Flywire, a global payments enablement and software company, announced that its Singapore entity has been granted a Major Payment Institution license from the Monetary Authority of Singapore (MAS) earlier this month. The firm had secured the in-principle approval just six months ago.

With the license, Flywire can continue to extend its merchant acquisition, domestic money transfer and cross-border money transfer services to its customers in Singapore.

This comes on the heels of Flywire’s new office opening in Singapore, which became its Asia Pacific (APAC) headquarters in March this year.

Flywire said that it had tripled its APAC team in the past year in order to meet growing demand in the region. The firm had plans to continue expanding its APAC presence.

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