?Colin,
I think I know what is going on here but an example PNG might be required. Spectrum Spatial supports 32-bit PNG which means that there is a RGB and translucency channel called the Alpha channel. You may already know this but just for clarity.
MapInfo Pro does not yet support this channel but rather converts the PNG to 24-bit (just RGB). But the server would be looking at and respecting the values in the Alpha channel. Presumably if all those bits were set to opaque then there would be no difference in the display. So I believe that the image must have something there and Spatial is using that whilst MapInfo Pro is ignoring it.
32-bit support will be added to MapInfo Pro in the next release, I believe.
You can raise a case with support and send them the image or we can figure out some other way and I can check it or report back if there is a different problem.