Payoneer Singapore Private Limited, a subsidiary of United States-listed FinTech firm Payoneer Global Inc., has been granted a major payment institution license from the Monetary Authority of Singapore (MAS).

Payoneer said in a statement on Tuesday that the license will enable the firm to enhance the breadth of its products and roll out several new services in Singapore, especially in the areas of account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.

Payoneer Singapore’s successful license approval followed a rigorous application and review process, demonstrating the company’s compliance with regulations and standards set out by the MAS.

With the new license, Payoneer Singapore can accelerate its expansion in Singapore by onboarding new partners as businesses are permitted to engage in higher-value transactions.

“It certainly is a validation of our commitment to building a robust and transparent platform that delivers the best services to our customers and partners,” said Nagesh Devata, Senior Vice President of Asia-Pacific at Payoneer.

According to him, Singapore holds a crucial position in the firm’s 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,” he said.

Looking forward, he said the firm will continue to prioritize the swift implementation of local services in Singapore, utilizing its secure and rigorously monitored payment platform.

In addition, he said the firm’s customer-centric strategy continues to guide operations by prioritizing our current customers and empowering businesses of all sizes to venture into other markets.

“We are honored and looking forward to fostering a strong and long-term relationship with MAS,” he added.

Payoneer is the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally.

The firm was founded in 2005 with mission to enable anyone anywhere to participate and succeed in the global digital economy.

Since its founding, the firm has built a global financial platform that has already made it easier for millions of small to medium-sized businesses (SMBs), particularly in emerging markets, to pay and get paid, manage their funds, and grow their business.

US’s Payoneer gets approval to provide additional payment services in Singapore