Texcent Asia picks up remittance license from MAS

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fintech insurtech wealthtech regtech ai cybertech esg news

Singapore-based payments company Texcent Asia has received a remittance license from Monetary Authority Singapore.

Texcent is a global payment platform that helps consumers to make bill payments and money transfers through mobiles. The company has offices around the world, and is looking to open ones in India, Russia, and Germany, among others.

Texcent founder and president Sumedha Goel said, “With this, Texcent will commence its much-awaited global payments and remittance business focusing first in Asia, Africa and Australian markets, followed by Europe, Russia, and Latin American countries.”

The company plans to connect its remittance network with its hybrid mobile wallet Paycent in the future. Paycent is a mobile-wallet that helps uses both fiat and digital currencies. Through a partnership with MasterCard, the platform offers a debit card program that enables users to instantly convert digital tokens to local currency for payments, withdrawals from ATMs.

Paycent’s debit card will be available from March.

Singapore’s FinTech sector has seen a very active start to the year, with 11 companies having already completed investments this yea. Earlier in the month, Copernicus Gold, which enables consumers utilise the value of gold for saving and payments, bagged a $3.5m investments round.

Last year, Singapore’s FinTech sector saw a total of $940m deployed, of which payments and remittances companies received 62 per cent of the funds.

Copyright © 2018 FinTech Global

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