Thunes Takes Major Step Forward with New Payment Institution Licence
This licence can empower Singapore's merchants to accept worldwide payments and allow global merchants to provide local Singapore payment methods.
Thunes, a leading fintech company, has recently achieved a significant milestone with the receipt of In-Principle Approval (IPA) for a variation of its Major Payment Institution licence from the Monetary Authority of Singapore. This transformative step opens up new avenues for Thunes, signaling their commitment to enhancing payment solutions in Singapore and beyond.
The approval will enable local Singapore merchants to accept a broader array of payments from across the globe. By facilitating access to popular international payment methods, Thunes ensures that both local and global merchants can thrive in an increasingly interconnected market.
This strategic move is set to empower Singapore merchants to process payments through well-known international platforms while simultaneously allowing overseas businesses in regions like the Middle East, South Asia, Africa, and Europe to utilize Singapore's preferred payment solutions such as PayNow and GrabPay.
Currently, Thunes' extensive network allows its members to access over 320 local payment methods around the world. This impressive network is supported by Thunes’ portfolio of more than 50 financial service licenses globally, demonstrating the company's robust operational framework.
Once the MPI licence variation is officially granted, Thunes Asia will expand its capabilities to include account issuance, domestic money transfers, merchant acquisition, and e-money issuance services, in addition to its existing cross-border money transfer service. This expansion is a testament to Thunes’ dedication to becoming a comprehensive payment service provider.
Peter De Caluwe, Co-founder and CEO of Thunes Group, expressed his enthusiasm for this development: "This In-Principle Approval from MAS marks a significant advancement in Thunes' global strategy and serves as a critical catalyst for our growth. Singapore, as our global headquarters, stands at the forefront of our governance and innovation strategies. With this approval, we reaffirm our commitment to connecting markets, empowering businesses, and broadening our trusted Direct Global Network globally."
Ruwan De Soyza, General Counsel at Thunes Group, emphasized their dedication to regulatory excellence, stating: "Strong governance and a commitment to regulatory excellence have always been central to Thunes’ operations. This milestone underscores our unwavering commitment to conducting business in a manner that fosters trust. Our robust Fortress Compliance Platform is the backbone of our operations, ensuring that every transaction flowing through our network is secure and reliable."
The IPA signifies a major milestone in Thunes' mission to create a safer and more connected global payments ecosystem. By empowering both businesses and consumers, Thunes reinforces its role in facilitating seamless transactions across borders. The company is actively working to meet all remaining requirements needed to secure the final approval.
Key Points about the In-Principle Approval
It's important to note that obtaining an In-Principle Approval (IPA) is an indication from MAS that the application for the licence variation may be approved once certain conditions are met. However, this IPA does not grant Thunes the authorization to immediately provide services related to account issuance, domestic money transfer, merchant acquisition, or e-money issuance.
The Monetary Authority of Singapore retains the discretion to withdraw the IPA if deemed necessary under certain circumstances, ensuring that regulatory standards are always upheld.
As Thunes navigates this exciting transition, businesses and consumers can look forward to a future where payments are simpler and more accessible, no matter where they are located around the globe.
Frequently Asked Questions
What is the significance of Thunes' In-Principle Approval?
The In-Principle Approval from MAS allows Thunes to enhance its services, enabling local merchants in Singapore to accept a wider variety of international payments and allowing global merchants access to Singaporean payment methods.
What services will Thunes offer with the new licence?
With the new licence, Thunes will provide account issuance, domestic money transfer, merchant acquisition, and e-money issuance, in addition to its existing cross-border money transfer service.
How many local payment methods does Thunes support?
Thunes currently supports access to over 320 local payment methods globally, showcasing its extensive network of financial relationships.
What is Thunes' vision for the future?
Thunes aims to create a more connected global payments ecosystem, empowering businesses and consumers to transact seamlessly across borders and enhancing payment accessibility.
Who leads Thunes Group?
Thunes Group is co-founded and led by Peter De Caluwe, who is dedicated to driving the company's mission in the fintech space, with a focus on growth and innovation.
