Singapore-based payment firm Thunes announced Thursday that it has received in-principle approval (IPA) for a variation of its major payment institution license (MPI) from the Monetary Authority of Singapore.

The firm said in a statement that this IPA marks a significant milestone in Thunes’ growth journey and demonstrates the company’s commitment to being one of the most trusted and innovative fintechs operating from Singapore.

Subject to the grant of the MPI license variation, Thunes will be positioned to expand its global offering in Singapore.

This future state will empower merchants to access a wider range of payment solutions and accept payments from customers from the rest of the world using popular international and local payment methods.

Specifically, this will allow Singapore merchants to accept payments via popular international methods, while also enabling global merchants in key markets across the Middle East, South Asia, Africa, and Europe to accept leading Singapore payment methods such as PayNow and GrabPay.

Today, Thunes’ Network gives its Members access to more than 320 local payment methods worldwide, enabled by our group’s portfolio of over 50 financial service licenses across the globe.

Upon the grant of the MPI license variation, Thunes Asia will be authorized, in addition to its existing cross-border money transfer service, to provide account issuance, domestic money transfer, merchant acquisition, and e-money issuance services.

“This IPA from MAS is a major step forward for Thunes’ global strategy and a catalyst for growth,

“As our global headquarters, Singapore is the center of our governance and innovation, and with this approval, we’re doubling down on our commitment to connect markets, empower merchants, and expand our trusted Direct Global Network across the world,” said Peter De Caluwe, Co-founder and CEO of Thunes Group.

Ruwan De Soyza, General Counsel at Thunes Group, also said strong governance and a commitment to regulatory excellence have always been at the heart of how Thunes operates.

“This milestone reflects our unwavering commitment to doing business the right way,

“Our Thunes’ robust Fortress Compliance Platform underpins everything we do, ensuring our members can trust every transaction that flows through our network, he added.

This IPA is a key milestone in Thunes’ leadership in building a safer, more connected global payments ecosystem that empowers businesses and consumers to transact seamlessly across borders, said the statement.

It said the company continues to work towards meeting all remaining requirements for the approval.

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