Payments

HitPay Gets In-Principle Nod for Payment License in Singapore

HitPay, a provider of commerce infrastructure for small businesses, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) License.

This approval positions HitPay to expand its services to include merchant acquisition along with domestic and cross-border money transfer services.

The attainment of the MPI license will enable HitPay to introduce new services aimed at simplifying payment processing for merchants. This includes facilitating SMEs to access cross-border markets, thereby connecting them with a global customer base.

In December last year, HitPay had launched its mass payout services in Singapore, Malaysia, and the Philippines to enable businesses to pay workers, contractors, partners, and suppliers through its platform.

HitPay’s platform supports various payment networks such as FAST in Singapore, RTGS in Malaysia, and InstaPay and PESONet in the Philippines.

Established in 2016, HitPay offers a no-code, full-stack commerce infrastructure designed to empower small businesses. The company received backing from notable investors including Tiger Global, Global Founders Capital, HOF Capital, and Y Combinator.

Brandon Chye

Brandon Chye, Head of Regulatory Affairs at HitPay said,

“Once granted, the MPI license from MAS will permit HitPay to offer regulated payment services, broadening its range of products for its merchants.

We are committed to maintaining and strengthening high-quality compliance standards in our operations, making us the preferred partner for small businesses to drive growth with trust and confidence.”

Aditya Haripurkar

Aditya Haripurkar, Co-founder and CEO of HitPay said,

“Last year, obtaining our Operator of Payment Systems (OPS) license in the Philippines from the Bangko Sentral ng Pilipinas (BSP) marked a significant milestone in our journey.

As HitPay continues to grow, we will seek to further expand our license portfolio in Southeast Asia to better serve the needs of our SME customers as their preferred commerce enabler.”