Payoneer Singapore has received a major payment institution license from the Monetary Authority of Singapore (MAS). The license will allow Payoneer Singapore to expand its range of products and roll out several new services in Singapore, especially in the areas of billing, cross-border money transfers, domestic money transfers, e-money issuance and point of sale acquisitions.
The successful approval of the Payoneer Singapore license followed a rigorous application and verification process, demonstrating the company’s compliance with the rules and standards set by MAS. With the new license, Payoneer Singapore can accelerate its expansion in Singapore by bringing in new partners as companies are allowed to engage in higher value transactions.
“We express our gratitude for the endorsement from MAS Singapore. This is certainly a testament to our commitment to building a trusted and transparent platform that delivers the best service to our customers and partners,” said Nagesh Devata, Payoneer Senior Vice President, Asia Pacific. “Singapore plays a key role in our plans to expand the regional market. The recognition received from MAS demonstrates that Payoneer’s product technology, risk management, regulatory framework and business models have been approved by one of the most authoritative regulatory bodies in the local context.”
“Going forward, we will continue to prioritize the rapid adoption of local services in Singapore using our secure and carefully monitored payment platform. In addition, our customer-centric strategy continues to guide operations by prioritizing our current customers and enabling businesses of all sizes to expand into other markets. We are honored and look forward to building a strong and long-term relationship with MAS,” he adds.