The new license will enable Payoneer Singapore to enrich the scope of its products and roll out several new services in the country

Payoneer Singapore, a subsidiary of Payoneer Global fintech company, has been granted?a Major Payment Institution License from the Monetary Authority of Singapore (MAS).

The new license enables the entity to accelerate its expansion in Singapore, onboard new partners, expand the scope of its service offering and engage in higher-value transactions.

“It certainly is a validation of our commitment to building a robust and transparent platform that delivers the best services to our customers and partners,” said Nagesh Devata, SVP of Asia-Pacific at Payoneer.

The company representative stated that Singapore is one of the focal points on its regional market expansion map. Payoneer Singapore aims to foster a strong and long-term relationship with MAS, as well as roll out several new services in the country, especially in the areas of account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.

In February, Payoneer also got the license for electronic money (EMI) with the approval of the Financial Supervision Authority (FCA) in Great Britain.