Singaporean payments firm Texcent Asia has obtained remittance licence from the Monetary Authority Singapore (MAS).
Commenting on the development, 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.”
Texcent powers mobile wallet Paycent, which supports both cryptocurrencies as well as fiat currencies. In the future, Texcent intends to connect its remittance network with Paycent.
Paycent recently joined forces with MasterCard to launch its debit card programme, enabling users to instantly convert digital assets into fiat currencies.
“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,” Goel noted.