TransferMate Gets Approval from Singapore for Payment Services

TransferMate Expands Payment Services with MAS Approval

TransferMate, an industry leader in embedded B2B payments infrastructure as a service (IaaS), has achieved a significant milestone by receiving in-principle approval from the Monetary Authority of Singapore (MAS). This approval allows TransferMate Pte. Ltd. to enhance its Major Payment Institution (MPI) license by adding account issuance, domestic money transfers, and e-money issuance.

Enhancing Regulatory Footprint in Asia

This move signifies a deeper regulatory footprint for TransferMate in the Asia-Pacific region, thus enabling the company to broaden its service offerings and create added value for partners and clients who operate in and beyond Singapore.

New Capabilities for Global Accounts

With the new license, TransferMate expands its array of products that includes the ability to store funds within a dedicated Global Account. This enhancement will further empower businesses with operations throughout Asia, making it more convenient to manage money movement, currency conversion, and payroll or supplier payments—all consolidated into one user-friendly platform.

A Strategic Move in a Growing Market

According to Gary Conroy, CEO of TransferMate, "Singapore is becoming the financial heartbeat of Asia, and obtaining in-principle approval from MAS is a noteworthy step in our commitment to the area." He noted that this license will furnish customers with improved flexibility and control when it comes to managing and transferring funds across the Asia-Pacific region, whether they intend to hold funds long-term or receive payments in their business’s name.

Powerful Infrastructure for International Transactions

TransferMate holds the largest fintech payment infrastructure worldwide and enables businesses to conduct payments in more than 140 currencies across over 200 countries and territories. This announcement aligns with TransferMate’s strategy of securing over 100 licenses globally. As Singapore stands as a strategic hub in the Asia-Pacific market, TransferMate is poised to assist businesses in streamlining their financial operations, cutting down costs, and expanding with confidence into new international markets.

Understanding In-Principle Approval

The in-principle approval (IPA) regarding TransferMate's license variation indicates that MAS perceives the application favorably, pending fulfillment of particular conditions. However, it should be noted that this IPA does not authorize TransferMate Pte. Ltd. to commence services for account issuance, domestic money transfers, and e-money issuance just yet. MAS maintains the right to rescind this approval in specific circumstances if deemed necessary.

Frequently Asked Questions

What does in-principle approval mean for TransferMate?

It indicates that MAS is favorably inclined towards TransferMate’s application, although further conditions must be met before full approval is granted.

How will this approval impact TransferMate’s operations?

This will allow TransferMate to broaden its service offerings in Singapore, enhance customer options, and simplify financial operations for businesses.

What services will TransferMate add with this new license?

The new services include account issuance, domestic money transfers, and e-money issuance, enabling greater financial flexibility.

How does TransferMate support businesses globally?

TransferMate provides a comprehensive payment infrastructure that facilitates transactions in over 140 currencies across 200+ countries, significantly aiding cross-border operations.

Why is Singapore considered a strategic hub for TransferMate?

Singapore is fast becoming a financial center in the Asia-Pacific region, making it an ideal location for TransferMate to expand its services and support businesses.

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