Payments

Currencycloud Gets In-Principle Approval for Payments License From MAS

Currencycloud, a provider of B2B embedded cross-border solutions, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

This approval, once finalised, will allow Currencycloud to offer a wider range of financial services to businesses in Singapore, including faster and more efficient cross-border payments across 180 countries and territories.

Currently, the company enables businesses to manage multiple currencies across different countries. The MPI license would expand Currencycloud’s capabilities to process payments within Asia and between Asia and other regions more seamlessly.

This development follows Currencycloud’s recent acquisition of an Australian license, allowing them to operate in the Australian market. The company plans to launch new services in the coming months, further streamlining international money transfer offerings.

Rohit Narang

Rohit Narang, Managing Director of APAC, Currencycloud said,

“The IPA for a Major Payment Institution License is testament to the strength of the Currencycloud brand. Having the license would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players.

The payments opportunity in Asia-Pacific is significant, and Singapore’s excellent infrastructure, world-class regulatory system, and strategic geographical location serve as an ideal base for accelerating future payments innovation across the region.”