Payments network Thunes to expand services with remittance licence from MAS

CROSS-BORDER payments startup Thunes has obtained regulatory approval from the Monetary Authority of Singapore (MAS) for payment services in Singapore.

With the licence, the Singapore-based firm will be able to onboard corporates from any industry onto their payment network, it said in a press statement on Tuesday, adding that this will help facilitate the movement of funds with greater ease, speed and cost efficiency.

However, MAS's approval is conditional, subject to the company fulfilling procedural formalities.

The B2B (business-to-business) cross-border payments network allows corporates and financial institutions to move funds and provide financial services in emerging markets. Thune's platform, it says, helps to connect merchants such as mobile wallet operators, money transfer operators and banks in more than 80 countries and 60 currencies.

Previously, the network was only allowed to conduct payment services with established, licensed financial institutions such as DBS Bank, Grab and Singtel in Singapore.

"We are delighted to receive the remittance licence from the MAS. 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," said Peter de Caluwe, the executive chairman of Thunes.