TransferMate, a provider of embedded B2B payments infrastructure as a service (IaaS), has received in-principle approval from the Monetary Authority of Singapore (MAS) to include account issuance, domestic money transfers and e-money issuance to its Major Payment Institution (MPI) license.
The move is anticipated to enhance TransferMate’s presence in the Asia-Pacific region.
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This license enhances TransferMate’s current range of products in Singapore by adding the option to store funds in a dedicated local global account.
TransferMate stated that with these new capabilities, its Global Accounts solution becomes even more robust for clients operating in Asia. It simplifies the process of transferring money into and out of the region, converting currencies, and managing payroll or supplier payments, all through a single platform.
TransferMate CEO Gary Conroy said: “Singapore is fast becoming the financial heartbeat of Asia, and securing in-principle approval from MAS marks a major step forward in our commitment to the region.”
“With this license, we’ll be able to offer our customers even more flexibility and control over how they manage and move their money across APAC – whether it’s holding funds long-term or receiving funds in their own name.”
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By GlobalDataAn in-principle approval (IPA) for a licence variation application indicates that the Monetary Authority of Singapore (MAS) believes the application might be approved once certain conditions are met and assuming no significant negative developments impact the applicant.
However, this IPA does not currently grant TransferMate the authorisation to offer account issuance, domestic money transfers, and e-money issuance services. MAS retains the authority to withdraw the IPA if deemed necessary.
In March, TransferMate collaborated with RTGS.global, a cross-border payments company, to join their real-time settlement network.
The alliance aims to enhance cross-border transactions for businesses by leveraging RTGS.global’s instant settlement capabilities.
With its payment’s infrastructure, TransferMate enables businesses to make, receive, and hold payments in over 140 currencies across more than 200 countries and territories.
