XTransfer has received in-principle approval from the Central Bank of the UAE (CBUAE) for a retail payment services licence, bringing the Chinese B2B cross-border payments platform closer to serving mainland UAE clients directly.
The company must first complete the regulator’s pre-issuance conditions. Once granted, the licence will allow XTransfer to expand its regulated payment services in the UAE and support businesses engaged in international trade with cross-border payment solutions.
XTransfer said the UAE is central to its Middle East and Africa strategy because of its role as a trade and re-export hub connecting Chinese exporters with buyers across Africa and other emerging markets.
Founder and CEO Bill Deng described the approval as a milestone in the company’s global regulatory expansion and said it reinforces XTransfer’s confidence in the UAE market.
The UAE approval follows licensing in other major trade hubs, including mainland China, Hong Kong SAR, the UK, the US, Singapore, the Netherlands, Australia and Canada. The company said it will continue investing in regulated markets to support SMEs and trading businesses moving money across borders.
Source: Fintech News UAE
