XTransfer Gains UAE Central Bank Approval for Payment Services
The Central Bank of the UAE has granted in-principle approval for a Retail Payment Services Licence to XTransfer, a major B2B cross-border payment platform. This regulatory milestone allows the company to prepare for full operations within the country, targeting the expansion of secure financial services for regional trade participants.
Once the firm fulfills final pre-issuance requirements, the license will authorize XTransfer to serve mainland UAE clients directly. The company intends to deploy its specialized cross-border payment infrastructure to streamline transactions for businesses operating within the region, specifically those involved in international trade.
Founder and CEO Bill Deng stated that the approval serves as a vital step in the company's global regulatory roadmap. He identified the UAE as an essential gateway connecting Asian markets with Africa and the broader Middle East. XTransfer, which processed over US$60 billion in transaction volume during 2025, plans to leverage this foothold to assist small and medium-sized enterprises in navigating the complexities of global commerce. This development follows the company’s recent licensing successes across various hubs in Asia and Europe.
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