Payoneer Eyes Singapore’s SMEs: Obtains Major Payment Institution License

Wednesday, 16/08/2023 | 12:06 GMT by Jared Kirui

The license was awarded by the Monetary Authority of Singapore.

The license enables the company to offer new services, including cross-border transfers.

Payoneer Singapore, a subsidiary of Payoneer Global, has obtained a Major Payment Institution License from the Monetary Authority of Singapore (MAS). The license enables the company to broaden its product spectrum and introduce a host of new services in Singapore.

A Spectrum of New Services

According to a statement released by the company today (Wednesday), the license would enable Payoneer to introduce services, such as cross-border money transfers, e-money issuance, and merchant acquisition . The company said these services are expected to enhance the convenience of financial transactions and contribute to the growth of businesses of varying sizes.

Nagesh Devata, the Senior Vice President of Asia-Pacific at Payoneer, said: "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."

Payoneer welcomes the license to affirm its commitment to regulatory compliance. The company aims to use the opportunity to expand its payment services for small and medium-sized businesses in the country. Payoneer was founded in 2005 and enables businesses, especially those in emerging markets, to receive and make payments.

UK Presence and Regulatory Approvals

In February, Finance Magnates reported that the Nasdaq-listed fintech firm had obtained an electronic money license (EMI) from the UK Financial Conduct Authority (FCA). This license, which is popular among prominent fintech startups like Revolut, allows Payoneer to offer payment services and various financial products in the UK.

In the wake of Brexit, Payoneer has sought the approval of the FCA in response to the changing landscape for cross-border operations. The company holds regulatory approvals in the US, Ireland, Hong Kong, Japan, Australia, and India.

Two weeks ago, Payoneer announced the acquisition of Spott, an Israel-based real-time data platform that uses AI to quantify data for businesses to make better decisions. The integration of technologies enables Payoneer to enhance its working capital products through improved underwriting capabilities.