XTransfer, a China-founded business-to-business (B2B) payment platform for cross-border trade, said on September 3 that it received in-principle approval from the Central Bank of the United Arab Emirates (UAE) for a retail payment services license.

The company still needs to meet pre-issuance conditions before the license is formally issued.

Once those conditions are met, the license would allow XTransfer to serve clients in mainland UAE.

The company said the move supports its expansion in the Middle East and Africa.

XTransfer added that it already holds licenses in mainland China, Hong Kong, the UK, the US, Singapore, the Netherlands, Australia, and Canada.

The approval gives XTransfer a presence in a market where the central bank licenses payment service providers and governs retail payment services through a dedicated rulebook.

XTransfer said the UAE is part of its Middle East and Africa strategy and a regional trade hub linking China with other emerging markets.

🔗 Source: XTransfer

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