Payoneer Receives In-Principle Regulatory Approval in Singapore

Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, has received in-principle approval as a Major Payment Institution License holder from the Monetary Authority of Singapore (MAS).

The license, once received, “will allow Payoneer to offer additional payments services such as mass payout and card offerings to companies located in Singapore, effectively empowering businesses of any size with the resources to help them participate and flourish in the new global economy.”

Nagesh Devata, SVP, Asia-Pacific at Payoneer, said:

“The nod of approval from Singapore’s MAS is testament to Payoneer’s dedication to building a highly secure and effective platform to provide the best services we could to our customers. We are honored to receive in-principle approval and look forward to a fruitful partnership with MAS to advance Singapore’s Smart Nation ambitions.”

Tsafi Goldman, Chief Legal and Regulatory Officer at Payoneer, remarked:

“The MAS sets a high regulatory bar and has been very thorough and constructive throughout the application process. This gives us great confidence in choosing Singapore as the country has demonstrated their commitment to encouraging fintech innovation in a prudent manner. Similarly, our customers can be assured that Payoneer Singapore is operating in a highly regulated and conducive market.”

All payments processed through Payoneer are “made through a compliant, secure and tightly audited payments platform that is supervised by financial regulators all around the world.”

Payoneer already “holds licenses or registrations in the United States, Europe, Hong Kong, Japan, Australia and India.”

As noted in the update, Payoneer claims it is “the world’s go-to partner for digital commerce, everywhere.”

From borderless payments to boundless growth, Payoneer says that it “promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy.”

Since 2005, Payoneer has been “imagining and engineering a truly global ecosystem so the entire world can realize its potential.”

Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world’s leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers “a universe of opportunities, open to you.”

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