Currencycloud was offered In-Principle Approval to serve as a Major Payment Institution license holder in Singapore.
If granted the license, Currencycloud will be able to offer its full suite of intra-regional and international money movement services to Singapore businesses.
“Having the license would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players,” said the company’s Managing Director of APAC Rohit Narang.
B2B cross-border payments fintech Currencycloud announced this week that the Monetary Authority of Singapore (MAS) offered the company In-Principle Approval (IPA) to serve as a Major Payment Institution (MPI) license holder in the region.
If the MAS grants Currencycloud the MPI license, the company will be able to offer its full suite of intra-regional and international money movement services to Singapore businesses. These additional capabilities will allow the U.K.-based company to process intra-Asia and east-to-west payments more quickly, efficiently, and seamlessly.
The MPI license will also impact Singapore-based businesses, which will be able to leverage Currencycloud to help their customers make conversions and payouts in their own time zones and local currencies. Ultimately, the license will help these local businesses launch new financial services quickly by leveraging local networks combined with its multi-currency account capabilities.
“The IPA for a Major Payment Institution License is testament to the strength of the Currencycloud brand,” said Currencycloud Managing Director of APAC Rohit Narang. “Having the license 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.”
Founded in 2012, Currencycloud facilitates cross-border, multi-currency transactions. In addition to offering virtual wallets, the company also enables banks, fintechs, and FX brokers to offer their users the ability to send, receive, and manage their multi-currency payments. Among the company’s clients are Starling Bank, Revolut, Penta, and Lunar.
Currencycloud was acquired by Visa in 2021. Mike Laven is CEO.
Photo by Guo Xin Goh on Unsplash
