Payoneer Singapore Attains Significant Payment Institution License for SME Empowerment

Payoneer Singapore Attains Significant Payment Institution License for SME Empowerment

16 Aug, 2023

 

Payoneer Singapore Attains Significant Payment Institution License for SME Empowerment

 

Payoneer Singapore, a subsidiary of Payoneer Global Inc. (NASDAQ: PAYO), a financial technology company dedicated to empowering small and medium-sized enterprises (SMEs) worldwide to transact, conduct business, and expand globally, has been granted a Major Payment Institution License by the Monetary Authority of Singapore (MAS). This license will enable Payoneer Singapore to broaden its product offerings and introduce several new services in Singapore, particularly in the areas of account issuance, cross-border money transfers, domestic money transfers, e-money issuance, and merchant acquisition.

The successful approval of Payoneer Singapore's license followed a meticulous application and review process, showcasing the company's adherence to the regulations and standards set by MAS. With this fresh license in hand, Payoneer Singapore is poised to expedite its expansion within Singapore, welcoming new partners as businesses are authorized to engage in higher-value transactions.

Expressing gratitude for the approval from MAS, Nagesh Devata, Senior Vice President of Asia-Pacific at Payoneer, remarked, "This endorsement from Singapore's MAS underscores our dedication to constructing a resilient and transparent platform that offers optimal services to our customers and partners." Devata highlighted Singapore's pivotal role in the company's regional market expansion plans and emphasized that MAS' recognition validates Payoneer's product technology, risk management, compliance framework, and business models as approved by a prominent regulatory body.

Devata further elaborated on Payoneer's strategy, stating, "Our focus remains on swiftly implementing localized services in Singapore, utilizing our secure and closely monitored payment platform. Additionally, our customer-centric approach continues to drive our operations, prioritizing our existing customers and empowering businesses of all sizes to explore new markets. We are honored and eagerly anticipate fostering a strong and enduring relationship with MAS."

Payoneer Overview: Payoneer, a financial technology enterprise, is dedicated to empowering small and medium-sized enterprises across the globe, enabling them to engage in transactions, business activities, and growth. Established in 2005 with the principle that talent is universally distributed, while opportunities may not be, Payoneer's core mission is to enable individuals from any corner of the world to thrive in the global digital economy. Since its establishment, Payoneer has successfully built a worldwide financial platform that streamlines financial transactions for millions of SMBs, especially within emerging markets. This inclusive platform facilitates seamless payments, and effective fund management, and fosters business expansion.

Forward-Looking Statements: This press release, along with oral statements made by Payoneer's representatives from time to time, may be considered "forward-looking statements" within the context of the United States Private Securities Litigation Reform Act of 1995. These statements generally pertain to Payoneer's future financial or operational performance. Forward-looking statements involve uncertainties, risks, and other factors that might cause actual results to differ from expressed or implied expectations. These statements are based on estimates and assumptions that, while considered reasonable, remain inherently uncertain. Factors influencing these statements include changes in applicable laws or regulations, geopolitical and economic factors affecting Payoneer, estimates of financial performance, legal or regulatory proceedings, and other risks outlined in Payoneer's reports filed with the SEC. Forward-looking statements should be considered in light of these factors, and undue reliance on them should be avoided. Payoneer does not commit to updating forward-looking statements.

 


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