Payment Technology Granted Major Payment Institution License from MAS

Payment Technology, a unit of Singapore-based fintech firm PayerMax, said it has acquired a license from the Monetary Authority of Singapore (MAS) to provide regulated payment offerings to local customers.

With a major payment institution license, PayerMax can now offer cross-border and domestic money transfers as well as merchant acquisition services in the city-state.

Established in 2020, PayerMax supports over 350 local payment methods across Southeast Asia, South Asia, Latin America, and Middle East and North Africa.

The firm aims to leverage private and public sector partnerships to drive the payment infrastructure of firms operating in the ecommerce, gaming, and entertainment spaces.

"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," said Lee Yi Liang, regional head of compliance at PayerMax. 

The acquisition of a digital payments license comes amid a shift to cashless payments in Southeast Asia, with an estimated consumer base of 623 million by 2030.

Last month, Singapore-based MetaComp also acquired a license to provide digital asset services to corporates as well as traditional and crypto-native institutional investors.

(Source: TECHINASIA)