Thunes, a cross-border payments network, has secured the Monetary Authority of Singapore (MAS) approval for payment services in the country.
The licence, contingent on procedural formalities, will enable the company to onboard customers from any industry onto its payments ecosystem. This is expected to facilitate easy and quick movement of funds.
Previously, the company was allowed to conduct payment services with only certain financial institutions such as DBS Bank, Grab and Singtel in Singapore.
Thunes executive chairman Peter de Caluwe said: “With the Payment Services Act entering into force early next year, we look forward to expanding our range of services provided on our global interoperable membership network to better serve the needs of financial institutions and corporates.”
Thunes enables corporates and financial institutions to move funds and provide financial services in developing markets.
Its platform links mobile wallet and money transfer operators, corporates, merchants and banks to move funds in real time.
The company provides person-to-person (P2P) remittance processing, corporate mass payouts and digital payment services in more than 80 countries.
With operation in Singapore, London and Miami, Thunes has over 9,000 payout partners.
Earlier this month, the company partnered with trade platform Global eTrade Services (GeTS) for cross-border payments via CALISTA.
CALISTA is a supply chain platform which organises the logistics, compliance and financial needs across the digital trade ecosystem. It currently processes more than 20 million transactions per year.