Ample Transfers Gains MAS Approval to Expand Regulated Payments in 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.