Payoneer Singapore Secures Major Payment Institution License to Empower SMEs

Rhea-AI Summary

Payoneer Singapore has been granted a Major Payment Institution License from the Monetary Authority of Singapore (MAS), allowing the company to expand its product offerings and services in Singapore.

Positive

• Payoneer Singapore can now roll out new services in Singapore, such as account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.
• The license approval demonstrates Payoneer's compliance with regulations and standards set by MAS, enhancing its credibility and trustworthiness in the market.
• The license enables Payoneer Singapore to onboard new partners and engage in higher-value transactions, accelerating its expansion in Singapore.

Negative

• None.

Major Payment Institution license complements Payoneer’s suite of global licenses, enabling enhanced in-market product and service offerings

NEW YORK--(BUSINESS WIRE)-- Payoneer Singapore Private Limited (Payoneer Singapore, a subsidiary of Payoneer Global Inc. (NASDAQ: PAYO)), the financial technology company empowering the world’s small and medium-sized enterprises (SMEs) to transact, do business, and grow globally, has been granted a Major Payment Institution License from the Monetary Authority of Singapore (MAS). The license will enable Payoneer Singapore to enhance the breadth of its products and roll out several new services in Singapore, especially in the areas of account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.

Payoneer Singapore’s successful license approval followed a rigorous application and review process, demonstrating the company’s compliance with regulations and standards set out by the MAS. With the new license, Payoneer Singapore can accelerate its expansion in Singapore by onboarding new partners as businesses are permitted to engage in higher-value transactions.

"We express our gratitude for the nod of approval from Singapore’s MAS. It certainly is a validation of our commitment to building a robust and transparent platform that delivers the best services to our customers and partners," said Nagesh Devata, SVP of Asia-Pacific at Payoneer. "Singapore holds a crucial position in our plans for regional market expansion. The recognition received from MAS demonstrates that Payoneer's product technology, risk management, compliance framework, and business models have gained approval from one of the most authoritative regulatory bodies in the local context."

"Looking forward, we will continue to prioritize the swift implementation of local services in Singapore, utilizing our secure and rigorously monitored payment platform. In addition, our customer-centric strategy continues to guide operations by prioritizing our current customers and empowering businesses of all sizes to venture into other markets. We are honored and looking forward to fostering a strong and long-term relationship with MAS," he adds.

About Payoneer

Payoneer is the financial technology company empowering the world’s small and medium-sized businesses to transact, do business and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable anyone anywhere to participate and succeed in the global digital economy. Since our founding, we have built a global financial platform that has already made it easier for millions of SMBs, particularly in emerging markets, to pay and get paid, manage their funds, and grow their business.

Forward-Looking Statements

This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. For example, projections of future revenue, transaction cost and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “plan,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical and other economic, business and/or competitive factors; (3) Payoneer’s estimates of its financial performance; (4) the outcome of any known and/or unknown legal or regulatory proceedings; and (5) other risks and uncertainties set forth in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2022 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230815365436/en/

Investor contact

investor@payoneer.com

Media contact

pr@payoneer.com

Source: Payoneer

FAQ

What license has Payoneer Singapore been granted?

Payoneer Singapore has been granted a Major Payment Institution License from the Monetary Authority of Singapore (MAS).

What new services can Payoneer Singapore roll out in Singapore?

With the new license, Payoneer Singapore can roll out new services such as account issuance, cross-border money transfer, domestic money transfer, e-money issuance, and merchant acquisition.

What does the license approval demonstrate?

The license approval demonstrates Payoneer's compliance with regulations and standards set by MAS, enhancing its credibility and trustworthiness in the market.

How does the license enable Payoneer Singapore to expand?

The license enables Payoneer Singapore to onboard new partners and engage in higher-value transactions, accelerating its expansion in Singapore.