AMSTERDAM--(BUSINESS WIRE)--Jun 4, 2025--
XTransfer, the world’s leading and China’s No.1 B2B cross-border trade payment platform, is pleased to mark its intention for strategic expansion in the Netherlands during Money20/20 Europe in Amsterdam. Representatives of XTransfer and the Netherlands Foreign Investment Agency signified the intention to invest in a joint ceremony at Money20/20, celebrating XTransfer’s long-term commitment to investing in the Netherlands and expanding its presence within Europe’s most dynamic fintech ecosystem.
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The signing ceremony took place at XTransfer’s booth at Money20/20 Europe, with a Letter of Intention signed by Bill Deng, Founder and CEO of XTransfer, and Hans Kuijpers, Director of Investment Projects at Netherlands Foreign Investment Agency.
Recognised as the fintech capital of Europe, the Netherlands offers a dynamic and innovation-driven environment that supports cutting-edge financial technologies. With a robust digital infrastructure, forward-thinking regulatory frameworks, and a collaborative international business climate, the Netherlands is the ideal location for XTransfer’s European expansion.
Bill Deng, Founder and CEO of XTransfer, said, “We are grateful for the strong support from the NFIA. Their valuable insights and connections have played a vital role in making our expansion into the Dutch market smooth and strategic. Our intention to invest not only demonstrates our long-term commitment to the region but also reflects our deep appreciation for the Netherlands’ position as a leader in fintech innovation. We look forward to growing alongside the local ecosystem and empowering SMEs across Europe with innovative cross-border payment solutions.”
Hans Kuijpers, Director Investment Projects NFIA, said, “We warmly welcome XTransfer’s decision to establish its European base in the Netherlands. Their international presence, innovative compliance technology, and strong focus on SME cross-border payments strengthen our dynamic fintech ecosystem. Backed by a Dutch EMI license, this expansion reinforces the Netherlands’ position as a key player in international digital finance.”
The intention to invest marks a significant milestone in XTransfer’s European strategy, with a focus on strengthening its cross-border payment infrastructure across the region. Key priorities include supporting local SMEs with one-stop financial solutions for cross-border trade and fostering digital innovation through close collaboration with the Dutch banks, financial institutions and fintech ecosystem.
This milestone follows XTransfer’s recent acquisition of an Electronic Money Institution (EMI) license from the Dutch Central Bank, an important achievement that enables the company to provide a comprehensive payment solution for local trading SMEs.
Bill Deng, Founder and CEO of XTransfer (Left), and Hans Kuijpers, Director of Investment Projects at NFIA (Right), at the signing ceremony.
DUBAI, United Arab Emirates (AP) — Iran stopped communicating with mediators about extending a ceasefire in the war with the U.S. and Israel, two semiofficial Iranian news agencies reported Tuesday, as tensions flared in Israel's separate but related fight against the Iranian-backed militia Hezbollah in Lebanon.
The halt in communication was likely meant to increase pressure on U.S. President Donald Trump over negotiations on the Iran war ceasefire and loosening the Islamic Republic's chokehold on the Strait of Hormuz and the oil, gas and other commodities that normally pass through it. Trump then could potentially push Israeli Prime Minister Benjamin Netanyahu to halt or slow the advance of his forces, which have moved deeper into Lebanon than at any time in over a quarter of a century.
U.S. Secretary of State Marco Rubio did not address the reported cutoff in communications as he testified at a congressional hearing in Washington. Instead, he sounded an optimistic note about the nuclear dimension of the negotiations, while cautioning that there's no guarantee of reaching "a deal that’s acceptable.”
The reports by the Fars and Tasnim news agencies, both believed to be close to Iran’s paramilitary Revolutionary Guard, come as the conflicts in Iran and Lebanon have increasingly become conjoined. Iran insists that any potential truce in the war there must also quell the fighting in Lebanon, where Hezbollah remains one of Iran's chief allies in its self-described “axis of resistance” against Israel.
A regional official involved in the mediation, speaking on condition of anonymity to discuss the talks, told The Associated Press that Iran had not communicated at all on Tuesday after saying that a ceasefire needed to be enforced in Lebanon for negotiations to continue.
Israel and the U.S. maintain the fighting in Lebanon is separate from the Iran war talks.
Meanwhile, year-on-year inflation in Iran reached a level in May unseen since World War II, underlining the economic pain average Iranians are facing. While the U.S. is eager to ease the Islamic Republic's grip on the strait — through which a fifth of all traded oil and natural gas passed in peacetime — Iran faces economic challenges as its oil-backed economy remains under a U.S. naval blockade.
Economic pressure touched off nationwide protests in Iran in 2017 into 2018, when rising food prices sparked demonstrations that killed over 20 people and saw hundreds arrested. The next year, an increase in government-subsidized gasoline prices caused protests that saw over 300 people reportedly killed.
Then came the protests over the collapsing value of Iran's currency, the rial, at the start of this year. They were the most intense demonstrations to shake the Islamic Republic since its 1979 revolution and the chaotic years that followed. Iran's theocracy met January's protests with a crackdown on demonstrators in January that killed over 7,000 people, according to activists' estimates.
Now, even as hard-liners hold gun-handling workshops and organize marriages under the shadow of a ballistic missile to bolster spirits, experts note there could be new demonstrations if people find themselves priced out of feeding their families.
“I have no doubt that if Trump leaves (Iran without a formal peace deal) ... most probably, we will see something like January by the end of summer because of the economic and social situations," analyst Mohsen Jalilvand said in a video published by Iran's Fararu news website.
Iran's Central Bank said the consumer price index, which measures a basket of goods and services, reached 77.2% in May compared with the year before. The rate is 8.5% higher than in April, the bank added. Inflation in daily and general needs — like medicine, taxi fares, tobacco and communication fees — rose 113.8% from the year before.
A private economic think tank in Iran, the Bamdad Institute of Economic Studies, described the current figures as “an unprecedented rate since World War II.” Iran’s Central Bank did not acknowledge the significance of the figures.
The previous record came in 1942. During the war, the British and Soviets invaded Iran and took over its railway, disrupting food supplies. The lack of food, worsened by a poor harvest, sparked hyperinflation and a famine. Hunger and a typhus outbreak killed many.
Airstrikes this year have greatly damaged Iran's businesses and its oil industry, Meanwhile, the U.S. blockade has been targeting Iranian crude oil shipments trying to reach the international market, a key source of hard revenue. Tax revenues have been depressed by businesses struggling even after the fighting paused.
The rial, which traded at 32,000 to $1 in 2015, now trades at over 1.7 million to $1.
“We will definitely have higher prices," Iranian President Masoud Pezeshkian warned in May. "We are fighting, and we must accept this hardship.”
Tehran-based economist Saeed Leilaz, speaking to the AP, warned that annual inflation in Iran could reach 80%.
"Iran’s society cannot tolerate above 25%” annual inflation, he said.
Karimi reported from Tehran, Iran. Magdy reported from Cairo. Associated Press writer Jennifer Peltz contributed from New York.
Smoke rises from an Israeli airstrike that hit Qlaileh village, as it seen from the southern port city of Tyre, Lebanon, Tuesday, June 2, 2026. (AP Photo/Mohammed Zaatari)
A destroyed building that was hit in an Israeli airstrike is seen through a shattered window of the Jabal Amel Hospital, in the southern port city of Tyre, Lebanon, Monday, June 1, 2026. (AP Photo)
A nurse looks through a shattered window of the Jabal Amel Hospital into a destroyed building that was hit Monday in an Israeli airstrike, in the southern port city of Tyre, Lebanon, Tuesday, June 2, 2026. (AP Photo/Mohammed Zaatari)
People gather on paddleboards in shallow water as cargo and service vessels are anchored in the Strait of Hormuz off Bandar Abbas, Iran, Monday, June 1, 2026. (Amirhosein Khorgooi/ISNA via AP)
People walk at Tehran's historic Grand Bazaar, Iran, Monday, June 1, 2026. (AP Photo/Vahid Salemi)
Pedestrians and vehicles cross an intersection around Tehran's historic Grand Bazaar, Iran, Monday, June 1, 2026. (AP Photo/Vahid Salemi)
Men sit at the gate of a mosque at Tehran's historic Grand Bazaar, Iran, Monday, June 1, 2026. (AP Photo/Vahid Salemi)
A woman walks at Tehran's historic Grand Bazaar, Iran, Monday, June 1, 2026. (AP Photo/Vahid Salemi)
People carry packages at Tehran's historic Grand Bazaar, Iran, Monday, June 1, 2026. (AP Photo/Vahid Salemi)
