US-based payments company Payoneer 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.

Commenting on this accomplishment, company officials said they are happy 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. This gives Payoneer confidence in choosing Singapore as the country has demonstrated their commitment to encouraging fintech innovation in a prudent manner.

Similarly, Payoneer’s 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.

Shopify partners with Payoneer In December 2022, ecommerce platform Shopify has partnered with Payoneer, PayGlocal, and Tazapay to improve cross-border commerce for merchants in India. Through the collaboration with these payment partners, Shopify aims to improve cross-border commerce for Indian merchants on the platform, as approximately one in five sell internationally to an average of four international markets, reaching an estimate of 70 million shoppers from all over the globe. The partnership follows Shopify’s focus in promoting cross-border business by enabling merchants to have payments received with hassle-free procedures and decreased transaction fees.

Following the Payoneer, PayGlocal, and Tazapay association, Shopify is set to add over 80 new payment methods to the platform, delivering better conversion, lower transaction fees, and expanding the international payments’ acceptance. .