Renewal of Major Payment Institution license by MAS further complements EMQ’s ability to facilitate end-to-end compliant payments
EMQ, a global financial settlement network, announced today that it has significantly augmented its cross-border payment capabilities to address the inefficiencies in international payments for businesses in Singapore. The company recently renewed its Major Payment Institution license by the Monetary Authority of Singapore (MAS), empowering businesses to send and receive money between Singapore and over 80 key markets worldwide.
“Singapore is an economic powerhouse and a major gateway for cross-border trades across Southeast Asia, where SMEs and payment service providers (PSPs) will require a network infrastructure with greater speed, more certainty, increased flexibility and transparency, to capitalize on the growth opportunities in Asia and beyond,” said Max Liu, co-founder and CEO of EMQ. “With our newly renewed license by MAS and an integrated cross-border solution, we are well poised to offer Singapore’s diverse customer base secure, seamless global access to the rapidly growing payment ecosystem.”
Powered by EMQ’s global financial settlement network, start-ups, PSPs and SMEs in Singapore are able to make and receive payments quickly and transparently to and from over 80 key global markets, as well as instant access to Singapore’s Fast and Secure Transfers (FAST) network. EMQ’s Connect API uses a scalable technology to enable efficient cross-border transactions with greater transparency and certainty. Our API driven platform with built-in redundancies is designed to meet the needs of businesses with high transaction volumes, enabling them to customize their workflows for a seamless user experience.
“With a keen focus on providing more reliable and streamlined B2B and B2C cross-border transactions, we continue to invest significantly towards constant innovation of our cross-border solutions and compliance capabilities for today’s businesses,” Liu added.
With a network infrastructure spanning globally across four continents, EMQ is currently licensed in Hong Kong, Singapore, Indonesia and registered as a Money Service Business in Canada. The company was accepted into Taiwan’s Regulatory Sandbox by the Financial Supervisory Commission in Taiwan.