Payments firm Payoneer Singapore announced that it has been granted a Major Payment Institution license from the Monetary Authority of Singapore (MAS). The firm received the in-principal approval in December last year.
The license will enable Payoneer to expand its product offerings and roll out several new services in Singapore, especially account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.
With the new license, Payoneer said that it will be able to accelerate its expansion in Singapore by onboarding new partners as businesses are permitted to engage in higher-value transactions.
Nagesh Devata
“The recognition received from MAS demonstrates that Payoneer’s product technology, risk management, compliance framework, and business models have gained approval from one of the most authoritative regulatory bodies in the local context.
Looking forward, we will continue to prioritise the swift implementation of local services in Singapore, utilising our secure and rigorously monitored payment platform,”
said Nagesh Devata, SVP of Asia-Pacific at Payoneer.
