TransferMate, an embedded B2B payments IaaS firm, has received in-principle approval from the Monetary Authority of Singapore (MAS).
This approval allows the company to add account issuance, domestic money transfers and e-money issuance to its Major Payment Institution (MPI) license. This will strengthen TransferMate’s regulatory footprint in the APAC region, allowing it to expand its operations and offer better services to its partners and customers operating in and out of Singapore.
Expanding in Singapore
With the licence, TransferMate can include the ability to store funds in a local dedicated Global Account in its existing suite of products in the country. With this feature, the Global Accounts solution can now support clients that operate in Asia, enabling them to move money in and out of the region, convert currencies, and run payroll or supply payments faster and more conveniently, all in one platform.
TransferMate believes that Singapore is emerging as a financial hub for Asia, and securing the approval from the MAS is a key step in the company’s commitment to contributing to the region’s development. The aim is to offer its clients more flexibility and control over their money management and movement across the APAC region, whether it’s holding, saving, or receiving money.
The company’s payment infrastructure supports businesses to make, receive, and hold payments in more than 140 currencies across over 200 countries and territories. It aims to secure over 100 licences globally, and this last initiative contributes to this mission, equipping it with the necessary tools to help businesses simplify financial operations, reduce costs, and scale globally.
The in-principle approval in respect of a license variation application reflects MAS’s view that the application may be approved upon the fulfilment of specific conditions, provided there are no material adverse developments affecting the applicant. However, the in-principle approval doesn’t constitute an official approval for Transfer Mate to offer account issuance, domestic money transfers and e-money issuance services at this juncture. The MAS reserves its right to remove the current approval in circumstances where it considers appropriate.
