TransferMate, one of the world’s leading cross-border B2B payments providers, has secured its first regulatory approval in Asia with a new payments licence in Singapore.
This marks a major milestone on the company’s global growth journey, providing its global client base with new inroads into the region’s high-growth markets.
Sandeep Krishnamani, the newly appointed country manager for Singapore, said “Because of the region’s advanced trade links and infrastructure, Singapore will play an important role in meeting our global vision and long-term strategic goals. We are committed to Asia and look forward to providing customers with access to the most exciting business opportunities in the region.”
Krishnamani was previously Head of Partnerships for South East Asia at SAP Concur and prior to that Head of Business Development at American Express.
With Singapore now added to TransferMate’s global regulatory framework, the company boasts an impressive portfolio of payments licences across the globe, having already achieved full licence approval in 49 US states, the District of Columbia, Puerto Rico, Canada, the EEA, Switzerland, Jersey, Australia and New Zealand.
As well as being major a financial and trading hub, Singapore ranks among the top eleven countries in the world for digital competitiveness, according to the 2018 IMD World Digital Competitiveness Ranking, and has a thriving SME business sector, which employs approximately 80% of Singapore’s workforce alone.
Sinead Fitzmaurice, co-founder and CFO of TransferMate said: “Gaining regulatory approval in Singapore marks a significant step for our business and provides a major boost for customers doing business in and out of Asia. Singapore’s global trading links and strong economic contribution to the Asia-Pacific region provides exciting new business opportunities and we look forward to helping our customers achieve their growth ambitions in the region.”
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