Thunes, a global cross-border payments company based in Singapore, has been granted a new payments institution license by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France.
Thunes said in a statement on Thursday that this license will enable the company to send payments worldwide on behalf of its French or European Union (EU) customers and partners.
It also said Thunes can now offer global cross-border payment services to non-bank financial institutions in the EU, including companies without a payments license.
The latest regulatory approval in France complements Thunes’ existing license allowing the company to conduct payment acquisition services for merchants, marketplaces and payment service providers for regulated financial institutions in the region.
With the new license, Thunes said the firm can accelerate its expansion by onboarding new companies of all sizes in the EU and opening additional avenues for various use cases.
Thunes’ successful license approval followed a rigorous application and review process, demonstrating the company’s full compliance with strict anti-money laundering (AML) regulations and standards governing payments operations.
“It is a significant milestone, not only for Thunes, but also for our customers,
“As we’re extending our licensing coverage and transforming into a major payment powerhouse connecting Europe, Asia, Africa, the Middle East, and Latin America, we can play a crucial role in helping ambitious European Fintechs and aspiring global innovators expand their reach to new cross-border markets,” said Peter de Caluwe, Chief Executive Officer of Thunes.
With this latest license, he said Thunes is making another leap towards creating alternative payment rails that are superior to the conventional corresponding banking network – an innovation that removes friction for businesses and individuals, and creates growth opportunities for international companies, merchants, marketplaces and payment service providers around the world.
Founded in 2016, Thunes is a business to business (B2B) company that powers payments for the world’s fastest-growing businesses – from Gig Economy giants such as Uber and Deliveroo and Southeast Asia’s super-app Grab to global Fintech leaders such as PayPal and Remitly.
Thunes currently supports 80 currencies, enables payments to 130 countries, and helps to accept 300 payment methods.
In April 2022, Thunes acquired a controlling stake in a leading AML and compliance platform company Tookitaki, which now enables the company’s advanced compliance, anti-fraud, and AML capabilities, setting an international benchmark for sustainable compliance.
The company also has regional offices in London, Paris, Shanghai, Dubai, Hong Kong, Barcelona, Miami, and Nairobi.