Payoneer Eyes Singapore’s SMEs: Obtains Major Payment Institution License

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Payoneer Singapore, the subsidiary of Payoneer Global,
has obtained a Major Payment Institution License from the <a href="https://www.financemagnates.com/tag/monetary-authority-of-singapore/" target="_blank">Monetary
Authority of Singapore (MAS)</a>.
The license enables the company to broaden its product spectrum and introduce a
host of new services in Singapore.</p><p>A Spectrum of New Services</p><p>According to a statement
released by the company today (Wednesday), the license would enable Payoneer to
introduce services such as cross-border money transfers, e-money issuance, and
merchant <a href="https://www.financemagnates.com/terms/a/acquisition/">acquisition</a>. The company said these services are expected to enhance
the convenience of financial transactions and contribute to the growth of
businesses of varying sizes.</p><p>Nagesh Devata, the
Senior Vice President of Asia-Pacific at Payoneer, said: "We express our
gratitude for the nod of approval from Singapore's MAS. 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."</p><p>Payoneer has welcomed
the license to affirm its commitment to regulatory compliance. The company aims
to use the opportunity to expand its payment services for small and
medium-sized businesses in the country. Payoneer was founded in 2005 and enables businesses, especially those in emerging markets, to receive and make payments.</p><p>UK Presence and Regulatory
Approvals</p><p>In February, <a href="https://www.financemagnates.com/fintech/payments/paytm-postpaid-the-future-of-buy-now-pay-later/" target="_blank" rel="follow">Finance
Magnates</a> reported that
the Nasdaq-listed <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> firm had <a href="https://www.financemagnates.com/fintech/payoneer-secures-uk-presence-with-new-emi-license-from-fca/" target="_blank" rel="follow">obtained
an electronic money license</a> (EMI)
from the Financial Conduct Authority (FCA) in the UK. This license, popular
among prominent fintech startups like Revolut, allows Payoneer to offer payment
services and various financial products in the UK.</p><p>In the wake of Brexit,
Payoneer sought the approval of the FCA in response to the changing landscape
for cross-border operations. The company holds regulatory approvals in the US,
Ireland, Hong Kong, Japan, Australia, and India.</p><p>Two
weeks ago, Payoneer announced the acquisition of Spott, an Israel-based
real-time data platform that uses AI to quantify data for better
decision-making by businesses. The integration of technologies enables Payoneer
to enhance its working capital products through improved underwriting
capabilities.</p>

This article was written by Jared Kirui at www.financemagnates.com.