TransferMate, a provider of embedded B2B payments infrastructure as a service (IaaS) based in Ireland, has announced that its Singapore entity, TransferMate Pte. Ltd., has received in-principle approval from the Monetary Authority of Singapore (MAS) to extend its Major Payment Institution (MPI) license.
The approval covers account issuance, domestic money transfers, and e-money issuance.
This development strengthens TransferMate’s regulatory presence in the Asia-Pacific region and enables the company to enhance its local service offerings in Singapore.
With the extended license, TransferMate can now support clients in storing funds locally through a dedicated Global Account.
This capability is expected to benefit businesses with operations in Asia, allowing them to move funds in and out of the region, convert currencies, and manage payroll or supplier payments through 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 license, 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 one of the largest fintech payment infrastructures globally, supporting payments in over 140 currencies across more than 200 countries and territories.
The company is progressing towards obtaining over 100 licenses worldwide, with Singapore serving as a key hub for its expansion in Asia-Pacific.
Featured image credit: Edited by Fintech News Singapore, based on image by MAS
