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