Thunes secures in-principle approval for MPI licence variation from MAS

Thunes has obtained in-principle support from the Monetary Authority of Singapore (MAS) for a saltation of its Major Payment Institution (MPI) licence.

If the licence saltation is granted, Thunes volition beryllium capable to widen its outgo services successful Singapore.

Merchants successful Singapore could past entree a broader acceptable of outgo options, accepting funds from planetary customers done some section and planetary methods.

Additionally, merchants operating successful regions specified arsenic South Asia, the Middle East, Europe, and Africa would beryllium capable to judge outgo methods successful Singapore, similar GrabPay and PayNow.

Thunes Group wide counsel Ruwan De Soyza said: “Strong governance and a committedness to regulatory excellence person ever been astatine the bosom of however Thunes operates.

“This milestone reflects our unwavering committedness to doing concern the close way. Our Thunes’ robust Fortress Compliance Platform underpins everything we do, ensuring our Members tin spot each transaction that flows done our Network.”

Once the MPI licence saltation is granted, Thunes Asia volition beryllium permitted to supply respective caller services alongside its existent cross-border wealth transportation business.

These services volition see issuance of accounts, home wealth transfers, e-money issuance, and merchant acquisition.

Thunes Group CEO and co-founder Peter De Caluwe said: “This in-principle support from MAS is simply a large measurement guardant for Thunes’ planetary strategy and a catalyst for growth.

“As our planetary headquarters, Singapore is the centre of our governance and innovation, and with this approval, we’re doubling down connected our committedness to link markets, empower merchants, and grow our trusted Direct Global Network crossed the world.”

Recently, Thunes partnered with MoMo PSB, the fiscal exertion level of Nigeria’s MTN, to facilitate instant planetary remittances for users successful Nigeria.

Last month, First Abu Dhabi Bank (FAB) chose Thunes to supply worldwide mobile wallet payouts via its Direct Global Network, aiming to heighten planetary outgo options for its clients successful the UAE.

"Thunes secures in-principle support for MPI licence saltation from MAS" was primitively created and published by Electronic Payments International, a GlobalData owned brand.

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