Payoneer gets license to offer payment services in Singapore
US-based payments company Payoneer has just obtained approval for a major payment institution license from the Monetary Authority of Singapore (MAS).
The authorization from the city-state’s de facto central bank will help Payoneer expand payment services in the country. This includes the ability to offer payment cards, merchant acquisition services and domestic and cross-border money transfer services, as well as mass payout services for firms in Singapore. However, the company will focus on positioning itself as a key player in driving seamless financial transactions for SMEs in the region.
Payoneer recently launched a payment solution, Payoneer Checkout, in Asia Pacific and it plans to roll out the service to more markets globally.
Nagesh Devata, SVP of Asia-Pacific at Payoneer, commented: “Singapore holds a crucial position in our plans for regional market expansion. The recognition received from MAS demonstrates that Payoneer’s product technology, risk management, compliance framework, and business models have gained approval from one of the most authoritative regulatory bodies in the local context.”
“Looking forward, we will continue to prioritize the swift implementation of local services in Singapore, utilizing our secure and rigorously monitored payment platform. In addition, our customer-centric strategy continues to guide operations by prioritizing our current customers and empowering businesses of all sizes to venture into other markets. We are honored and looking forward to fostering a strong and long-term relationship with MAS,” he adds.
Founded in 2005, Payoneer started as a prepaid card company that provides online cross-border payment services, but later it recognized a broader set of trends that were shaping the B2B payment needs.
Today, the firm enables millions of businesses and professionals to reach new audiences by facilitating cross-border payments with an array of flexible payment methods, including local bank transfers, in-network payments, as well as a wide number of added services, like risk monitoring, regulatory compliance, and tax form automation.
As per the MPI license details, the updated status allows Payoneer to offers merchant acquiring services in Singapore and will allow Payoneer to support new payment flows for its clients including cross-border funds transfer services and real-time account transfers.
Earlier in February, Payoneer obtained authorisation with the British financial regulator (FCA) as an Authorised Electronic Money Institution (EMI).
Becoming a fully regulated e-money provider moves Payoneer’s business into a new field, allowing the company to improve and extend services to customers. The new FCA status as an Authorised Electronic Money Institution enables the company to issue electronic money and to carry out various related payments services.
Specifically, the nod of approval allows Payoneer to fully operate in the UK and offer a one-stop payment solution for businesses — providing e-money services, e-wallets, and multi-currency accounts for merchants to make, receive, and process payments.
