Fintech firm Rapyd clinches remittance license

It allows businesses to integrate remittance services through API.

Fintech-as-a-service platform Rapyd obtained a remittance licence by the Monetary Authority of Singapore (MAS), according to a press release.

Also read: Singapore's fintech invasion has no end in sight

Rapyd’s platform was designed for businesses seeking to integrate remittance services through its API or Software Development Kit (SDK), which covers funds top-up, identity verification, blocking of suspicious transactions, and sending money to over 100 countries.

Historically, companies wanting to deliver payments to freelancers, marketplace payments or B2B settlements built their own remittance infrastructure by signing individual bilateral agreements in the recipient countries, or rely purely on banking infrastructure to provide bank-to-bank money transfers.

Rapyd’s Global Payments Network allows global remittances into multiple local payment options, including local bank accounts and eWallets such as Indonesia’s Doku wallet, Sri Lanka’s eZCash, Philippines’ GCash, local debit cards or cash pickup.

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