Payoneer Singapore is preparing to expand its services having been granted a Major Payment Institution licence from the Monetary Authority of Singapore (MAS).
The firm said in a statement that it will use the licence approval to roll out a range of new services in the areas of account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.
It also means businesses can now engage with Payoneer in higher-value transactions accelerating the company’s expansion in Singapore by onboarding new partners.
Earlier this month payments infrastructure company, TerraPay was successfully granted an in-principle approval from MAS further highlighting Singapore’s growing importance among fintechs who see the country as a gateway to other high-growth markets of Southeast Asia such as South Korea, Vietnam, and the Philippines.
According to MAS, businesses with a major payment institution (MPI) licence can conduct multiple payment services without being subjected to certain threshold limits on transaction volume or float These include S$3 million monthly transactions for any payment service, S$6 million monthly transactions for two or more payment services (both excluding e-money account issuance and money-changing services) and S$5 million of daily outstanding e-money.
Speaking on the announcement, Nagesh Devata, SVP of Asia-Pacific at Payoneer said: “Singapore holds a crucial position in our plans for regional market expansion. The recognition received from MAS demonstrates that Payoneer’s product technology, risk management, compliance framework, and business models have gained approval from one of the most authoritative regulatory bodies in the local context.”
He added: “Looking forward, we will continue to prioritize the swift implementation of local services in Singapore, utilizing our secure and rigorously monitored payment platform. In addition, our customer-centric strategy continues to guide operations by prioritizing our current customers and empowering businesses of all sizes to venture into other markets. We are honored and looking forward to fostering a strong and long-term relationship with MAS.”
