XTransfer has secured in-principle approval for a Retail Payment Services Licence from the Central Bank of the UAE.
In a statement today (3 September), the trade payment platform said the approval is an “important milestone” in its global regulatory expansion and its growing presence in the Middle East.
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Once it completes the pre-issuance conditions, the licence will allow XTransfer to serve clients in the mainland UAE, and offer businesses more accessible cross-border payment services.
It also plans to expand its regulated B2B cross-border payment services in the country and provide payment solutions for international trade transactions.
XTransfer founder and CEO Bill Deng said: “Receiving conditional approval from the Central Bank of the UAE is a key milestone for XTransfer’s global regulatory expansion.
“The UAE is one of the world’s most important trade hubs and an essential gateway between Asia, the Middle East and Africa. This approval reinforces our confidence in the UAE market and its long-term growth potential across the region.”
The UAE approval follows XTransfer’s “successful licencing” in trade hubs in Asia and Europe, it said.
The business added that it will continue investing in regulated markets and strengthening its payment infrastructure to support SMEs and other trading businesses involved in cross-border commerce.
XTransfer said it serves more than one million registered SMEs globally.
Earlier this year, the company signed a memorandum of understanding (MoU) with Société Generale to improve cross-border payment infrastructure. The move aimed to support businesses operating from China into Europe and other global markets.
