Pyvio has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), effective 1 November.
The license covers five regulated payment services, including cross-border money transfer and e-money issuance.
Pyvio Network Technology Pte. Ltd. (Pyvio Singapore), the group’s Singapore operating entity, holds the license.
Its approved services are account issuance, domestic money transfer, cross-border money transfer, merchant acquisition and e-money issuance.
The company said the license provides a foundation to begin licensed operations in Singapore and expand its presence across the Asia-Pacific region.
“Securing the MPI license represents a critical step forward in executing our regional growth strategy,”
said Li Kai, Chief Executive Officer of Pyvio Singapore.
Li described Singapore as a link between Asia-Pacific and international markets.
He added that Pyvio would use its Singapore operations as a base to provide cross-border payment services to businesses across the region.
Featured image credit: Edited by Fintech News Singapore, based on image by Estha via Magnific
