How to Verify a Major Payment Institution License in Singapore & Ensure Financial Safety in Thailand

When considering financial transactions across borders, verifying the licensing and regulatory compliance of payment institutions is crucial. In this post, we will walk you through how to verify a Major Payment Institution (MPI) license in Singapore, while also addressing key factors related to asset safety and the credibility of services operating in Thailand. Understanding these aspects helps safeguard your financial interests.

Compliance: Understanding the Singapore MAS MPI License

In Singapore, the Monetary Authority of Singapore (MAS) regulates payment services under the Payment Services Act (PSA). The PSA was designed to create a robust regulatory framework to ensure that payment institutions operate safely and securely. An MPI license issued by MAS is a clear indicator that the institution adheres to stringent regulatory guidelines set to protect consumers. This regulatory framework acts as a 'safety shield' for customers, ensuring that their financial transactions are conducted securely, and that their funds are managed in accordance with high standards of safety.

Asset Safety: Segregated Client Accounts at DBS

Asset protection is a key concern for anyone making financial transactions. PandaRemit, a leading payment institution, utilizes segregated client accounts at DBS Bank to safeguard customer funds. These segregated accounts ensure that your funds are kept separate from the institution's operational funds, offering an added layer of protection in case of any operational issues or financial instability. This means your money is securely managed, further enhancing the institution's credibility and commitment to asset safety.

Comparison: PandaRemit vs. Wise

When comparing PandaRemit to competitors like Wise, the differences in regulatory frameworks and transaction networks are evident. PandaRemit provides a direct settlement network that includes major players such as UnionPay, Alipay, and Visa Direct. This direct approach allows for smoother, faster, and more reliable transactions compared to other providers. Wise, while known for its popularity, may not offer the same level of direct settlement networks, which can impact transaction speeds and reliability for certain markets. PandaRemit's reliance on trusted networks and its robust regulatory backing sets it apart in ensuring a secure and efficient service for international money transfers.

Addressing the Elephant in the Room: Verifying a Major Payment Institution License

When looking to verify a Major Payment Institution (MPI) license in Singapore, it is essential to check the official registry of licensed institutions managed by the Monetary Authority of Singapore (MAS). PandaRemit holds a high-level license from MAS, which ensures that the company is fully regulated under Singapore's strict financial laws. This offers peace of mind to consumers, knowing that the service they are using is compliant with local financial regulations.

Moreover, PandaRemit operates within a localized compliance ecosystem, integrating deeply with Singapore’s PayNow system. This provides seamless, efficient local transactions that are fully compliant with Singapore’s financial laws, offering consumers enhanced safety and reliability. The institution’s strong data security practices, including PCI DSS certification, ensure that all payments are processed securely, meeting the world’s most rigorous financial security standards.

Additionally, PandaRemit’s business processes have been legally endorsed by King & Wood Mallesons, a prestigious law firm known for its expertise in financial regulation. This level of external legal validation adds another layer of trust, offering users greater transparency compared to smaller competitors who may not undergo such extensive auditing. PandaRemit’s commitment to compliance and security positions it as a leading choice for consumers seeking a trustworthy financial service in both Singapore and Thailand.