Payoneer Singapore, a subsidiary of Payoneer Global, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
The license will allow Payoneer Singapore to expand its product offering to clients in Singapore and add a range of new services in the areas of cross-border and domestic money transfers, e-money issuance, and merchant transactions.
Payoneer Singapore's license followed a rigorous application process and various inspections that confirmed the company's compliance with the rules and standards set by the MAS, according to the company's website.
The new license will allow Payoneer Singapore to attract new partners and strengthen its presence in the country.
"Singapore holds a crucial position in our plans for regional market expansion. The recognition received from MAS demonstrates that Payoneer's product technology, risk management, compliance framework, and business models have gained approval from one of the most authoritative regulatory bodies in the local context," said Nagesh Devata, Payoneer's Senior VP for Asia Pacific.
"Looking forward, we will continue to prioritize the swift implementation of local services in Singapore, utilizing our secure and rigorously monitored payment platform," he added.
It's worth noting that the company is also using the new license to expand its payment services to SMEs in the country.
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