XTransfer has secured in-principle approval for a retail payment services licence from the Central Bank of the UAE (CBUAE).

The approval brings the Chinese B2B cross-border payments platform closer to serving mainland UAE clients directly, once it completes the regulator’s pre-issuance conditions.

The licence will let XTransfer expand its regulated payment services in the country, supporting businesses engaged in international trade with compliant and efficient cross-border payment solutions.

The UAE sits at the centre of XTransfer’s Middle East and Africa strategy.

As a major regional trade and re-export hub, the country connects Chinese exporters with buyers across Africa and other emerging markets, and XTransfer said the licence will strengthen its ability to support those trade flows.

“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,”

said Bill Deng, Founder and CEO of XTransfer.

The UAE payment licence follows XTransfer’s licensing in major trade hubs across Asia and Europe, including Mainland China, Hong Kong SAR, the UK, the US, Singapore, the Netherlands, Australia and Canada.

The company said it will keep investing in regulated markets to support SMEs and trading businesses moving money across borders.

Featured image: Edited by Fintech News UAE based on an image by frantic via Magnific.