Transfermate said on Friday that it had received approval in principle from the Monetary Authority in Singapore (MAS) to add the account issue, transfer local funds and issue electronic funds to the main payment institution license.
The approval allows transfermate PTE. Ltd. to expand its services in Singapore, allowing customers to store funds in dedicated local international accounts.
The company stated that this reinforcement will make it easy for customers who have Asian operations to transfer money inside and outside the region, transfer currencies, and manage salary payments and suppliers from one platform.
“Singapore has quickly became a financial impulsive pulsation in Asia, and the approval of the principle of MAS, which is a big step forward in our commitment to the region,” said Gary Conerry, CEO of Transfermate.
“With this license, we will be able to provide more flexibility and control how to manage their money and transfer them via APAC-whether it carries long-term money or receives money in their name.”
Transfermate runs the greatest infrastructure to pay in the world, and support payments in more than 140 currencies in more than 200 countries and regions.
Dublin -based company targets more than 100 licenses worldwide, as Singapore is placed as a strategic center for its growth in the Asia Pacific region.
MAS pointed out that approval of the principle means that the variation of the license may be granted if specific conditions are met and there are no negative developments. The organizer said that approval does not yet allow the provision of additional services.