Transfermate, a provider of built -in B2B payment infrastructure as a service (IAAS), has applied for a representative writing permit in Bahrain as it accelerates its expansion to the Middle East.
This means that their partners and customers are active in Bahrain will be able to access a full Transfermate service suite – including payments, claims and stored capital worldwide, are subject to regulatory approval. This will simplify cross -border transactions, enhance cash flow visibility and reduce the need for multiple banking relationships for B2B customers in the area.
A Bahrain license will mark another important step in the Transfermate worldwide strategy-expanding its imprint in the high-growth area of the Middle East. With many multinational companies that choose to determine businesses in the area, Bahrain represents a strategically important market for the carrier, allowing it to better support ambitious partners and customers through the full suite of its products.
“The Middle East is an area full of opportunity, with rapidly growing economies and a strong appetite for innovation in financial services,” said Gary Conroy, chief executive of Transfermate. “Submission of a Bahrain license application is another key milestone as we expand the global footprint and the construction of the momentum after the recent E-Money license in Singapore.
Transfermate holds the largest Fintech payment infrastructure in the world, currently having 98 licenses, boosting businesses around the world to make and receive payments to more than 140 coins in more than 200 countries and territories.
Last week, Transfermate announced that it received approval from the Singapore Monetary Authority to add account, domestic money transfers and electronic money to the significant license of the Payment Foundation.