Currencycloud, a Visa solution, is granted preliminary approval for a major payment licence from the Monetary Authority of Singapore (MAS).
The in-principle approval (IPA) for a major payment institution (MPI) licence means Currenycloud can offer customers based in Asia Pacific the ability to collect, convert, hold, send, and spend multiple currencies simultaneously across 180 countries and territories.
With the Singapore MPI licence, if granted, Currencycloud gains additional capabilities for a broader suite of services to process intra-Asia and east to west payments more quickly, efficiently and seamlessly.
For businesses in Singapore, customers can make conversions and payouts in their respective time zones and local currencies. By tapping into its global and local networks and multi-currency account infrastructure, Currencycloud can help enterprises launch new financial services quickly, while supporting banks with speedier go-to-market service innovations.
Since 2012, Currencycloud has processed more than $100billion to over 180 countries and territories, working with banks, financial institutions and fintechs around the world, including Starling Bank, Revolut and Lunar.
Recently, Currencycloud also earned an Australia Financial Services Licence, enabling it to provide services for the Australian market.
Rohit Narang, managing director of APAC, Currencycloud said: “The IPA for a Major Payment Institution Licence is testament to the strength of the Currencycloud brand. Having the licence 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.”
Currencycloud expects to successively roll out its new services in the coming months, to complement its suite of offerings aimed at cutting friction in traditional cross-border money movement.
