Ample Transfers, a Singapore-based provider of remittance and money-changing services, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to expand its scope of regulated payment services.

The firm said in a statement on Monday that the approval, part of a license variation application, allows the firm to work towards offering four additional regulated services (account issuance service, domestic money transfer service, merchant acquisition service, E-money issuance service), subject to the fulfilment of conditions set out by MAS.

Ample Transfers is currently licensed to provide cross-border money transfer and money-changing services in Singapore.

This milestone positions the firm 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, 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, Chief Executive Officer 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,” he added.

Looking ahead, Ample Transfers said it 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.

It is noted that an IPA in respect of a license variation application reflects MAS’s view that the applicant’s license 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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