EBANX, a global payment service provider specializing in emerging markets, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This license will allow EBANX to offer cross-border money transfers and merchant acquisition services in Singapore.
It will enhance the company’s ability to serve over 500 global enterprise merchants through its global settlement hub.
The approval follows EBANX’s broader strategy to expand in APAC, which includes a partnership with YES BANK and the appointment of a Country Director in India.
Currently, 39% of EBANX’s processed volume comes from APAC.
The MPI license will replace EBANX’s existing authorisation for cross-border operations in Singapore.
EBANX has maintained an operational hub in Singapore and also has offices in Shanghai while recently launching payment operations in India.
To support its APAC growth, Fernanda De Fino, Global Director of Risk and Compliance, has relocated to Singapore, where she will also serve as Executive Director.
EBANX works with companies across SaaS, gaming, financial services, and B2B trade, including Canva, Gravity Game Vision, XTransfer, and Alibaba.
Founded in 2012, EBANX provides payment services across Latin America, Africa, and Asia.
João Del Valle, CEO and Co-founder of EBANX, said,
“This moment marks another chapter of EBANX’s successful story in the APAC region and a significant step forward in our global expansion strategy.
It will build upon our powerful operations in LatAm, Africa, and India and solidify our position as a trusted partner for businesses operating in emerging markets.”
Featured image credit: Edited from Freepik
