MAS Grants Payoneer Singapore License to Operate Variety of Services and Products
By: Asia Business Outlook Team | Wednesday, 16 August 2023
The Monetary Authority of Singapore (MAS) has granted Payoneer Singapore Private Limited, a subsidiary of the US-listed FinTech firm Payoneer Global Inc., a major payment institution license.
Payoneer said in a statement on 15 August that the license will allow the company to broaden its product offering and launch several new services in Singapore, particularly in account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.
Payoneer Singapore's license approval came after a rigorous application and review process, demonstrating the company's adherence to the MAS's regulations and standards.
Payoneer Singapore can now accelerate its expansion in Singapore by onboarding new partners, as businesses are now permitted to engage in higher-value transactions.
"It certainly is a validation of our commitment to building a robust and transparent platform that delivers the best services to our customers and partners," said Nagesh Devata, Payoneer's Senior Vice President of Asia-Pacific.
He claims Singapore is critical to the firm's plans for regional market expansion.
"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," he said.
In the future, he stated that the company will continue to prioritize the rapid implementation of local services in Singapore, leveraging its secure and rigorously monitored payment platform.