Ample Transfers, a Singapore-based remittance and money-changing service provider, has received in-principle approval from the Monetary Authority of Singapore (MAS) to expand its regulated payment services under the Payment Services Act 2019. This approval, announced on 14 April 2025, allows the company to work towards offering four additional services: account issuance, domestic money transfer, merchant acquisition, and e-money issuance, subject to MAS conditions.
Currently licensed for cross-border money transfer and money-changing services, Ample Transfers aims to enhance its digital payment solutions, thereby strengthening its community presence. The company recently launched Remitai, an appless chat-driven service, to complement its retail operations. CEO Matthew Yap stated, “This in-principle approval reflects the growth journey we’ve shared with the communities we serve.”
The approval positions Ample Transfers as a key player in bridging physical and digital remittance experiences in Singapore. The company is committed to financial inclusion, offering more convenient and secure money transfer options. The in-principle approval indicates MAS’s preliminary support, contingent on the fulfilment of specified conditions, and does not yet permit the provision of the new services. MAS reserves the right to rescind the approval if necessary.
Looking ahead, Ample Transfers plans to deepen its commitment to financial inclusion, providing enhanced services both online and over the counter.
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