Payoneer Singapore Secures Major Payment Institution License to Empower SMEs
16 August 2023 - 5:00AM
Business Wire
Major Payment Institution license complements Payoneer’s
suite of global licenses, enabling enhanced in-market product and
service offerings
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.
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