- EMQ, which is a global settlement network, has had its license renewed by a Singaporean regulator
• The move means that cross border payments with the firm to 80 key markets can continue
• “We continue to invest significantly towards constant innovation of our cross-border solutions and compliance capabilities for today’s businesses”, said EMQ’s CEO
A leading financial settlement network has confirmed that it has had its license renewed by a Singaporean regulator.
EMQ, which works across the world, has had its Major Payment Institution license from the Monetary Authority of Singapore (MAS) re-confirmed.
This news means that EMQ’s clients can continue to use it to make cross border payments from Singapore and more than 80 other nations across the globe.
A wide range of businesses are able to access EMQ’s services, including small to medium-sized enterprises and start-ups.
EMQ offers a variety of technical tools, including the ability for clients to instantly access Singapore’s Fast and Secure Transfers (FAST) network.
It also offers customers access to its ConnectAPI application programming interface.
This offers the end user a highly degree of transparency in their transactions.
The API-friendly nature of the platform is also suitable if the user is making a high volume of transactions.
According to Max Liu, who is both a co-founder and the chief executive officer of EMQ, the development reflects Singapore’s status as an “economic powerhouse”.
"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”, he said.
"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”, he added.
He went on to explain that the firm would “continue to invest” in innovative solutions for international money transfer.
"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", he was quoted as saying.
This development comes just a few days after it was revealed that EMQ had also received approval to be a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada, an organisation also known as FINTRAC.
As a result of that development, Canadian customers are now able to enjoy EMQ’s services.
In addition to Canada and Singapore, EMQ is also licensed in Indonesia and Hong Kong.
It has also been accepted as part of the Regulatory Sandbox in Taiwan.
In a world beset by uncertainty thanks to the coronavirus pandemic, it makes sense to be as well-informed as possible about the state of the international money transfer scene. Learn more about it here.
