Today in payments around the world: Singapore considers easing SPAC listing guidelines. Plus, U.S. remittances to Mexico reach a record-high $4.54 billion and Airwallex gets a Malaysian money services business license.
Australian FinTech platform Airwallex on Thursday (Sept. 2) announced that the company has secured a money services business (MSB) license from Bank Negara Malaysia, which will allow Airwallex to offer integrated international payment solutions for Malaysian businesses of all sizes. Starting next year, Malaysian businesses will be able to send and receive international payments in multiple currencies, and Airwallex will continue its growth in southeastern Asia.
Remittances to Mexico from the U.S. are seeing new highs, hitting a record $4.54 billion in July, Bloomberg reported. The massive increase was driven by both strong growth and the U.S. government’s stimulus funds. Mexico President Andres Manuel Lopez Obrador has publicly said that U.S.-residing Mexicans are “heroes” for helping their home country’s economy. The new number broke the previous record of $4.53 billion in May of this year.
Singapore Exchange is readying a launch of simplified regulations for listings of special-purpose acquisition companies (SPACs), according to a Wednesday (Sept. 1) report from Reuters. It would be the first large Asian stock exchange to accept this type of investment. The multi-asset exchange provides listing, trading, clearing settlement, depository and data services for approximately 40% of listed companies and more than 80% of listed bonds originating outside of Singapore.