Payoneer receives MPI license to strengthen SMEs in Singapore

By Gloria Mathias

Payoneer Singapore, the FinTech company, has secured a Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS).

The Major Payment Institution license will complement Payoneer’s suite of global licenses, enabling enhanced in-market product and service offerings.

The license will enable the company to enhance the reach of its products and roll out several new services in Singapore in the areas of account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.

Payoneer Singapore’s license approval followed a rigorous application and review process, complying to regulations and standards set by the MAS. With the new license, the platform can accelerate its expansion in Singapore by onboarding new partners as businesses can engage in higher-value transactions.

“We express our gratitude for the nod of approval from Singapore’s MAS. 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, SVP of Asia-Pacific at Payoneer. “Singapore holds a crucial position in our 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.”

“Looking forward, we will continue to prioritize the swift implementation of local services in Singapore, utilizing our secure and rigorously monitored payment platform. We are honored and looking forward to fostering a strong and long-term relationship with MAS,” Devata added.

Payoneer is a FinTech company empowering the world’s small and medium-sized businesses to transact, do business and grow globally. Since its founding, it has established a global financial platform making it easier for millions of SMBs, particularly in emerging markets, to pay and get paid, manage their funds, and grow their business.