Thunes Asia is set to expand its regulated services in Singapore after receiving an in-principle approval from the Monetary Authority of Singapore.
The approval allows the company to move toward a variation of its Major Payment Institution license, which will widen the range of services it can offer once the variation is formally granted.
Thunes Asia currently provides cross-border money transfer services, and the variation would add account issuance, domestic money transfers, merchant acquisition and e-money issuance.
The license expansion is expected to enable Singapore merchants to accept payments from customers in the rest of the world through more international methods.
It would also allow global merchants in key markets across the Middle East, South Asia, Africa and Europe to support Singapore’s local payment options, including PayNow and GrabPay.
Thunes said its network now connects to more than 320 local payment methods worldwide and is supported by a portfolio of over 50 financial services licenses held across its group.
The company added that it is working to meet the remaining requirements before the full license variation is issued.
Peter De Caluwe, Co-founder and CEO of Thunes Group, said,
“This in-principle approval from MAS is a major step forward for Thunes’ global strategy and a catalyst for growth.
As our global headquarters, Singapore is the center of our governance and innovation, and with this approval, we’re doubling down on our commitment to connect markets, empower merchants, and expand our trusted Direct Global Network across the world.”
Ruwan De Soyza, General Counsel at Thunes Group, added,
“Strong governance and a commitment to regulatory excellence have always been at the heart of how Thunes operates. This milestone reflects our unwavering commitment to doing business the right way.
Our Thunes’ robust Fortress Compliance Platform underpins everything we do, ensuring our members can trust every transaction that flows through our network.”
Featured image: Edited by Fintech News Singapore, based on image by brilian via Freepik
