Irish B2B payments platform TransferMate has obtained a licence to offer payments services in Singapore.

This marks the firm’s first licence in Asia.

The firm already has licence to operate in 49 US states, the District of Columbia, Puerto Rico, Canada, the EEA, Switzerland, Jersey, Australia and New Zealand.

TransferMate co-founder and CFO Sinead Fitzmaurice said: “Gaining regulatory approval in Singapore marks a significant step for our business and provides a major boost for customers doing business in and out of Asia.

“Singapore’s global trading links and strong economic contribution to the Asia-Pacific region provides exciting new business opportunities and we look forward to helping our customers achieve their growth ambitions in the region.”

Sandeep Krishnamani will serve as the country manager for Singapore.

Earlier, he had stints as the head of partnerships for South East Asia at SAP Concur and head of business development at American Express.

“Because of the region’s advanced trade links and infrastructure, Singapore will play an important role in meeting our global vision and long-term strategic goals,” Krishnamani stated.

The 2018 IMD World Digital Competitiveness Ranking was cited in this context.

According to the data, Singapore is among the top 11 countries across the globe in terms of digital competitiveness.