Payoneer (NASDAQ: PAYO), the commerce expertise firm powering funds and development for the brand new international economic system, has obtained in-principle approval as a Main Cost Establishment License holder from the Financial Authority of Singapore (MAS).
The license, as soon as obtained, will permit Payoneer to supply extra funds companies akin to mass payout and card choices to firms situated in Singapore, successfully empowering companies of any measurement with the assets to assist them take part and flourish within the new international economic system.
“The nod of approval from Singapore’s MAS is testomony to Payoneer’s dedication to constructing a extremely safe and efficient platform to offer one of the best companies we may to our clients,” stated Nagesh Devata, SVP, Asia-Pacific at Payoneer. “We’re honored to obtain in-principle approval and look ahead to a fruitful partnership with MAS to advance Singapore’s Good Nation ambitions.”
“The MAS units a excessive regulatory bar and has been very thorough and constructive all through the appliance course of,” stated Tsafi Goldman, Chief Authorized and Regulatory Officer at Payoneer. “This provides us nice confidence in selecting Singapore because the nation has demonstrated their dedication to encouraging fintech innovation in a prudent method. Equally, our clients may be assured that Payoneer Singapore is working in a extremely regulated and conducive market.”
All funds processed by means of Payoneer are made by means of a compliant, safe and tightly audited funds platform that’s supervised by monetary regulators all world wide. Payoneer already holds licenses or registrations in the US, Europe, Hong Kong, Japan, Australia and India.