Thunes announced that it has received In-Principle Approval (IPA) for a variation of its Major Payment Institution licence (MPI) from the Monetary Authority of Singapore. This In-Principal Approval marks a key milestone in Thunes’ growth journey and demonstrates the Fintech firm’s ongoing commitment to being one of the major fintechs operating from Singapore.
Subject to the grant of the MPI licence variation, Thunes will be positioned to expand its offering in Singapore.
This future state will enable merchants to access a range of payment solutions and accept payments from clients from the rest of the world using various international and local payment methods.
Notably, this will enable Singapore merchants to accept payments via popular international methods, while also enabling global merchants in key markets across the Middle East, South Asia, Europe to accept Singapore payment methods like PayNow and GrabPay.
Currently, Thunes’ Network gives its Members access to over 320 local payment methods worldwide, enabled by their group’s portfolio of more than 50 financial service licenses.
Following the grant of the MPI licence variation, Thunes Asia will now reportedly be authorised, in addition to its existing cross-border money transfer service, to provide “account issuance, domestic money transfer, merchant acquisition, and e-money issuance services.”
This In-Principle Approval is considered to be a significant milestone in Thunes’ role in building a onnected global payments ecosystem that empowers businesses and consumers “to transact seamlessly across borders.”
The company continues to work towards “meeting all remaining requirements for the approval.”
As noted in the update, an In-Principle Approval (IPA) in respect of a licence variation application “reflects MAS’ view that the applicant’s licence variation application may be approved upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant.
As clarified in the announcement, an IPA does “not constitute an approval for the company to provide an account issuance service; a domestic money transfer service; a merchant acquisition service; and an e-money issuance service at this juncture.”
MAS reserves the right to “rescind the IPA in circumstances where it considers appropriate.”
