Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, has received in-principle approval as a Major Payment Institution License holder from the Monetary Authority of Singapore (MAS).
The license, once received, will allow Payoneer to offer additional payments services such as mass payout and card offerings to companies located in Singapore, effectively empowering businesses of any size with the resources to help them participate and flourish in the new global economy.
“The nod of approval from Singapore’s MAS is testament to Payoneer’s dedication to building a highly secure and effective platform to provide the best services we could to our customers,” said Nagesh Devata, SVP, Asia-Pacific at Payoneer. “We are honored to receive in-principle approval and look forward to a fruitful partnership with MAS to advance Singapore’s Smart Nation ambitions.”
"The MAS sets a high regulatory bar and has been very thorough and constructive throughout the application process,” said Tsafi Goldman, Chief Legal and Regulatory Officer at Payoneer. “This gives us great confidence in choosing Singapore as the country has demonstrated their commitment to encouraging fintech innovation in a prudent manner. Similarly, our customers can be assured that Payoneer Singapore is operating in a highly regulated and conducive market.”
All payments processed through Payoneer are made through a compliant, secure and tightly audited payments platform that is supervised by financial regulators all around the world. Payoneer already holds licenses or registrations in the United States, Europe, Hong Kong, Japan, Australia and India.