TransferMate clinches MAS approval to add payment services

This expands its existing suite of products in Singapore to include storing funds.

TransferMate Pte. Ltd. has received in-principle approval from the Monetary Authority of Singapore (MAS) to add account issuance, domestic money transfers, and e-money issuance services.

TransferMate previously secured a major payment institution (MPI) licence in May 2019.

The approval will expand TransferMate’s existing suite of products in Singapore to now include the ability to store funds in a local dedicated Global Account.

“By unlocking these capabilities, TransferMate’s Global Accounts solution becomes even more powerful for clients with operations in Asia, making it easier to move money into and out of the region, convert currencies, and run payroll or supplier payments - all from one platform,” the fintech said in a press release.

TransferMate enables businesses to make, receive, and hold payments in over 140 currencies across 200+ countries and territories.

Its latest announcement is part of its continued journey towards securing over 100 licenses globally.