Payoneer Singapore Secures Major Payment Institution License to Empower SMEs
Payoneer Singapore Private Limited (Payoneer Singapore, a subsidiary of Payoneer Global Inc. (NASDAQ: PAYO)), the financial technology company empowering the world’s small and medium-sized enterprises (SMEs) to transact, do business, and grow globally, has been granted a Major Payment Institution License from the Monetary Authority of Singapore (MAS). The license will enable Payoneer Singapore to enhance the breadth of its products and roll out several new services in Singapore, especially in the areas of account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.
Payoneer Singapore’s successful license approval followed a rigorous application and review process, demonstrating the company’s compliance with regulations and standards set out by the MAS. With the new license, Payoneer Singapore can accelerate its expansion in Singapore by onboarding new partners as businesses are permitted to engage in higher-value transactions.
“We express our gratitude for the nod of approval from Singapore’s MAS. It certainly is a validation of our commitment to building a robust and transparent platform that delivers the best services to our customers and partners,” said Nagesh Devata, SVP of Asia-Pacific at Payoneer. “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.
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