Payment service provider TransferMate receives initial approval from the Monetary Authority of Singapore to expand their offerings.
TransferMate, a leading B2B payments firm, has received in-principle approval from Singapore's Monetary Authority (MAS) to expand its Major Payment Institution (MPI) license [1][2][4][5]. This approval will enable TransferMate to offer new services in Singapore, such as account issuance, domestic money transfers, and e-money issuance, thereby enhancing its existing product suite.
With this license, TransferMate customers can now store funds locally in dedicated Global Accounts within Singapore, offering more control and flexibility over their money across the APAC region [1][2]. This move deepens TransferMate’s footprint in APAC, a region where Singapore is increasingly recognized as the financial hub.
The approval empowers TransferMate with powerful payment capabilities across APAC. Consequently, the company can better serve businesses that operate in or through Asia by simplifying the management and movement of money, covering currency conversion, payroll, and supplier payments, all via a unified platform [1][2].
This MAS license approval strengthens TransferMate’s position as a global B2B payments leader. It allows TransferMate to hold client funds locally in Singapore, facilitating seamless domestic and cross-border payments in APAC. The approval also expands its regulatory compliance and operational capabilities in a crucial financial market, supporting its broader global growth strategy as it aims for over 100 licenses worldwide [1][2].
TransferMate Pte. Ltd., a subsidiary of TransferMate, has received this approval. The Global Accounts solution for TransferMate in Singapore makes it easier to move money into and out of the region, and enables currency conversion and running of payroll or supplier payments from one platform [1][2].
This is not the first regulatory milestone for TransferMate in the APAC region. The company is on a trajectory towards securing 100+ licenses globally, and the TransferMate MAS License strengthens its position as a leader in embedded B2B payment infrastructure globally. The approval will enable TransferMate to expand its embedded infrastructure platform in the APAC region [1][2][4][5].
In conclusion, the MAS license approval is a strategic milestone that empowers TransferMate to enhance service offerings in APAC, making it a more powerful and trusted partner for businesses expanding or operating in the region [1][2][4][5].
[1] TransferMate. (2023). Press Release: TransferMate Secures MAS License in Singapore. [online] Available at: https://www.transfermate.com/news/transfermate-secures-mas-license-in-singapore/
[2] Monetary Authority of Singapore. (2023). TransferMate Pte. Ltd. granted in-principle approval for a Major Payment Institution Licence. [online] Available at: https://www.mas.gov.sg/-/media/MAS/Newsroom/Press-releases/2023/TransferMate-Pte-Ltd-granted-in-principle-approval-for-a-Major-Payment-Institution-Licence.pdf
[3] TransferMate. (n.d.). About Us. [online] Available at: https://www.transfermate.com/about/
[4] TransferMate. (2023). Global Accounts. [online] Available at: https://www.transfermate.com/global-accounts/
[5] TransferMate. (2023). Product Suite. [online] Available at: https://www.transfermate.com/products/
TransferMate customers can now visit ffnews.com to read about the company's expansion into Singapore's finance sector, thanks to the MAS license approval. With this approval, TransferMate's technology-driven payment solutions can better cater to businesses operating in or through Asia.
