Payoneer Singapore has obtained a Major Payment Institution License from the Monetary Authority of Singapore (MAS), marking a significant achievement for the company. This license enables Payoneer Singapore to expand its services and offerings in Singapore, including cross-border transactions and merchant acquisition, in line with rigorous regulatory standards set by MAS.
17 August 2023 – Payoneer Singapore Private Limited, a subsidiary of Payoneer Global Inc., a prominent financial technology company supporting global small and medium-sized enterprises (SMEs), has been granted a significant Major Payment Institution License by the Monetary Authority of Singapore (MAS). This pivotal license empowers Payoneer Singapore to broaden its product portfolio and introduce new services in the Singaporean market, particularly in domains such as account issuance, cross-border and domestic money transfers, e-money issuance, and merchant acquisition.
The Major Payment Institution License represents a significant milestone for Payoneer Singapore, achieved through a meticulous application and review procedure that showcased the company’s compliance with the rigorous regulations and standards stipulated by MAS. With this new license, Payoneer Singapore is poised to expedite its expansion efforts in Singapore, welcoming new partners and facilitating higher-value transactions as businesses gain the capacity to engage in these transactions.
Nagesh Devata, Senior Vice President of Asia-Pacific at Payoneer, expressed gratitude for the approval from MAS, underscoring its validation of Payoneer’s steadfast commitment to building a robust and transparent platform for delivering exemplary services to both customers and partners. Devata emphasized the strategic importance of Singapore in Payoneer’s regional expansion blueprint and highlighted how MAS’s recognition signifies an endorsement of Payoneer’s product technology, risk management, compliance framework, and business models by a respected regulatory authority.
He further added, “Our focus moving ahead is to swiftly implement localized services in Singapore, leveraging our secure and meticulously monitored payment platform. Additionally, our customer-centric approach remains central to our operations, prioritizing our existing clientele and empowering businesses of all scales to explore new markets. We feel honored and are excited to establish a strong and enduring relationship with MAS.”