
This licence authorises XTransfer to provide various financial services in Singapore, including domestic and international money transfers, and issuance of e-money.
