#Singapore #Thunes #Major Payment Institution

Thunes Asia Gains In-Principle Approval for Payment Expansion

Thunes, a leading payment network, has achieved a milestone by receiving In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a variation to its Major Payment Institution (MPI) licence. This advancement positions Thunes to enhance its payment services in Singapore significantly, allowing both local and international merchants to tap into a broader range of payment options.

This crucial approval is not merely a regulatory formality; it acts as a catalyst for Thunes' global aspirations. By expanding its services, Thunes aims to facilitate seamless transactions that connect merchants with customers around the world. With this licence variation, Singapore merchants will have the capability to accept payments from various global customers using popular local methods. Conversely, merchants from pivotal markets, including Europe, Africa, South Asia, and the Middle East, will also benefit from accepting Singapore-based payment solutions like PayNow and GrabPay.

Thunes currently boasts a vast network that provides access to over 320 local payment methods globally, all supported by a portfolio of more than 50 financial service licences. With the new MPI licence variation, Thunes will not only continue its cross-border money transfer services but will also include account issuance, domestic money transfers, merchant acquisition, and e-money issuance.

Peter De Caluwe, co-founder and CEO of Thunes Group, highlighted that receiving this IPA represents an important leap forward for Thunes' international strategy. He emphasized Singapore's foundational role as the center of governance and innovation for the company. "This approval signifies our commitment to connect markets and empower merchants as we expand our trusted network globally," he stated.

Ruwan De Soyza, general counsel at Thunes Group, reiterated the company’s commitment to rigorous governance and regulatory compliance as being pivotal to its operations. He articulated that this milestone is a step towards a safer, interconnected global payments framework that facilitates seamless cross-border transactions.

In this evolving financial landscape, Thunes is dedicated to meeting the necessary requirements to finalize the approval process. The company has a strong focus on compliance, demonstrated through the effectiveness of its robust Fortress Compliance Platform, which underpins all transactions within its network. This infrastructure reassures its members and consumers that their transactions take place within a secure environment.

As the digital payments sphere continues to transform, Thunes’ proactive approach in securing these regulatory approvals anticipates the growing demand for comprehensive and secure payment solutions across borders. With the global market constantly changing, Thunes is set to play an instrumental role in shaping a more inclusive and innovative payments industry, ultimately benefiting businesses and users worldwide.

With the IPA in hand, Thunes is one step closer to enhancing its service offerings. This approval reflects Thunes' commitment to not only business expansion but also to supporting the global economy's digital transition. Through its global network, Thunes aims to empower merchants and consumers alike, driving seamless transactions and fostering economic growth. Given the evolving nature of payment technologies and consumer preferences, Thunes is strategically poised to adapt and meet both current and future demands in the rapidly changing financial landscape.