HitPay, a Singapore-based commerce platform for SMEs, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This follows the in-principle approval issued earlier this year in February.
The license will enable HitPay to provide merchant acquisition and domestic and cross-border money transfer services, opening cross-border opportunities for SMEs.
In addition to the MPI license, HitPay has secured several local licenses in Southeast Asia. In the Philippines, HitPay Payment Solutions Inc holds an Operator of Payment Systems (OPS) license from the Bangko Sentral ng Pilipinas.
Meanwhile in Malaysia, Mobiedge E-Commerce Sdn Bhd, a subsidiary of HitPay Payment Solutions Sdn Bhd, holds the Merchant Acquirer Registration under Bank Negara Malaysia.
The new license supports HitPay’s aim to empower small businesses with accessible commerce tools, promoting growth for SMEs in Singapore and Southeast Asia.
Founded in 2016, HitPay offers a no-code, full-stack commerce infrastructure and is backed by investors including Tiger Global, Global Founders Capital, HOF Capital, and Y Combinator.
