Terry KS XTransfer has received conditional approval from Bank Negara Malaysia for electronic money issuance and money services licences, paving the way for its entry into the Malaysian market. The company plans to position Malaysia as its regional hub while offering compliant cross-border payment solutions for SMEs.
MALAYSIA, 2 MACH 2026 – XTransfer, a global B2B cross-border trade payment platform, has received conditional approval from Bank Negara Malaysia for key payment licences, including approval to issue electronic money and a Money Services Business Licence (Class A) covering remittance and currency exchange.
Upon fulfilling the pre-issuance requirements and receiving authorisation to launch, XTransfer plans to roll out digital payment services in Malaysia tailored for businesses engaged in international trade, particularly small and medium-sized enterprises. The proposed services are expected to feature streamlined onboarding, flexible funding options, efficient foreign exchange, and secure remittance and settlement capabilities, with a strong emphasis on regulatory compliance, security, and operational reliability.
The platform aims to help Malaysian SMEs reduce friction in legitimate cross-border trade as they expand into regional and emerging-market corridors, supporting faster and more predictable payment flows across intra-Asia and South–South trade routes.
Bill Deng, Founder and Chief Executive Officer of XTransfer, said the conditional approval marks a significant milestone for the company’s expansion in Southeast Asia. He added that the company values the guidance and oversight provided by Malaysia’s central bank and looks forward to delivering compliant and efficient payment solutions that enable businesses to scale internationally with greater confidence.
Malaysia also plays a strategic role in XTransfer’s regional growth plans, with the company intending to establish the country as its regional operational hub. The hub will coordinate compliance, risk management, customer support, and global operations across Southeast Asia, leveraging Malaysia’s talent pool, governance framework, and geographic proximity to key regional markets.
Founded in 2017, XTransfer focuses on bridging large financial institutions and SMEs through technology-driven, compliant, and cost-effective cross-border trade payment and fund collection solutions. The company currently serves more than 800,000 enterprise clients worldwide and continues to expand its international footprint.