MAS Green Lights Expansion of Tranglo’s Payment Functionsby Fintech News Singapore August 10, 2021
Tranglo, a cross-border payment processing hub, announced that it received new approvals from the Monetary Authority of Singapore (MAS) to provide account issuance, domestic money transfer and e-money issuance services.
The license was granted under the Payment Services Act (PSA) which ensures compliance of anti-money laundering and counter terrorism financing regulations.
This allows Tranglo to perform the additional services are a boost to the rapidly expanding capabilities of its cross-border payment network which is fully regulated by 4 authorities and covers over 22 countries.
Some of the payment corridors immediately enhanced with the new functions are the Philippines, Indonesia, Thailand, Vietnam and Singapore.
Real-time payments are now fully unlocked for these countries, while full e-wallet functions are now available for the top corridors of Philippines, Indonesia and Pakistan.
Jacky Lee, Group CEO of Tranglo said,
“The new licenses are a testament to the capabilities of Tranglo. As a global payments provider based in Singapore, we have provided revolutionary fintech solutions locally and abroad. We are thankful for the support and will continue to bring improved financial services to the masses.”