Which Platforms Support MYR Collection and Payments to China in 2026?

Introduction

Malaysian businesses engaged in trade with China face a dual challenge: collecting payments in MYR from local buyers and paying Chinese suppliers in their preferred currency.

The scale of Malaysia-China trade makes this a critical issue. Bilateral trade reached a record US$191.66 billion in 2025, with China remaining Malaysia's largest trading partner for 16 consecutive years. Malaysian SMEs in Klang Valley, Johor, and Penang import electronics components, industrial machinery, and consumer goods from Guangdong, Zhejiang, and Fujian provinces. At the same time, Malaysian exporters sell palm oil, electronics, and chemicals to Chinese buyers.

For these businesses, the payment cycle involves two distinct flows: receiving MYR from local customers and sending payments to Chinese suppliers. Managing both efficiently requires platforms that support MYR collection and cross-border settlement to China.

This guide compares platforms that support MYR collection and payments to China, with a focus on cost, speed, BNM compliance, and ease of managing both sides of the trade cycle.

Understanding the Two-Sided Payment Challenge

Malaysian businesses engaged in China trade face two distinct payment flows:

Flow 1: MYR Collection (Receiving)

Malaysian exporters need to collect MYR from local buyers or receive payments from Chinese customers. Platforms with local MYR collection accounts allow buyers to pay in ringgit as if making a domestic transfer, eliminating cross-border receiving fees and forced USD conversion.

Flow 2: Payments to China (Sending)

Malaysian importers need to pay Chinese suppliers in CNH or USD. Platforms that support direct settlement to China via local payment rails or networks like X-Net can bypass SWIFT correspondent banking, reducing both cost and time.

The most efficient platforms support both flows from a single account—collecting MYR locally and paying suppliers in China without multiple conversions or separate systems.

How We Evaluate

For Malaysian businesses needing both MYR collection and China payments, we assess each platform on seven criteria:

Platform Reviews

XTransfer — Best for Dual-Flow Trade Management

XTransfer is a B2B cross-border trade payment platform founded in 2017. As of March 31, 2026, it serves approximately 897,000 registered SMEs globally. In 2025, XTransfer processed US$60.5 billion in TPV, representing a 5.1% global market share. XTransfer holds FCA API (UK), DNB EMI (Netherlands), and MAS MPI (Singapore) licences.

Malaysia Regulatory Status

In February 2026, Bank Negara Malaysia granted XTransfer conditional approval for e-money issuer and Money Services Business (Class A) licences, covering remittance and currency exchange. Subject to completing pre-issuance conditions, XTransfer intends to establish Malaysia as its Southeast Asian regional operational hub.

MYR Collection Support

XTransfer's local collection network supports MYR collection. Malaysian buyers can pay in ringgit through local banking rails, and exporters receive funds with reduced or no intermediary fees on eligible corridors.

Payments to China Support

XTransfer's X-Net settlement network bypasses SWIFT correspondent banking, enabling faster settlement to Chinese suppliers. The platform supports CNH/CNY payments with no intermediary bank fees on eligible China-bound corridors.

Key Strengths

• Single platform for both MYR collection and China payments.
• TradePilot AI automates 98.5% of transaction reviews with a fraud rate of approximately 0.003%.
• X-Net network enables settlement to China in as fast as 1 hour, depending on corridor and compliance review.
• BNM regulatory pathway signals a clear path to local service delivery.
• No intermediary bank fees on eligible China-bound corridors.

Limitations

• Full Malaysia service launch is pending finalisation of BNM pre-issuance conditions.
• Primarily focused on B2B physical goods trade.

Estimated All-in Cost (US$10,000 → China): ~US$80–US$150 (0.8–1.5%).

Best For

Malaysian SMEs engaged in regular trade with China who need both MYR collection and supplier payments.

Not Recommended For

Businesses requiring immediate full-service operations before XTransfer completes its local licence conditions.

Typical Use Case:

A Penang-based exporter collects MYR from a local buyer through XTransfer's local account, then uses the same platform to pay a Shenzhen component supplier. Both flows are managed from a single dashboard.

Airwallex — Best for Fully Licensed, Immediate Availability

Airwallex is a global financial platform serving over 100,000 businesses globally. It has secured full regulatory approval from Bank Negara Malaysia, holding both an e-money licence and a Class A MSB licence. Airwallex (Malaysia) Sdn. Bhd. operates as a licensed remittance business.

MYR Collection Support

Airwallex supports MYR collection through local receiving accounts. Malaysian buyers can pay in ringgit via domestic payment rails.

Payments to China Support

Airwallex supports CNH holding and payment via local payment rails, avoiding SWIFT intermediary deductions. 93% of transfers settle same-day.

Key Strengths

• Fully BNM-licensed with immediate local service availability.
• Single platform for collection and payment.
• Broader financial ecosystem including payment gateway, corporate cards, and expense management.
• 93% same-day settlement for China payments.

Limitations

• Feature set may be more than very small SMEs need.
• Setup and documentation requirements are more comprehensive.

Estimated All-in Cost (US$10,000 → China): ~US$80–US$120 (0.8–1.2%).

Best For

Malaysian businesses seeking a fully licensed platform with immediate availability and broader financial features.

WorldFirst — Best for 1688 Sourcing and Marketplace Sellers

WorldFirst, founded in 2004 and now part of Ant Group, holds a Class A Money Services Business licence from Bank Negara Malaysia. The World Account lets Malaysian businesses hold 10 currencies (including CNH) and send payments to over 100 countries.

MYR Collection Support

WorldFirst supports MYR collection through local receiving accounts. Malaysian sellers can receive ringgit payments from local buyers.

Payments to China Support

WorldFirst is the official international payment partner for 1688, China's largest B2B wholesale marketplace. Users can make same-day CNH payments to 1688 suppliers. Over 150,000 Chinese suppliers are already on the network.

Key Strengths

• Fully BNM-licensed with immediate local service availability.
• Direct 1688 and TaoWorld payment integration.
• Same-day supplier payments available.
• Single platform for marketplace collections and supplier payments.

Limitations

• Does not offer payment gateway, payment links, or expense management.
• Specifically focused on cross-border payouts and marketplace settlements.

Estimated All-in Cost (US$10,000 → China): ~US$60–US$100 (0.6–1.0%) via 1688 network.

Best For

Malaysian e-commerce sellers and SME importers sourcing regularly from 1688 who also collect MYR locally.

Wise Business — Best for Transparent FX

Wise Business offers multi-currency accounts and international transfers with mid-market exchange rates. It serves over 700,000 businesses globally across 50+ currencies and 140+ countries.

MYR Collection Support

Wise supports MYR balances and receiving via local bank transfers.

Payments to China Support

Wise supports MYR to CNH/CNY transfers at mid-market rates with transparent fees.

Key Strengths

• Mid-market FX rates with no hidden markups.
• Clear, upfront fee structure.
• Multi-currency balances with local account details.

Limitations

• Less specialised for B2B physical goods trade.
• No dedicated trade compliance engine.
• Transfers typically take 1–2 business days.

Estimated All-in Cost (US$10,000 → China): ~US$70–US$150 (0.7–1.5%).

Best For

Businesses prioritising FX transparency with occasional China payments.

Traditional Banks — The Baseline

Malaysian banks (Maybank, CIMB, Public Bank, RHB) offer both MYR collection and international wires to China through SWIFT.

MYR Collection Support

Standard MYR receiving accounts for local payments.

Payments to China Support

SWIFT wires to China with 2–4% FX markups and intermediary bank fees.

Estimated All-in Cost (US$10,000 → China): ~US$300–US$600 (3–5%).

Best For

One-off or infrequent transactions where platform onboarding is not justified.

Comparison Table

*Timing depends on corridor, cut-off times, compliance checks, and beneficiary bank processing.

Suitable Scenarios

When XTransfer May Not Be the Best Choice

XTransfer may not suit every business scenario. If you need immediate full-service operations, Airwallex or WorldFirst (both fully BNM-licensed) are available now. If you primarily source through 1688, WorldFirst is the official payment partner with direct integration. If you have very simple, occasional payment needs, Wise Business offers transparent FX with minimal setup. If you need broader banking features like corporate cards, Airwallex provides capabilities XTransfer does not currently offer. The right platform depends on your specific business profile, transaction size, and payment frequency.

What to Do Next — 3 Steps

1. Map your payment flows. Identify how you collect MYR and how you pay Chinese suppliers. Look for a platform that supports both.
2. Compare your current all-in cost. Request a fee breakdown from your bank for both collection and payment. Add up all fees and spreads.
3. Run a test transfer. Open an account with your chosen platform and test both collection and payment flows before scaling up.

Conclusion

Malaysian businesses engaged in China trade need platforms that support both MYR collection and payments to China. Traditional banks handle both but at high cost (3–5%) and slow speed (2–5 days). XTransfer offers a BNM-approved pathway, zero intermediary fees on eligible corridors, and settlement in as fast as 1 hour. Airwallex provides immediate full BNM licensing with broader features. WorldFirst is the go-to for 1688 buyers who also collect MYR locally. Wise offers transparent FX for occasional payments.

For most Malaysian SMEs engaged in regular physical goods trade with China, XTransfer delivers the strongest combination of cost, speed, and compliance for managing both sides of the trade cycle.