XTransfer and Maybank have signed a Memorandum of Understanding (MoU) to strengthen cross-border payment capabilities and expand Shariah-compliant financial services. The agreement was formalized during the Singapore Fintech Festival 2025, underscoring both institutions’ commitment to delivering innovative global payment solutions.
The partnership aims to provide comprehensive one-stop cross-border financial services that include domestic and international payments, as well as foreign exchange (FX) conversion. These offerings will support businesses operating across major markets such as ASEAN countries, Hong Kong, the United Kingdom, and the United States. The initiative is designed to create a more efficient and accessible payment ecosystem for companies engaged in global trade.
To achieve this, XTransfer and Maybank plan to integrate advanced technologies such as APIs, digital platforms, collection solutions, and virtual accounts. These tools will help automate real-time FX conversions and streamline transaction processing, allowing businesses to operate with greater speed, accuracy, and transparency. Both partners also intend to explore Shariah-compliant FX and payment services to meet the rising demand for Islamic finance across the region.
Bill Deng, Founder and CEO of XTransfer, highlighted the benefits the collaboration will bring to businesses. He stated, “With stronger local collection, FX conversion, and potential Shariah-compliant settlement capabilities, we will help businesses reduce costs, enhance cash flow, and improve transaction efficiency.”
Dato’ Sri Khairussaleh Ramli, President and Group CEO of Maybank, emphasized the strategic value of the partnership, saying, “Together with XTransfer, we can enable more seamless cross-border payments and collections with competitive forex rates for merchants engaged in ASEAN-China trade. This collaboration also opens opportunities to develop innovative solutions for businesses.”
Through this collaboration, XTransfer and Maybank aim to advance cross-border commerce, promote financial inclusion, and deliver enhanced payment solutions tailored to the evolving needs of regional and global businesses.