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Payoneer Singapore receives a MPI licence from the MAS

Wednesday 16 August 2023 13:31 CET | News

Payoneer’s subsidiary in Singapore has received a Major Payment Institution licence from the Monetary Authority of Singapore (MAS).

 

This licence will enable Payoneer Singapore to expand its array of products and introduce novel services in Singapore, focusing on account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition. 

The approval of Payoneer Singapore's licence followed a rigorous application and assessment process, highlighting the company's alignment with regulations and standards set by MAS. With this licence, Payoneer Singapore can expedite its growth in Singapore and welcome new partners.

In the official press release, representatives from Payoneer shared their thoughts on the licence approval and highlighted the company's dedication to building a robust and transparent platform. They also brought up Singapore's important role in their plans for expanding within the region. They talked about the endorsement from MAS and how it emphasises that Payoneer's technology, risk management, compliance framework, and business models have earned approval from a respected regulatory body in the local context. 

As for its plans for the future, Payoneer remains committed to swiftly implementing local services in Singapore while adhering to a customer-centric approach that prioritises existing customers and enables businesses of all sizes to explore new markets. 

 

Payoneer’s subsidiary in Singapore has received a Major Payment Institution licence from the Monetary Authority of Singapore (MAS).

 

More information about Payoneer

Established in 2005, Payoneer is a financial technology company that empowers small and medium-sized businesses worldwide to conduct transactions, carry out business operations, and expand globally. Payoneer aims to enable individuals across the globe to participate in and succeed in the global digital economy. Since its inception, Payoneer has developed a global financial platform designed to simplify financial processes for millions of SMBs, particularly in emerging markets. This platform facilitates payments, fund management, and business growth. 

In August 2023, Payoneer acquired Israel-based data platform Spott. With the addition of Spott’s capabilities, Payoneer gained the ability to process large sets of data to apply advanced AI models and make predictions and decisions about its service offerings for a global SMB customer base. The first application of the technology will be on the Payoneer working capital products to enhance underwriting capabilities. 

Talking about the reasoning behind the acquisition, Payoneer’s officials said this announcement is part of their commitment to investing in AI and data to provide unique and seamless experiences for customers. They look forward to seeing the impact that these capabilities will have on Payoneer customers.


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Keywords: payments , regulation, MPI licence, expansion
Categories: Payments & Commerce
Companies: Monetary Authority of Singapore, Payoneer
Countries: Singapore
This article is part of category

Payments & Commerce

Monetary Authority of Singapore

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Payoneer

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