Fintech firm Thunes clinches MAS payments licence

With the new licence, it can now facilitate transactions in its digital membership network.

Money transfer services provider Thunes has obtained a licence from the Monetary Authority of Singapore (MAS) to conduct payments services, according to a press release.

With the new licence, Thunes can facilitate easier transactions in its digital membership network. Before the MAS authorisation, the provider could only conduct payments with institutions such as DBS Bank, Citibank NA, Grab, and SingTel, and received regulatory oversight from the UK Financial Conduct Authority.

Moreover, Thunes’ status in accordance with the upcoming Payment Services Act will allow the company to expand into additional payment offerings.

Back in October, Thunes was officially registered as a Money Service Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN), and was approved as a legal business entity in China.