Payoneer obtains in-principle approval to offer mass payout and card offerings in Singapore

Rick Steves

“The MAS sets a high regulatory bar and has been very thorough and constructive throughout the application process. This gives us great confidence in choosing Singapore as the country has demonstrated their commitment to encouraging fintech innovation in a prudent manner.”

Payoneer has received in-principle approval as a Major Payment Institution License holder from the Monetary Authority of Singapore (MAS) in a milestone move for the payments solutions firm’s global expansion plans.

Once received, the license will allow Payoneer to offer additional payments services such as mass payout and card offerings to companies located in Singapore.

The presence of Payoneer in Singapore will expand local companies’ payments options, effectively empowering them with the resources to help them participate and flourish in the new global economy.

Payoneer operates under a compliant structure that is tightly audited and supervised by financial regulators all around the world, with licenses or registrations in the United States, Europe, Hong Kong, Japan, Australia, and India.

Payoneer to enter Singapore amid country’s Smart Nation ambitions

Nagesh Devata, SVP, Asia-Pacific at Payoneer, said: “The nod of approval from Singapore’s MAS is testament to Payoneer’s dedication to building a highly secure and effective platform to provide the best services we could to our customers. We are honored to receive in-principle approval and look forward to a fruitful partnership with MAS to advance Singapore’s Smart Nation ambitions.”

Tsafi Goldman, Chief Legal and Regulatory Officer at Payoneer, commented: “The MAS sets a high regulatory bar and has been very thorough and constructive throughout the application process. This gives us great confidence in choosing Singapore as the country has demonstrated their commitment to encouraging fintech innovation in a prudent manner. Similarly, our customers can be assured that Payoneer Singapore is operating in a highly regulated and conducive market.”

Payoneer selects ThetaRay’s SONAR for cross-border payments monitoring

Earlier this year, Payoneer selected AI-powered transaction monitoring technology ThetaRay to monitor global cross-border payments on Payoneer’s platform. ThetaRay’s SONAR SaaS solution will be used to monitor millions of transactions per year.

The collaboration includes a unique, flexible pricing model through which ThetaRay will receive a base fee to cover millions of transactions per year and will only increase fees if Payoneer passes that threshold and grows its business.

ThetaRay provides a platform that helps protect fintechs and banks against the risk of being exploited for money laundering, terrorist financing, human trafficking, and narco-trafficking while enabling partners to increase their volume of transfers.

Read this next

Retail FX

Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

Retail FX

Lark Funding reopens to US traders, MyFundedFX picks cTrader

Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

Institutional FX

Cboe FX volume falls to lowest level since summer

Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

Retail FX

ThinkMarkets secures lucrative DFSA license in Dubai

Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

Digital Assets

New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

Digital Assets

Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

Digital Assets

Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

Institutional FX

Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

Industry News

Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.