TransferMate, the embedded B2B payments infrastructure as a service (IaaS) provider, has secured in-principle approval from the Monetary Authority of Singapore (MAS) to add account issuance, domestic money transfers and e-money issuance to its existing Major Payment Institution (MPI) licence.
Following this approval, TransferMate now plans to expand its local services and deliver more value to partners and customers operating in and out of Singapore.
With the licence deepening TransferMate’s regulatory footprint in APAC, the payments firm says it can begin to store funds in a local dedicated Global Account. By unlocking these capabilities, TransferMate’s Global Accounts solution can move money in and out of the region more easily, convert currencies, and run payroll or supplier payments.
“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,” explained 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 enables businesses to make, receive, and hold payments in over 140 currencies across more than 200 countries and territories. The news comes as it continues on its trajectory towards securing over 100 licenses globally. With Singapore as a strategic APAC hub, TransferMate is well-positioned to help businesses simplify financial operations, reduce costs, and scale globally with confidence.
The in-principle approval (IPA) does not enable TransferMate to provide account issuance, domestic money transfers and e-money issuance services at this time. Instead, the approval reflects MAS’s view that TransferMate’s licence application could be approved once it has fulfilled specific conditions.
