An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Payoneer receives in-principle regulatory approval in Singapore
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Payoneer (NASDAQ: PAYO) has received in-principle approval as a Major Payment Institution License holder from the Monetary Authority of Singapore (MAS). This license will allow Payoneer to enhance its payment offerings, including mass payouts and card services, within Singapore. The approval reflects Payoneer's commitment to secure and effective payment platforms, bolstering its operations in a highly regulated market. Payoneer holds licenses in various regions, including the US, Europe, and India, underscoring its global reach.
Positive
In-principle approval for Major Payment Institution License from Monetary Authority of Singapore.
Ability to expand payment services in Singapore including mass payouts and card offerings.
Demonstrates commitment to secure and regulated payment solutions.
Negative
None.
As a Major Payment Institution License holder, the company can expand payments offerings in the country
NEW YORK--(BUSINESS WIRE)--
Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, has received in-principle approval as a Major Payment Institution License holder from the Monetary Authority of Singapore (MAS). The license, once received, will allow Payoneer to offer additional payments services such as mass payout and card offerings to companies located in Singapore, effectively empowering businesses of any size with the resources to help them participate and flourish in the new global economy.
“The nod of approval from Singapore’s MAS is testament to Payoneer’s dedication to building a highly secure and effective platform to provide the best services we could to our customers,” said Nagesh Devata, SVP, Asia-Pacific at Payoneer. “We are honored to receive in-principle approval and look forward to a fruitful partnership with MAS to advance Singapore’s Smart Nation ambitions.”
"The MAS sets a high regulatory bar and has been very thorough and constructive throughout the application process,” said Tsafi Goldman, Chief Legal and Regulatory Officer at Payoneer. “This gives us great confidence in choosing Singapore as the country has demonstrated their commitment to encouraging fintech innovation in a prudent manner. Similarly, our customers can be assured that Payoneer Singapore is operating in a highly regulated and conducive market.”
All payments processed through Payoneer are made through a compliant, secure and tightly audited payments platform that is supervised by financial regulators all around the world. Payoneer already holds licenses or registrations in the United States, Europe, Hong Kong, Japan, Australia and India.
About Payoneer
Payoneer is the world's go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy.
Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world's leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a universe of opportunities, open to you.
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 volume, 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) the outcome of any legal proceedings; (2) changes in applicable laws or regulations; (3) the possibility that Payoneer may be adversely affected by geopolitical and other economic, business and/or competitive factors; (4) Payoneer’s estimates of its financial performance; and (5) other risks and uncertainties set forth in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2021 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.
What is the significance of Payoneer's license approval in Singapore?
Payoneer's approval as a Major Payment Institution License holder allows it to expand its payment services in Singapore, enhancing its operational capabilities in a regulated market.
When did Payoneer receive the license approval from MAS?
Payoneer received in-principle approval from the Monetary Authority of Singapore (MAS) recently, though the specific date was not mentioned.
What services will Payoneer offer with the new license in Singapore?
With the new license, Payoneer plans to offer additional payment services, including mass payouts and card offerings for businesses in Singapore.
How does Payoneer's approval impact its global operations?
The approval enhances Payoneer's reputation as a compliant and secure payment service provider, reinforcing its presence in the global market.
What regions does Payoneer currently hold licenses in besides Singapore?
Payoneer holds licenses in the United States, Europe, Hong Kong, Japan, Australia, and India.
