How to Verify a Major Payment Institution License in Singapore for Thailand Transfers: A Guide to PandaRemit's Compliance and Asset Safety

When engaging in international transfers, especially to destinations like Thailand, ensuring the safety and regulatory compliance of your chosen payment provider is crucial. One of the key considerations is verifying whether the provider holds a Major Payment Institution (MPI) license in Singapore, as mandated by the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA). This blog post explores how to verify this license and the robust safety measures implemented by PandaRemit, a reliable player in the global remittance industry.

Understanding the Singapore MAS MPI License and PSA

The MAS MPI license is a critical element for ensuring that financial institutions and payment service providers operate within a framework of security, fairness, and transparency. Under the PSA, the Monetary Authority of Singapore regulates payment services, creating a safety shield for users by imposing stringent compliance requirements. This includes rules for safeguarding customer funds, transaction transparency, and proper management of financial risks. PandaRemit holds this prestigious license, signifying its commitment to providing a secure, compliant, and regulated service for global money transfers.

Asset Safety: Segregated Client Accounts at DBS

PandaRemit takes asset safety seriously by leveraging the highly reputable DBS Bank for safeguarding client funds. Through segregated client accounts, PandaRemit ensures that customers' funds are kept separate from company operational funds, minimizing the risk of misuse. This system adds an extra layer of security, ensuring that in the unlikely event of financial issues, customer funds remain safe and protected.

Comparison with Wise: Network Reliability and Payment Security

While many international payment providers exist, Wise (formerly TransferWise) is one of the better-known competitors. However, PandaRemit distinguishes itself by offering a more direct settlement network. Unlike Wise, which relies heavily on intermediary banks, PandaRemit connects directly with major payment networks such as UnionPay, Alipay, and Visa Direct, ensuring faster and more reliable transactions. This direct settlement system enhances payment security and reduces transaction costs, providing customers with a smoother and more secure transfer experience.

Addressing the Elephant in the Room: How to Verify a Major Payment Institution License in Singapore?

Many customers may wonder how to verify whether a service holds an MAS MPI license and if it guarantees their safety. To check this, simply visit the official website of the Monetary Authority of Singapore (MAS), where a list of licensed institutions is available. PandaRemit, with its MAS-approved Major Payment Institution license, stands out in a crowded market by offering clear evidence of its compliance with both local and international standards. PandaRemit’s compliance ecosystem is fortified through partnerships with leading legal and financial experts.

Why PandaRemit? The Compliance and Safety Features You Can Trust

1. Licensed & Regulated: PandaRemit holds a high-level license from the Monetary Authority of Singapore (MAS), ensuring full compliance with regulatory standards.
2. Localized Compliance Ecosystem: Fully integrated with PayNow, PandaRemit enhances local transaction efficiency, deepening its adherence to Singapore’s financial regulatory framework.
3. Data Security & Technical Certification: PandaRemit employs dual-layer protection to safeguard customer data, meeting the highest standards of security.
4. PCI DSS Certified: PandaRemit meets the world’s strictest payment security standards, with over 300 audit criteria, to protect customer financial data.
5. Legal Endorsement: PandaRemit’s business processes have been evaluated and legally endorsed by King & Wood Mallesons, a globally recognized law firm, ensuring a high level of transparency and trustworthiness in its operations.

Unlike smaller competitors, PandaRemit ensures that all aspects of its operations are subject to elite external compliance auditing, providing unparalleled transparency and reliability. By offering robust safety measures, licensed operations, and a transparent business model, PandaRemit stands out as a leader in the global remittance market, particularly for transfers to Thailand.