The carrier, a provider of built -in B2B payment infrastructure as a service (IAAS), announced today by the Transfermate PTE. Ltd. He has received approval from the Monetary Authority of the Singapore Monetary Authority (MAS) to add account issuance, domestic money transfer and electronic money to the permission of the most important payment institution (MPI).
This milestone further deepen the Transfermate regulatory footprint on the APAC, allowing it to expand its local services and provide even more value to partners and customers who operate and leave Singapore.
This license is expanding Transfermate’s existing Singapore product suite to now include the ability to store funds in a local dedicated global account. With unlocking these opportunities, Transfermate’s global worldwide solution becomes even more powerful for business customers in Asia, facilitating the relocation of money inside and outside the area, converting coins and perform payroll or suppliers – all from a platform.
“Singapore quickly becomes Asia’s economic heartbeat and securing MAS approval marks an important step forward in our commitment to the region,” said Gary Conroy, chief executive of Transfermate. “With this license, we will be able to offer our customers even greater flexibility and control of how they manage and move their money across the APAC-whether they keep funds in the long run or receive funds in their name.”
An Authority Approval (IPA) in terms of a license variant reflects MAS’s view that the applicant’s authorization for a license variant may be approved in fulfilling specific conditions and provided that there are no substantial adverse developments affecting the applicant.
An IPA does not recommend approval for Transfermate PTE. Ltd. to provide issuance of accounts, domestic money transfer and electronic money services at this juncture. MAS reserves the right to cancel IPA in cases where it considers appropriate.