Singapore's cross-border payments network Thunes secures remittance licence from MAS

Wednesday 27 November 2019 13:59 CET | News

Thunes, a cross-border payments network, has secured the Monetary Authority of Singapore (MAS) approval for payment services in the country, according to Electronic Payments International.

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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Keywords: Singapore, cross-border payments, Thunes, remittance, licence, MAS
Categories: Banking & Fintech | Payments General
Countries: Singapore
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