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Texcent gets remittance license from Monetary Authority Singapore

Published 21 February 2018

Payments company Texcent Asia has received remittance license from the Monetary Authority Singapore (MAS).

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 has future plans to connect its remittance network with its Hybrid Mobile Wallet 'Paycent'. Paycent is a global mobile dual E-wallet that can be funded by digital and fiat currencies within the same mobile application.

Paycent has partnered with MasterCard for its debit card program that will help users instantly convert digital assets into local currencies for use or withdrawal from automated teller machines (ATMs) and liberate the consumers from the hassles of going to designated exchanges for converting digital assets to fiat currencies.

This is the first such payment solution that cuts across all barriers and instantly converts all digital currencies to fiat currencies.

Goel said: "In reality, it is a mobile wallet for fiat and digital assets with a debit card and will include money transfer feature. It's a one-stop-shop for all financial needs of a consumer on the move.

"The Paycent debit card that will be available to customers in March this year, will solve these issues and make it easier for consumers using both currencies. We are issuing the card globally."

Source: Company Press Release