- Monetary Authority Singapore provides new license to enable UK-based company to operate in famous Asia-Pacific hub
- API-based tool can be used in more than 100 nations around the world and is compatible with both 160+ currencies and around 500 varieties of local payment types
- “We believe that Rapyd enables a revolutionary level of payment innovation – eliminating the need for companies to invest in payment infrastructure”, says spokesperson
Cross border payments service, Rapyd, has announced that it will receive a remittance license from the Monetary Authority of Singapore which will allow it to operate in the region.
The UK-based organisation will use Singapore as its headquarters for expansion across the Asia-Pacific region.
As part of the new licensing rules, Rapyd’s business to business clients will now be able to utilise digital services around the world.
In total, there are more than 100 countries in which Rapyd’s services can be used.
Over 160 currencies are also available.
There are also more than 500 varieties of local payment types on offer, including everything from cash pickup to e-wallets.
The tool will rely in part on an application programming interface (API) which will be based in the cloud.
This will enable smooth use of various actions which customers may wish to execute, including ID verification and additional funding.
Ideally, according to Rapyd, firms will no longer have to create their remittance architecture.
Instead, they can use the seamless version offered by Rapyd as an external provider – and they will not have to agree to bilateral terms in each location in which they want to work, either.
In a statement, Joel Yarbrough, who is vice president of Rapyd in the Asia-Pacific region, said the firm was “excited” about the developments, and he even went as far as comparing his firm’s potential trajectory with that of e-commerce giant Amazon.
“We’re excited to receive the remittance licence from MAS. Singapore is a very important technology and business hub for Rapyd as we expand our business across the region. Being able to operate and scale our remittance services in full compliance with local regulation is critical for us”, he said.
“We believe that Rapyd enables a revolutionary level of payment innovation – eliminating the need for companies to invest in payment infrastructure.
“The same way as Amazon enabled businesses to move their infrastructure to the cloud with AWS and scale faster internationally and with lower overhead costs, Rapyd provides cloud-based, easy to implement Fintech-as-a-service solutions to any company that wants to enhance its Fintech capabilities”, he also said.
Singapore is not a surprising choice of destination for Rapyd.
The small Asian city-state has long since been a hub for online money transfer firms and other fintech organisations in recent times.
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