TransferMate, a company specializing in embedded B2B payments Infrastructure as a Service (IaaS), has received preapproval from the Monetary Authority of Singapore (MAS).
This approval enables TransferMate to enhance its Major Payment Institution (MPI) license by adding account issuance, domestic money transfers, and e-money issuance services. This expansion will help strengthen the company’s regulatory presence in the Asia-Pacific region, paving the way for greater operational flexibility and improved service offerings for both local and international partners and customers.
Growth in Singapore
With this new license, TransferMate can now integrate a local dedicated Global Account feature into its existing product suite within the country. This update will allow clients operating in Asia to manage their funds more efficiently, facilitating currency conversion, payroll processing, and supply chain payments through a single platform.
TransferMate views Singapore as an emerging financial center for the region and sees this approval from MAS as a critical step towards its goal of contributing positively to regional growth. The company aims to provide clients with enhanced control over their money management, supporting flexible holding, saving, or receiving of funds across multiple markets.
TransferMate’s payment infrastructure already supports businesses in making, receiving, and holding payments in more than 140 currencies across over 200 countries and territories. It plans to secure more than 100 licenses globally, with this recent approval contributing significantly towards achieving that objective by simplifying financial operations, reducing costs, and fostering global scaling.
The preapproval in respect of the license variation reflects MAS’s view that the application may be finalized upon meeting specific conditions, provided there are no significant adverse changes affecting TransferMate. However, it is important to note that this preapproval does not yet grant official permission for TransferMate to start offering account issuance, domestic money transfers, and e-money issuance services immediately. The MAS retains the right to revoke the current approval if deemed necessary.
