MAS Awards Major Payment Institution License to PayerMax Unit

The payments unit of fintech company PayerMax said it has been granted a license by the Monetary Authority of Singapore and can now offer cross-border and domestic money transfers, as well as merchant acquisition services in Singapore.

"Singapore has always been our strategic foothold as we dedicate more resources and manpower to enable businesses to flourish across the diverse market that is Southeast Asia," said Lee Yi Liang, regional head of compliance at PayerMax.

PayerMax was established in 2020 to leverage private and public sector partnerships to drive the payment infrastructure of firms operating in the ecommerce, gaming, and entertainment spaces.