Payments firm Flywire announced that it has secured in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS).

With the in-principle approval, Flywire will be able to provide domestic money transfer services, cross-border money transfer services and merchant acquisition services.

Flywire has been actively growing its footprint in the Asia Pacific region by expanding its team with many open roles available across all departments in Singapore, Tokyo, Shanghai and more.

The payments firm had also acquired Cohort Go, which has a strong regional focus in APAC in addition to its partner relationships globally.

Frans Wiwanto, Flywire’s Managing Director of APAC based in Singapore said,

“This is a further validation of Flywire’s ability to meet the highest standards of regulation and compliance all over the world. In Singapore, major payment institutions need to be licensed and regulated under the Payment Services Act (PS Act) to provide payment services.

 

Flywire has demonstrated that we are meeting these requirements, thus highlighting our commitment to data security, privacy and compliance for our clients and payers.”