Ample Transfers Receives In-Principle Approval from MAS to Expand Regulated Payment Services in Singapore
April 14, 2025
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Ample Transfers plans to broaden digital payment capabilities following in-principle approval from the Monetary Authority of Singapore.
SINGAPORE, April 14, 2025 /PRNewswire/ — Ample Transfers, a Singapore-based provider of remittance and money-changing services established in 1998, has received in-principle approval from the Monetary Authority of Singapore (MAS) to expand its scope of regulated payment services under the Payment Services Act 2019.
The approval, part of a licence variation application, allows Ample Transfers to work towards offering four additional regulated services, subject to the fulfilment of conditions set out by MAS:
- Account issuance service
- Domestic money transfer service
- Merchant acquisition service
- E-money issuance service
Ample Transfers is currently licensed to provide cross-border money transfer and money-changing services in Singapore.
This milestone positions Ample as one of the few Singapore-based players bridging the physical and digital remittance experience. If fully approved, it would enable Ample Transfers to extend its digital payment solutions to serve its core customer base better while continuing to build on its longstanding community presence. The company’s recent launch of remit.ai, an app-less, chat-driven service available at https://www.remit.ai/, complements its established retail footprint—reinforcing its unique approach to accessibility and trust in financial services.
“Singapore’s payments ecosystem is evolving rapidly, and so are we,” said Matthew Yap, CEO of Ample Transfers. “This in-principle approval reflects the growth journey we’ve shared with the communities we serve. We remain grounded in the needs of everyday people while building for the future with new tools and technologies.”
Looking ahead, Ample Transfers aims to deepen its commitment to financial inclusion, offering customers even more convenient and secure ways to move money, both online and over the counter.
About the IPA from the Monetary Authority of Singapore
An in-principle approval (IPA) in respect of a licence variation application reflects MAS’s view that the applicant’s licence variation application may be approved upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant. An IPA does not constitute an approval for the Company to provide Account Issuance, Domestic Money Transfer, Merchant Acquisition and E-Money Issuance services at this juncture. MAS reserves the right to rescind the IPA in circumstances where it considers appropriate.
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