The Monetary Authority of Singapore has cleared TransferMate to expand its payment services in the market, adding new account and money transfer capabilities.
The approval allows TransferMate to issue accounts, process domestic transfers and provide e-money services in Singapore under its Major Payment Institution licence.
With the variation, TransferMate can support local fund storage through dedicated Global Accounts, giving businesses in Asia the option to store funds locally, move money into and out of the region, convert currencies and run payroll or supplier payments from one platform.
The expanded capabilities strengthen the functionality of Global Accounts for companies with regional operations.
The approval also reinforces Singapore’s role as TransferMate’s Asia-Pacific hub, where the company provides businesses with access to a regulated platform for making, receiving and holding payments across multiple currencies and markets.
“Approval from MAS represents more than a regulatory milestone – it’s an enabler for innovation and growth across Asia.
With the enhancement of our license capabilities in Singapore, we can help businesses connect their financial operations across borders more seamlessly than ever before. Our vision is to give every company the power to move money globally with the same ease and transparency as they do locally.”
said Gary Conroy, CEO of TransferMate.
TransferMate facilitates payments in more than 140 currencies across over 200 countries and territories.
Featured image: Edited by Fintech News Singapore, based on image by Trend2023 via Freepik
