Singapore-based cross-border payments firm Tazapay announced that the Monetary Authority of Singapore (MAS) has granted it a Major Payment Institution (MPI) license. Tazapay had received the in-principle approval in February last year.
The license allows Tazapay to extend its full suite of services, spanning account issuance, merchant acquisition, cross-border and domestic money transfers, and e-money issuance, to its client base.
The firm had raised US$ 16.9 million in its Series A funding round led by Sequoia Capital Southeast Asia around the same time it had secured the in-principle approval.
Rahul Shinghal, CEO of Tazapay said,
“Receiving this license from MAS is a remarkable milestone in our journey. It not only signifies our commitment to delivering the highest standards of regulatory compliance but also paves the way for us to provide even more innovative and mission-critical cross-border payment solutions. As a Singapore-born and headquartered company, we view this achievement with immense pride and gratitude.”