Ireland-based B2B payments provider TransferMate says it has received in-principle approval from the Monetary Authority of Singapore (MAS) to add “account issuance, domestic money transfers, and e-money issuance” to its existing major payment institution (MPI) licence obtained in 2019.
In addition, the new authorisation will enable TransferMate to offer clients operating in Asia the ability to store funds in dedicated local global accounts, which the company states will help customers “move money into and out of the region, convert currencies, and run payroll or supplier payments – all from one platform”.
TransferMate CEO Gary Conroy, who was promoted to lead the company earlier this year following the departure of Sinéad Fitzmaurice, notes that this regulatory advancement will give clients greater 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”.
Founded in 2008, TransferMate provides B2B payment infrastructure solutions that support global commerce across more than 200 markets in over 140 currencies, backed by nearly 100 international licences.
Source: https://www.fintechfutures.com/
