Shadine Taufik · · 1 min readPayoneer wins major payment institution license in Singapore
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Fintech firm Payoneer Singapore has obtained a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
The company can now roll out new services in the city-state, particularly in activities such as domestic and cross-border money transfer, merchant acquisition, as well as account and e-money issuance.
Payoneer Singapore secured in-principle approval for the license in December 2022. In May last year, the company launched Payoneer Checkout, its payment solution for online sellers in Asia Pacific.
The firm is a subsidiary of US-based Payoneer and caters to businesses for cross-border payments. In the US, it also offers capital advances for small and medium-sized businesses, as well as for Amazon and Walmart ecommerce sellers.
Payoneer was founded in 2005 by Yuval Tal. It launched its IPO on Nasdaq in 2021 after merging with a special purpose acquisition company in a US$3.3 billion deal.
Several other firms have received MPI licenses within the past few months, such as Blockchain.com, Circle Internet Singapore, and Tazapay.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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