Currencycloud has obtained an In-Principle Approval (IPA) for a Major Payment Institution (MPI) licence holder from the Monetary Authority of Singapore (MAS)
The licence will allow Currencycloud to provide a full suite of intra-regional and international services to Singapore businesses, the firm said in a statement.
Currencycloud is a Visa solution that gives businesses the capability to move money across borders, and transact globally in multiple currencies. With the Singapore MPI licence, if granted, currencycloud will gain additional capabilities aloowing it to process intra-Asia and east to west payments more seamlessly.
For businesses in Singapore, customers can make conversions and payouts in their respective time zones and local currencies. By tapping into its global and local networks and multi-currency account infrastructure, Currencycloud is aiming to help enterprises launch new financial services while supporting banks with quicker go-to-market service innovations.
The granting of the IPA of the Singapore MPI licence comes after Currencycloud was awarded an Australia Financial Services Licence that allows the provision of services for the Australian market.
Rohit Narang, Managing Director of APAC, Currencycloud said, “The IPA for a Major Payment Institution Licence is testament to the strength of the Currencycloud brand. Having the licence would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players. The payments opportunity in Asia-Pacific is significant, and Singapore’s excellent infrastructure, world-class regulatory system, and strategic geographical location serve as an ideal base for accelerating future payments innovation across the region.”
Since 2012, Currencycloud has processed more than $200bn working with banks, financial institutions and fintechs globally, including Starling Bank, Revolut and Lunar. To date, the company is regulated in the UK, Canada, US, the EU and Australia, and was acquired by Visa in December 2021.
Currencycloud said it expects to successively roll out its new services in the coming months. These will complement its suite of offerings aimed at cutting friction in traditional cross-border money movement, the firm added.
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