The Monetary Authority of Singapore (MAS) has granted a Major Payment Institution (MPI) license to BC Payments, a wholly owned subsidiary of Banking Circle.

The license allows BC Payments to facilitate frictionless, scalable, and compliant cross-border payment services for banks, fintechs, and global payment providers in Singapore.

It marks an important milestone in Banking Circle’s global expansion strategy, enabling the group to deliver efficient and compliant international payment solutions.

BC Payments has expanded its local operations, connecting international financial institutions to local clearing systems through a single API supported by Banking Circle’s global infrastructure.

The approval allows the company to further strengthen the reach and reliability of real-time global payments.

Mishal Ruparel, Chief Commercial Officer of Banking Circle, said,

“Securing the MPI license from MAS is a crucial progression in Banking Circle’s mission to build the payments infrastructure for the global financial economy.

Singapore’s progressive regulatory framework and status as a leading global financial centre make it the natural base for our regional expansion and a strategic hub for our Asia Pacific operations. With this license, we are well placed to support our clients’ global payment needs and accelerate instant, low cost payments in the region.”

Marc Chua, CEO of BC Payments Singapore, added,

“Since its establishment in 2022, BC Payments has grown into an integral part of Banking Circle’s global network and now serves as its Asia Pacific hub.

Singapore’s proximity to fast-growing digital economies enables us to stay ahead of client needs, and this achievement marks just the beginning of our journey to further strengthen cross-border payment connectivity.”

Featured image: Edited by Fintech News Singapore, based on image by Frolopiaton Palm via Freepik