As a Major Payment Institution License holder, the company can expand payments offerings in the country
SINGAPORE, Dec. 16, 2022 /PRNewswire/ -- Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, has received in-principle approval as a Major Payment Institution License holder from the Monetary Authority of Singapore (MAS). The license, once received, will allow Payoneer to offer additional payments services such as mass payout and card offerings to companies located in Singapore, effectively empowering businesses of any size with the resources to help them participate and flourish in the new global economy.
"The nod of approval from Singapore's MAS is testament to Payoneer's dedication to building a highly secure and effective platform to provide the best services we could to our customers," said Nagesh Devata, SVP, Asia-Pacific at Payoneer. "We are honored to receive in-principle approval and look forward to a fruitful partnership with MAS to advance Singapore's Smart Nation ambitions."
"The MAS sets a high regulatory bar and has been very thorough and constructive throughout the application process," said Tsafi Goldman, Chief Legal and Regulatory Officer at Payoneer. "This gives us great confidence in choosing Singapore as the country has demonstrated their commitment to encouraging fintech innovation in a prudent manner. Similarly, our customers can be assured that Payoneer Singapore is operating in a highly regulated and conducive market."
All payments processed through Payoneer are made through a compliant, secure and tightly audited payments platform that is supervised by financial regulators all around the world. Payoneer already holds licenses or registrations in the United States, Europe, Hong Kong, Japan, Australia and India.
About Payoneer
Payoneer is the world's go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy.
Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world's leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a universe of opportunities, open to you.
Forward-Looking Statements
This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Payoneer's future financial or operating performance. For example, projections of future volume, revenue, transaction cost and adjusted EBITDA are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expect," "intend," "plan," "will," "estimate," "anticipate," "believe," "predict," "potential" or "continue," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the outcome of any legal proceedings; (2) changes in applicable laws or regulations; (3) the possibility that Payoneer may be adversely affected by geopolitical and other economic, business and/or competitive factors; (4) Payoneer's estimates of its financial performance; and (5) other risks and uncertainties set forth in Payoneer's Annual Report on Form 10-K for the period ended December 31, 2021 and future reports that Payoneer may file with the SEC from time to time. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.
