Singapore-based Fintech firm, Thunes, has acquired regulatory approval from the (MAS) for payments services directly in Singapore, conditional on fulfilling procedural formalities. The company was earlier authorised to carry out payment services only with licensed financial institutions such as Citibank NA, Grab, SingTel, and DBS Bank in Singapore. Thunes provides solutions for customers on its payment network in over 80 countries with the new license.
Soon after receiving the MAS approval, Peter de Caluwe, Executive Chairman of Thunes said, "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 status as a global trade and FinTech hub, the new licensing arrangement will help Thunes to expand its payment offerings to more clients and also create additional possibilities for local businesses seeking to venture abroad, said de Caluwe.
Thunes managed its international business through regulatory oversight from the UK Financial Conduct Authority prior to the approval from MAS. Post the MAS nod, the Fintech will be able to render its interoperable membership network and directly onboard any local players in the digital payments ecosystem
The MAS approval follows close on the heels of Thunes' announced partnership with Global eTrade Services (GeTS) earlier this month. The partnership enabled the company to provide payment services across ASEAN on CALISTA(TM), a global supply chain platform that orchestrates logistics, compliance and financial requirements across the digital trade ecosystem.
In October, the company officially registered as a Money Service Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) in the US. It is also registered as a as a legal business entity in China.