SINGAPORE, 13 November 2025 – Maybank and XTransfer has signed a Memorandum of Understanding (MoU) at the Singapore FinTech Festival 2025 to broaden cross-border payment and Shariah-compliant solutions. The signing was carried out by Bill Deng, Founder and CEO of XTransfer, and Dato’ Sri Khairussaleh Ramli, President and Group CEO of Maybank.
The partnership will facilitate more seamless cross-border payments and allow both companies to participate in the surging flows between ASEAN-China, with total trade value expected to hit US$1 trillion this year, according to Maybank President and Group CEO Dato’ Sri Khairussaleh Ramli.
Maybank and XTransfer will apply new innovations such as digital platforms, APIs, virtual accounts, and collection solutions to allow automated real-time transaction processing and FX conversion.
As part of the MoU, both parties will collaborate to provide a one-stop cross border financial solution covering both domestic and cross-border FX conversions and payments. The coverage spans key ASEAN markets as well as Hong Kong, the US, and the UK.
The companies will also combine their strengths to develop FX and payment solutions that are Shariah-compliant and are according to the needs of the regional market. This is to ensure financial inclusion and fulfilling the changing requirements of businesses in Islamic Finance. It will also help to cut costs, boost cash flow and improve transaction efficiency.
Headquartered in Shanghai and established in 2017, XTransfer is a B2B cross-border trade payment platform that provides SMEs with affordable, secure and compliant foreign trade payment and fund collection solutions.
Source: Sin Chew
