China’s XTransfer granted electronic money institution license in the Netherlands

They plan to expand services across 30 countries in Europe.

Trade payment platform XTransfer has been granted an electronic money institution (EMI) license by the De Nederlandsche Bank (DNB), the central bank of the Netherlands.

The Shanghai-headquartered fintech will officially launch localised services in the Netherlands. This includes a payment solution for local trading SMEs.

Other services will include local accounts, cross-border settlements, and foreign exchange, amongst others.

XTransfer CEO and founder Bill Deng shared plans to expand services across all 30 countries in the European Economic Area (EEA), with Netherlands as their operational base.

“Additionally, we will seek further opportunities in emerging markets by leveraging the Netherlands' financial connectivity with regions like Africa and the Middle East,” Deng said.

XTranser was founded in 2017, and now has operations in the US, the UK, Singapore, Canada, Australia, Hong Kong, and now the Netherlands.

It claims to process $10b per month and reportedly has over 600,000 enterprise clients, according to a press release.