Singapore Fintech Texcent Receives Remittance License From Monetary Authority Singapore

Texcent Asia, a Singapore-based payments company, announced on Tuesday it has received remittance license from Monetary Authority Singapore (MAS).

The company powers financial platform Paycent, which is described as a company that’s dedicated to delivering fully integrated mobile applications and aims to be the global leader in complete mobile and cashless transactions. Texcent also reported that Paycent has partnered with MasterCard for its debit card program that will help users instantly convert digital assets into local currencies for use or withdrawal from automated teller machines (ATMs) and liberate the consumers from the hassles of going to designated exchanges for converting digital assets to fiat currencies. Speaking about the license and the Paycent platform, Sumedha Goel, Founder and President at Texcent, stated:

“With this, Texcent will commence its much-awaited global payments and remittance business focusing first in AsiaAfrica and Australian markets, followed by EuropeRussia, and Latin American countries. In reality, [Paycent] is a mobile wallet for fiat and digital assets with a debit card and will include money transfer feature. It’s a one-stop-shop for all financial needs of a consumer on the move. The Paycent debit card that will be available to customers in March this year, will solve these issues and make it easier for consumers using both currencies. We are issuing the card globally.”

Texcent added it has future plans to connect its remittance network with Paycent.
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