Thunes has received In-Principle Approval (IPA) from the Monetary Authority of Singapore for a variation of its Major Payment Institution (MPI) licence.
This approval is an important step in Thunes’ growth and reflects its commitment to being a trusted and innovative fintech based in Singapore.
Once the MPI licence variation is officially granted, Thunes will be able to expand its global payment offerings from Singapore. Merchants will gain access to more payment options and be able to accept payments from customers worldwide.
Singapore merchants will be able to accept popular international payment methods, while global merchants—especially in the Middle East, South Asia, Africa, and Europe—will be able to accept leading Singapore payment methods like PayNow and GrabPay.
Thunes’ global network currently gives its members access to over 320 local payment methods worldwide, supported by the group’s portfolio of more than 50 financial service licences across various countries.
Once the MPI licence variation is approved, Thunes Asia will be able to offer additional services beyond its current cross-border money transfer operations, including account issuance, domestic money transfers, merchant acquisition, and e-money issuance.
Peter De Caluwe, Co-founder and CEO of Thunes Group, said: “This In-Principle Approval from MAS is a major step forward for Thunes’ global strategy and a catalyst for growth. As our global headquarters, Singapore is the center of our governance and innovation, and with this approval, we’re doubling down on our commitment to connect markets, empower merchants, and expand our trusted Direct Global Network across the world.”
Ruwan De Soyza, General Counsel at Thunes Group, added: “Strong governance and a commitment to regulatory excellence have always been at the heart of how Thunes operates. This milestone reflects our unwavering commitment to doing business the right way. Our Thunes’ robust Fortress Compliance Platform underpins everything we do, ensuring our Members can trust every transaction that flows through our Network.”
This In-Principle Approval marks an essential step in Thunes’ efforts to build a safer and more connected global payments ecosystem, enabling businesses and consumers to move money seamlessly across borders. The company is now working to complete the final requirements needed for full approval.
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