Temasek-backed Flywire has secured in-principle approval for its major payment institution license from the Monetary Authority of Singapore.
Photo credit: Nasdaq
With the license, Flywire can operate domestic money transfer services, merchant acquisition services, and cross-border money transfer services. The fintech firm, which primarily focuses on global payments for corporates, provides solutions for clients in the B2B, healthcare, education, and travel industries.
Originally headquartered in Boston, Flywire has recently focused its growth efforts in the Asia Pacific. The firm acquired Australian payments provider Cohort Go in July 2022 and is expanding its teams in Tokyo, Singapore, and Shanghai.
Flywire was founded by Iker Marcaide in 2009 and currently provides services to over 2,800 clients in more than 240 countries. The Nasdaq-listed firm was last valued at US$3.4 billion following its market debut.
The global digital payment market is set to reach US$361.3 billion by 2030, at a compound annual growth rate of 20.5%.
See also: Series SEA: Who’s investing in the region’s fintech startups?
Editing by Miguel Cordon and Dhania Putri Sarahtika
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