The licence will help Payoneer offer card offerings and mass payout services for firms in Singapore. Credit: Gerd Altmann from Pixabay

US-based payments technology firm Payoneer has obtained in-principle nod for a Major Payment Institution Licence in Singapore.

The licence from the Monetary Authority of Singapore (MAS) will help the firm expand payment services in the country.

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This includes the ability to offer card offerings and mass payout services for firms in Singapore.

Commenting on the development, Payoneer chief legal and regulatory officer Tsafi Goldman said: “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.”

Payoneer, founded in 2005, has Amazon, Google, Walmart, Upwork, and Airbnb in its client list. 

In addition to the US, the firm has licences or registrations in Australia, Europe, Hong Kong, India, and Japan.

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This year in June, Payoneer collaborated with fintech firm Fiserv on cross-border payments for businesses.

Payoneer SVP Asia-Pacific Nagesh Devata 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.”

Recently, MetaComp secured a licence to offer digital payment token services in Singapore.

Last month, Circle Internet Financial and Paxos obtained licences to operate as digital asset service providers in the country.

In October 2022, US crypto exchange Coinbase received in-principle approval to offer regulated digital payment token (DPT) solutions in Singapore.