Payoneer recently received approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution License holder, according to a press release.
“The nod of approval from Singapore’s MAS is a testament to Payoneer’s dedication to building a highly secure and effective platform to provide the best services we could to our customers,” said Nagesh Devata, SVP, Asia-Pacific at Payoneer. “We are honored to receive in-principle approval and look forward to a fruitful partnership with MAS to advance Singapore’s Smart Nation ambitions.”
The license will grant Payoneer the ability to execute various forms of payments services, such as large payouts and card offerings to strengthen “businesses of any size with the resources to help them participate and flourish in the new global economy,” a recent press release states.
"The MAS sets a high regulatory bar and has been very thorough and constructive throughout the application process,” said Tsafi Goldman, chief legal and regulatory officer at Payoneer. “This gives us great confidence in choosing Singapore as the country has demonstrated their commitment to encouraging fintech innovation in a prudent manner. Similarly, our customers can be assured that Payoneer Singapore is operating in a highly regulated and conducive market.”
The payments will be processed through Payoneer, which it credits with being “a compliant, secure and tightly audited payments platform that is supervised by financial regulators all around the world,” a recent press release states. The company currently holds licenses and registrations in the United States, Europe, Hong Kong, Japan, Australia and India.