Payoneer secures approval to expand payment offerings in Singapore

US-based payments major Payoneer said it has secured in-principle regulatory approval for a major payment institution license from the Monetary Authority of Singapore (MAS).

Photo credit: Payoneer

Once received, the license enables the company to offer services such as mass payout and card offerings for companies located in Singapore, according to a statement.

MAS has recently handed out the major payment institution license to a number of companies, most recently to Singapore-based crypto firm MetaComp and buy now, pay later major Atome.

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Payoneer recently launched a payment solution, Payoneer Checkout, in Asia Pacific. It plans to roll out the service to more markets globally.

Last month, Payoneer posted revenues of US$158.92 million for Q3 2022, noting a year-over-year revenue growth in its portfolio of emerging markets, which includes Latin America, Southeast Asia, and South Asia, among others