Cross-border payments firm Tazapay announced that it has secured an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

This will enable Tazapay to offer account issuance, merchant acquisition, cross border money transfer, domestic money transfer and e-money issuance services.

Tazapay provides a full-stack API for cards and local payment methods globally with buyer and seller protection.

The company now has global card coverage and 85 markets for local payments collection coverage with embedded protection for buyer and sellers.

More than a week ago, Tazapay had raised US$ 16.9 million in its Series A funding round led by Sequoia Capital Southeast Asia.

Tazapay said in a statement,

“We are delighted to receive the in-principle approval for becoming a Major Payment Institution in Singapore from the Monetary Authority of Singapore.

 

Tazapay will be able to offer its full suite of services to its Singapore and regional customers and also directly partner with banks and card schemes to offer innovative and mission critical cross border payment solutions. As a Singapore born and headquartered company, this is a very special milestone for the company.”