TransferMate, a global embedded business to business (B2B) payments infrastructure as a service (IaaS) firm, announced Tuesday that its TransferMate Pte. Ltd. has received in-principle approval from the Monetary Authority of Singapore (MAS) to add account issuance, domestic money transfers and e-money issuance to its Major Payment Institution (MPI) license.
This milestone further deepens TransferMate’s regulatory footprint in APAC, enabling it to expand its local services and deliver even greater value to partners and customers operating in and out of Singapore, the firm said in a statement.
This license expands TransferMate’s existing suite of products in Singapore, to now include the ability to store funds in a local dedicated Global Account.
By unlocking these capabilities, TransferMate’s Global Accounts solution can support clients with operations in Asia, making it easier to move money into and out of the region, convert currencies, and run payroll or supplier payments – all from one platform.
“Singapore is fast becoming the financial heartbeat of Asia, and securing in-principle approval from MAS marks a major step forward in our commitment to the region,
“With this license, we’ll be able to offer our customers even more flexibility and control over how they manage and move their money across APAC – whether it’s holding funds long-term or receiving funds in their own name,” said Gary Conroy, Chief Executive Officer of TransferMate.
TransferMate owns the largest fintech payment infrastructure in the world, empowering businesses to make, receive, and hold payments in over 140 currencies across 200+ countries and territories.
Its latest announcement comes as it continues on its trajectory towards securing 100+ licenses globally.
With Singapore as a strategic Asia Pacific (APAC) hub, the firm said it is well-positioned to help businesses simplify financial operations, reduce costs, and scale globally with confidence.
It is noted that an in-principle approval (IPA) in respect of a license variation application reflects MAS’ view that the applicant’s license variation application may be approved upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant.
However, an IPA does not constitute an approval for TransferMate Pte. Ltd. to provide account issuance, domestic money transfers and e-money issuance services at this juncture.
MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.