Payoneer to Expand Payments Services Offering in Singapore

Payoneer will soon be able to offer additional payments services to companies located in Singapore.

In a Friday (Dec. 16) press release, the commerce technology company said it had received in-principle approval as a Major Payment Institution License holder from the Monetary Authority of Singapore (MAS).

When it receives the license, Payoneer will be able to add mass payout and card offerings to businesses of any size in the country, according to the press release.

“The nod of approval from Singapore’s MAS is a testament to Payoneer’s dedication to building a highly secure and effective platform to provide the best services we could to our customers,” Payoneer Senior Vice President of Asia-Pacific Nagesh Devata said in the release.

This new license will join the licenses or registrations that Payoneer already holds in the United States, Europe, Hong Kong, Japan, Australia and India, according to the press release.

All payments processed through the company are made through its payments platform, which is compliant, secure, tightly audited and supervised by financial regulators around the world, the release said.

Payoneer Chief Legal and Regulatory Officer Tsafi Goldman said that the MAS has been thorough and constructive throughout the application process, setting a high regulatory bar.

“This gives us great confidence in choosing Singapore as the country has demonstrated their commitment to encouraging FinTech innovation in a prudent manner,” Goldman said in the release. “Similarly, our customers can be assured that Payoneer Singapore is operating in a highly regulated and conducive market.”

PYMNTS research has found that while most small to medium-sized businesses (SMBs) that decide to launch operations internationally will have some web presence, many still use legacy payment methods to send and receive funds.

Payments digitization helps SMBs grow internationally, but successful implementation has numerous challenges, according to “International B2B Payments: A Guide For Entrepreneurs And Digital Businesses,” a PYMNTS and Payoneer collaboration.

For some SMBs, the answer is to seek a third-party solution that can streamline B2B payments through a single payments tool. According to the report, this type of solution is key to SMBs’ success as the chosen payments services provider should have access to a network that permits seamless, rapid region-to-region growth.