Friday, 14 June 2024

PayerMax granted full major payments institution licence by MAS

5 min read

05 January 2023, Singapore - PayerMax, an omni-method global payments solution announced today that its group entity Int Payment Technology Pte. Ltd has been granted the Major Payments Institution (“MPI”) licence by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Focused on powering borderless growth of businesses, PayerMax supports more than 350 local payment methods across Southeast Asia, South Asia, MENA and LATAM, and recently made its Asia debut at the Singapore Fintech Festival last November. 

PayerMax will be able to provide a full suite of payment services in Singapore including cross-border and domestic money transfers, and merchant acquisition services.

With a large, banked population, access to smartphones, and wireless broadband rates in Southeast Asia, Singapore demonstrates technological readiness for mobile payments.

Lee Yi Liang, Regional Head of Compliance and PayerMax Singapore’s local Director said, “Singapore’s MPI licence shall soon be the pièce de résistance for PayerMax’s regional payments hub, as it conjoins Singapore’s vision to build an e-payments society that is innovative, inclusive, and inspiring. It is heartening for us to receive the government’s regulatory approval, and we look forward to powering homegrown businesses to seize opportunities to multiply growth within as well as beyond borders fuelling the Singaporean economy. PayerMax recognizes that Singapore offers an exceptional regulatory playbook for financial services, which is why the granting of the Payments Institution License is a clear testament to the robustness of our compliance framework and risk management practices.”

The digital payments landscape in Southeast Asia is expected to reach US$1.5 trillion by 2030, highlighting the saliency of cashless, contactless, and cross-border payments.

Elaborating on their plans for the region he says, “Singapore has always been our strategic foothold, as we dedicate more resources and manpower to enable businesses to flourish across the diverse market that is Southeast Asia. Working hand-in-hand with regulatory ecosystems, we will leverage private and public sector partnerships to drive and power the payment infrastructure of e-commerce, gaming and entertainment. Our core tenet to success is ‘collaboration’ and that will ultimately shape the future of digital payments in the region.”

Established in 2020, PayerMax is the emerging markets’ leading regulated digital payment provider servicing online merchants that have ambition beyond borders. PayerMax empowers global merchants to achieve growth around the world, by providing a full-stack solution where localised payment methods are accepted at scale, within a highly secure, robust, and compliant environment. PayerMax is headquartered in Singapore with head offices and presence in Indonesia, Thailand, Philippines, Malaysia, Bahrain, United Arab Emirates, Kingdom of Saudi Arabia, Brazil and China (Shanghai, Hong Kong).

 

Re-disseminated by The Asian Banker

 

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