XTransfer, a B2B cross-border trade payment platform based in China, has been granted an Electronic Money Institution (EMI) license by De Nederlandsche Bank (DNB), the central bank of the Netherlands.
With this approval, XTransfer will begin offering localised services in the Netherlands, aimed at small and medium-sized enterprises engaged in trade.
These services will include local accounts, cross-border settlements, and foreign exchange solutions.
The Netherlands is currently China’s second largest trading partner within the European Union and is home to the Port of Rotterdam, a major hub for international trade and logistics.
XTransfer’s entry into the Dutch market is expected to provide local SMEs with more streamlined and cost-effective cross-border payment services, while also enhancing financial links between the two countries.
Bill Deng, Founder and CEO of XTransfer, said:
“Receiving this license 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. With the Netherlands as our operational base, we plan to expand our services across all 30 countries in the European Economic Area.”
“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 holds regulatory status in several financial centres, including the US, United Kingdom, Netherlands, Singapore, Canada, Australia, and Hong Kong SAR.
Featured image credit: edited from Pexels
