Payments

Qashier Granted In-Principle Approval for Payments License From MAS

Singapore-based fintech startup Qashier has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.

This approval positions Qashier to provide merchant acquisition services along with domestic and cross-border money transfer capabilities.

Under the Payment Services Act, implemented in 2019 to regulate payment systems and providers, companies operating prior to the act like Qashier were allowed to operate under an exempted framework while seeking official licensure.

From 2019 to 2024, Qashier utilised this exemption to facilitate transactions across Southeast Asia, including services such as domestic and inward cross-border money transfers, and merchant acquisitions.

Since its establishment in 2019, Qashier has reportedly processed transactions exceeding US$1 billion and supported over 6,000 businesses in Southeast Asia with its technology solutions designed to streamline operations.

In August 2023, Qashier had secured US$10 million during a Series A funding round co-led by Delivery Hero Ventures and IFP Securities. The fundraise was also joined by Elevate and Cocoon Capital.

With offices in Malaysia, the Philippines, Singapore, and Thailand, Qashier plans to further invest in research and development to innovate and expand its services across the region.

Christopher Choo

Christopher Choo, Co-founder and CEO of Qashier said,

“We are extremely honoured and thrilled to be awarded in-principle approval by MAS for our licence application. We hope to pave the way for our industry while at the same time, offer safer and faster domestic and cross-border payments for businesses in Singapore and the region.

Qashier looks forward to progressively introducing a suite of omnichannel product and service offerings enabling restaurants and retailers in Singapore to operate, transact and grow across Southeast Asia.”

Featured image credit: Edited from Freepik