TransferMate said Friday that 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 Major Payment Institution licence.
TransferMate Obtains In-Principle Approval From MAS to Add Payment Services
The approval enables TransferMate Pte. Ltd. to expand its services in Singapore, allowing clients to store funds in dedicated local Global Accounts.
The company stated that this enhancement will make it easier for customers with Asian operations to transfer money in and out of the region, convert currencies, and manage payroll and supplier payments from a single platform.
“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,” said Gary Conroy, CEO of TransferMate.
“With this licence, 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.”
TransferMate operates what it calls the largest fintech payment infrastructure in the world, supporting payments in more than 140 currencies across over 200 countries and territories.
The Dublin-based company is targeting more than 100 licences globally, positioning Singapore as a strategic hub for its Asia-Pacific growth.
MAS noted that in-principle approval means the licence variation may be granted if specified conditions are met and there are no material adverse developments. The regulator said the approval does not yet authorise TransferMate to provide the additional services.
