Payoneer Singapore Secures Major License to Expand Services and Partnerships

Payoneer Singapore, a subsidiary of the global fintech company Payoneer, has received a Major Payment Institution License from the Monetary Authority of Singapore (MAS), reports PaySpace Magazine.

This fresh license empowers the organization to expedite its growth in Singapore, bring aboard new partners, widen the array of services it provides, and participate in transactions of higher value.

"It undoubtedly serves as validation for our dedication to constructing a robust and transparent platform that offers top-notch services to both our customers and partners," remarked Nagesh Devata, Senior Vice President of Asia-Pacific at Payoneer.

The spokesperson for the company indicated that Singapore holds a prominent position on its regional market expansion strategy. Payoneer Singapore's objective is to nurture a strong and enduring relationship with MAS while simultaneously introducing numerous innovative services in the country, particularly in domains like account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.

In February, Payoneer also secured an electronic money (EMI) license with approval from the Financial Supervision Authority (FCA) in Great Britain.