Cross-border payments startup Thunes announced that it has received regulatory approval for payment services in Singapore.
The license obtained from the Monetary Authority of Singapore (MAS), which is conditional, will allow Thunes to bring companies from any industries onto their payment network, enabling them to move funds with greater ease, speed and cost-efficiency. Before securing approval, the network could only carry out payment services with established, licensed Singapore-based financial institutions such as DBS Bank, Grab and Singtel.
“We are delighted to receive the remittance license from the MAS. With the Payment Services Act entering into force early next year, we look forward to expanding our range of services provided on our global interoperable membership network to better serve the needs of financial institutions and corporates,” said Peter de Caluwe, the executive chairman of Thunes, in a report.
Thunes — formerly known as TransferTo — aims is to bring financial services to everyone, including the roughly 1.7 billion unbanked adults living in emerging markets that are shut out of the global economy because of a lack of access to financial services. Earlier this year, the company raised $10 million in a venture funding round led by GGV Capital. The funds are being used to enhance its offering and platform and to speed up growth in Africa, Asia and Latin America, as well as secure strategic partnerships that will bring more payment solutions to unbanked consumers in emerging markets. The company’s global network currently reaches more than 80 countries and counts more than 9,000 payout partners, completing more than 300,000 transactions each day and processes more than $3 billion principal per year.
And in March, the company partnered with Western Union to send funds directly into mobile wallets around the world. In addition, users of Western Union’s network of agents can also send funds directly into a recipient’s mobile wallet.