Ample Transfers has received in-principle approval from the Monetary Authority of Singapore (MAS) to broaden its range of regulated payment services.
The approval, granted under a licence variation application, will allow the remittance and money-changing firm to offer four additional services.
This includes account issuance, domestic money transfers, merchant acquisition, and e-money issuance.
Established in 1998, Ample Transfers is currently licensed to provide cross-border money transfer and money-changing services.
The company recently introduced remit.ai, a chat-based remittance platform designed to complement its existing retail operations.
If fully approved, the expanded licence would enable Ample Transfers to strengthen its digital payment offerings while continuing to serve its core customer base.
“Singapore’s payments ecosystem is evolving rapidly, and so are we. This in-principle approval reflects the growth journey we’ve shared with the communities we serve.
We remain grounded in the needs of everyday people while building for the future with new tools and technologies.”
said Matthew Yap, CEO of Ample Transfers.
Featured image credit: Edited from Freepik
