Tranglo Pte Ltd has announced that it received new approvals from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to provide account issuance, domestic money transfer and e-money issuance services.
The PSA, passed by the Singaporean Parliament on 14 January 2019, provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and fintech. Licence holders are held to high standards and must comply with anti-money laundering and counter terrorism financing regulations.
The licence to perform the additional services are a boost to the rapidly expanding capabilities of Tranglo’s cross-border payment network, fully regulated by 4 authorities and covers over 22 countries. Tranglo is now empowered to grant true seamless global payments to millions of people and businesses by routing mass payouts and instant transactions through its local supporting infrastructure.
Some of the payment corridors immediately enhanced with the new functions are the Philippines, Indonesia, Thailand, Vietnam and Singapore. Real-time payments are now fully unlocked for these countries, while full e-wallet functions are now available for the top corridors of Philippines, Indonesia and Pakistan. More upgrades are in the pipeline.
Tranglo Group CEO Jacky Lee said: “The new licences are a testament to the capabilities of Tranglo. As a global payments provider based in Singapore, we have provided revolutionary fintech solutions locally and abroad. We are thankful for the support and will continue to bring improved financial services to the masses.”
About Tranglo
Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Our global network spans more than 100 countries, 2,500 mobile operators, 1,300 banks/wallets and 130,000 cash pickup points. To find out more, visit www.tranglo.com, LinkedIn, Facebook or Twitter.