Payoneer Singapore Receives Major Payment Institution License from MAS

Empowering SMEs Worldwide with Financial Technology

Payoneer Singapore Private Limited (Payoneer Singapore), a subsidiary of Payoneer Global Inc., has achieved a significant milestone by obtaining a Major Payment Institution License from the Monetary Authority of Singapore (MAS). This license reinforces Payoneer’s mission to facilitate global transactions, business operations, and growth for small and medium-sized enterprises (SMEs) around the world.

Expanding Services and Product Range

With the new license granted by MAS, Payoneer Singapore is poised to expand its range of offerings and introduce innovative services within the Singaporean market. These services will cover various areas, including account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition, enabling a comprehensive and seamless financial experience.

Stringent Approval Process and Compliance

Payoneer Singapore’s attainment of the license follows an intensive application and review process, showcasing the company’s steadfast adherence to regulatory standards set forth by MAS. The approval underscores Payoneer’s commitment to compliance and regulatory excellence, paving the way for accelerated growth and engagement with new partners.

Strategic Importance of Singapore

Nagesh Devata, Senior Vice President of Asia-Pacific at Payoneer, expressed gratitude for the approval from MAS, emphasizing the significance of Singapore in the company’s regional expansion strategy. The recognition from MAS serves as a testament to the credibility of Payoneer’s product technology, risk management practices, compliance framework, and business models, as endorsed by a respected regulatory authority.

Continued Focus on Customer-Centric Approach

Looking ahead, Payoneer Singapore remains dedicated to swiftly implementing localized services within Singapore’s dynamic market. The company’s secure and closely monitored payment platform will underpin these efforts, ensuring a seamless and secure experience for customers. Payoneer’s commitment to its current customer base remains paramount, with a focus on enabling businesses of all sizes to explore new markets and opportunities.

Fostering a Strong Partnership

Payoneer looks forward to nurturing a robust and enduring relationship with MAS. The collaboration signifies a shared commitment to fostering a competitive and innovative financial ecosystem, where SMEs can thrive and expand their global footprint.

Payoneer’s Global Vision

Founded in 2005, Payoneer’s mission centers around empowering small and medium-sized businesses worldwide to transact, conduct business, and achieve global growth. The company was established on the belief that talent is universally distributed, and Payoneer aims to bridge the gap by providing opportunities to businesses of all sizes, irrespective of geographical boundaries.