OpenPayd, an API-led Banking-as-a-Service provider, announced a strategic partnership with MatchMove, a Singapore headquartered fintech, which launched and submitted an application for a Digital Full Bank License (DBFL) to the Monetary Authority of Singapore (MAS).
Its role in the application and partnership saw OpenPayd join a world-class consortium made up of other high-growth, regulated financial institutions including Singapura Finance Ltd and Lightnet Pte Ltd. Each member of the consortium brings with it a deep experience of financial markets in their respected jurisdictions, with regional and global connectivity to bolster MatchMove’s digital banking proposition.
For OpenPayd, the application represents the company’s first step towards expansion into the growing Asian fintech market. The business’ fast-growing network of licenses – including two UK FCA e-money licenses, and others across Malta, Turkey and the US – supports global businesses as they look to deploy digital banking and payments capabilities.
As of June last year, MAS has been accepting applications for the issuing of two digital full bank licenses (DBFL) and three digital wholesale (DWB) licenses. The licenses allow successful applicants, including non-bank providers, to offer digital banking services in Singapore. The application process has been highly competitive – the MAS has received a total of 21 applications as of the December 31st 2019 deadline for the five available licenses.
“The fintech and digital banking market in Singapore is highly competitive – and for good reason. It’s been the hub of fintech innovation in Asia, a market that represents the next wave of opportunity in the banking industry. Being part of this consortium and supporting MatchMove’s application is strategically important to our plans for international expansion and represents OpenPayd’s first step into Asia,” said Iana Dimitrova, CEO at OpenPayd. “