The licence, contingent on procedural formalities, will enable the company to onboard customers from any industry onto its payments ecosystem. This is expected to facilitate quick movement of funds.
Previously, the company was allowed to conduct payment services with only certain financial institutions such as DBS Bank, Grab and Singtel in Singapore.
Thunes enables corporates and financial institutions to move funds and provide financial services in developing markets. Its platform links mobile wallet and money transfer operators, corporates, merchants and banks to move funds in real time.
The company provides person-to-person (P2P) remittance processing, corporate mass payouts and digital payment services in more than 80 countries.
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