Thunes has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a variation of its Major Payment Institution (MPI) licence.
If the licence variation is granted, Thunes will be able to extend its payment services in Singapore.
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Merchants in Singapore could then access a broader set of payment options, accepting funds from international customers through both local and global methods.
Additionally, merchants operating in regions such as South Asia, the Middle East, Europe, and Africa would be able to accept payment methods in Singapore, like GrabPay and PayNow.
Thunes Group general counsel Ruwan De Soyza 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.”
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By GlobalDataOnce the MPI licence variation is granted, Thunes Asia will be permitted to provide several new services alongside its current cross-border money transfer business.
These services will include issuance of accounts, domestic money transfers, e-money issuance, and merchant acquisition.
Thunes Group CEO and co-founder Peter De Caluwe said: “This in-principle approval from MAS is a major step forward for Thunes’ global strategy and a catalyst for growth.
“As our global headquarters, Singapore is the centre 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.”
Recently, Thunes partnered with MoMo PSB, the financial technology platform of Nigeria’s MTN, to facilitate instant international remittances for users in Nigeria.
Last month, First Abu Dhabi Bank (FAB) chose Thunes to provide worldwide mobile wallet payouts via its Direct Global Network, aiming to enhance international payment options for its clients in the UAE.
