Thunes, an interoperable cross-border payments network for emerging markets, has secured regulatory approval from the Monetary Authority of Singapore (MAS) to carry out payments services directly from the country.
The new license extends the Singapore-headquartered startup’s capabilities to provide global payments solutions for customers on its payment network, which spans across more than 80 countries.
Thunes was previously only authorised to conduct payment services with established, licensed financial institutions, such as DBS Bank, Citibank NA, Grab, and SingTel in Singapore. With this new license, Thunes will be able to offer its interoperable membership network and directly onboard any local players in the digital payments ecosystem to facilitate the movement of funds.
Before the MAS approval, Thunes had been operating its global payments business via regulatory oversight from the UK Financial Conduct Authority.
“With the Payment Services Act entering into force early next year, we look forward to expanding our range of services provided on our global interoperable membership network to better serve the needs of financial institutions and corporates. Given Singapore’s key status as global trade and fintech hub, the new licensing arrangement will not only allow us to expand our payment offerings to more financial institutions and corporate, but also create additional possibilities for local businesses seeking to venture abroad,” said Peter de Caluwe, Executive Chairman of Thunes.
The announcement of the remittance license follows its recent partnership announcement with Global eTrade Services (GeTS), a global trade platform company that uses Thunes’s platform to enable the flow of funds in and out of Southeast Asia. It also comes on the back of the fintech company having recently secured approval to operate in the US and China.
Thunes is an interoperable membership network that enables corporates and financial institutions to move funds and provide financial services in emerging markets. Its global platform connects mobile wallet operators, corporates, merchants, money transfer operators and banks in more than 80 countries and 60 currencies.
Thunes also has offices in London, New York, and Shanghai, besides Singapore.
In May this year, Thunes raised US$10 million in Series A round led by GGV Capital.
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