The Monetary Authority of Singapore has granted in-principle approval for Flywire, a Temasek-backed company, to get a major payment institution license.
Flywire is authorized to offer local, international, and merchant acquisition services as well as money transfer services. The FinTech company serves clients in the B2B, healthcare, education, and travel sector and principally focuses on worldwide payments for corporates.
Flywire, which had its original headquarters in Boston, lately concentrated its expansion efforts in the Asia-Pacific region. In July 2022, the company purchased the Australian payments service Cohort Go and is growing its staff in Shanghai, Singapore, and Tokyo.
Iker Marcaide established Flywire in 2009, and it now serves more than 2,800 customers in more than 240 nations. The company was recently valued at US $3.4 billion after being listed on the Nasdaq.
By 2030, the market for digital payments will be worth US $361.3 billion, growing at a 20.5% CAGR.
