TransferMate, the Ireland-based business to business (B2B) payments infrastructure as a service (IaaS) firm, has on Tuesday announced that it has received approval from the Monetary Authority of Singapore (MAS) to add account issuance, domestic money transfers, and e-money issuance services in Singapore under its Major Payment Institution (MPI) license.
This approval means TransferMate can now provide these regulated payment services in Singapore, further expanding its offering in the region and strengthening its position as a trusted payments infrastructure provider for businesses operating in and out of Asia Pacific (APAC), the firm said in a statement.
According to the statement, TransferMate’s license variation expands its existing suite of products in Singapore, to now include the ability to store funds in a local dedicated global account.
By unlocking these capabilities, the firm’s global accounts solution becomes even more powerful for 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.
“Approval from MAS represents more than a regulatory milestone – it’s an enabler for innovation and growth across Asia,
“With the enhancement of our license capabilities in Singapore, we can help businesses connect their financial operations across borders more seamlessly than ever before. Our vision is to give every company the power to move money globally with the same ease and transparency as they do locally,” said Gary Conroy, Chief Executive Officer of TransferMate.
TransferMate owns the largest fintech payment infrastructure in the world, enabling businesses to make, receive, and hold payments in over 140 currencies across 200+ countries and territories.
With its MPI license in Singapore, the firm’s APAC hub is giving businesses in the region access to a regulated, end-to-end payments platform.
This milestone reinforces TransferMate’s position as the trusted partner for cross-border payments, empowering businesses to hold funds locally, move money seamlessly across borders, and manage multiple currencies, all through a single, integrated platform, said the statement.