Wallex Receives MAS Approval, Enhances Payment Solutionsby Fintech News Singapore June 1, 2023
Wallex, a B2B FX and cross-border payment platform has secured approval from Singapore’s Monetary Authority (MAS) to augment its Major Payment Institution (MPI) licence.
This enhancement includes account issuance, domestic transfers, and e-money issuance services, further solidifying Wallex’s standing in Singapore.
“Receiving the approval to add account issuance, domestic money transfer, and e-money issuance services to our MPI licence is a significant milestone in our journey and sends a strong signal to our present and future customers that Wallex is fully committed to empowering them through more seamless international payments and cross-border transactions,”
said CEO Hiro Kiga.
The Asia-Pacific economy, expected to account for over 40 percent of global GDP with an estimated worth of US$45.8 trillion (SGD$61.88 trillion) by 2030, offers vast opportunities for business expansion.
Wallex, with licences in Singapore, Indonesia, and Hong Kong, is better positioned to assist businesses in leveraging these opportunities. As of April 2023, Wallex boasts an annualized GTV surpassing SGD$11 billion.