TransferMate, a leading provider of embedded B2B payments infrastructure, has received in-principle approval from the Monetary Authority of Singapore (MAS) to enhance its Major Payment Institution (MPI) licence. This approval allows TransferMate Pte. Ltd. to add account issuance, domestic money transfers, and e-money issuance to its services in Singapore.
This development strengthens TransferMate’s regulatory presence in the Asia-Pacific region, enabling the company to offer expanded local services. The new licence capabilities will allow clients to store funds in a dedicated Global Account, facilitating easier money transfers, currency conversions, and payment operations across Asia. Gary Conroy, CEO of TransferMate, highlighted the significance of the approval, stating, “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.”
TransferMate operates the largest fintech payment infrastructure globally, supporting transactions in over 140 currencies across more than 200 countries. The company’s strategic focus on Singapore as an APAC hub positions it to assist businesses in simplifying financial operations and scaling internationally. The in-principle approval indicates that MAS may grant full approval upon meeting specific conditions, although it reserves the right to rescind the approval if necessary.
This move is part of TransferMate’s broader strategy to secure over 100 licences worldwide, enhancing its ability to offer comprehensive financial solutions to businesses globally.
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