PayerMax gets MAS licence to offer full suite of payment services

Renald Yeo

Published Thu, Jan 5, 2023 · 04:26 PM

THE Monetary Authority of Singapore (MAS) has granted payment service provider PayerMax a major payment institution (MPI) licence.

The licence will allow PayerMax to provide a full suite of payment services in Singapore, including cross-border and domestic money transfers, and merchant acquisition services, PayerMax said on Thursday (Jan 5).

Under the Payment Services Act, MPI licensees are allowed to offer a range of payment services – including those that are regulated – without being restricted by certain limits or thresholds, such as the amount of transactions processed or the amount of e-money held.

Founded in 2020, PayerMax describes itself as an “omnichannel” global payments provider, and said it supports more than 350 localised payment methods across South-east Asia, South Asia, Latin America, the Middle East and North Africa.

“It is heartening for us to receive the government’s regulatory approval, and we look forward to powering home-grown businesses to seize opportunities to multiply growth within, as well as beyond borders fuelling the Singaporean economy,” said Lee Yi Liang, regional head of compliance at PayerMax.

Recent MPI licensees include buy now, pay later platform Atome, which got an in-principle nod from MAS, along with fintech startup Sleek, which was licensed in July 2022.