If MAS moves forward with granting the MPI licence to BC Payments Singapore, the company is set to be able to utilise Banking Circle’s network of direct and indirect access to global clearing infrastructure, in turn providing optimised cross-border payment services and operating as a regional headquarters within its worldwide payments hub. Additionally, by expanding BC Payments Singapore, Banking Circle aims to offer payment solutions that meet the needs, demands, and preferences of payment companies, banks, and global marketplaces operating in the region.
Commenting on the news, representatives from Banking Circle underlined that receiving the IPA from MAS highlights their company’s commitment to providing secure and optimal payment solutions, using Singapore’s regulatory framework and strategic position. Through this, Banking Circle aims to scale its ability to service clients in the region and across broader Asia-Pacific, advancing its goals to support global cross-border payment services and offer technology-focused financial solutions.
The IPA signifies MAS’ view that a licence may be issued to the applicant after completion of certain conditions and provided that no material adverse developments affect the applicant. Also, an IPA does not constitute a licence, with the regulator reserving the right to rescind it in circumstances where it considers it appropriate.
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