EBANX obtains in-principle approval for MPI licence from MAS

With this licence, companies can deliver two types of payment services in Singapore, including cross-border money transfers and merchant acquisition services. By securing the in-principle approval for the MPI licence, EBANX is set to be able to solidify its offerings within its global settlement hub, with the firm benefiting its network of over 500 global enterprise merchants. Additionally, the licence can further advance EBANX’s footprint across the Asia-Pacific region.

Furthermore, commenting on the news, representatives from EBANX mentioned that obtaining in-principle approval for an MPI licence in Singapore underlines their company’s focus on meeting strict regulatory requirements and offering value to its clients globally. Since the start of its operations back in 2012, EBANX’s operational hub has been Singapore and, by receiving the licence, the fintech replaces its current authorisation offered by MAS for its cross-border operations in the country.

This announcement comes after EBANX made several strategic moves in Asia, including starting to work with YES BANK and expanding its operations to India. The collaboration with YES BANK, a private sector bank operating in India, aimed to advance the digital payments landscape in the region by simplifying cross-border payment processing and optimising global commerce opportunities for merchants and Indian customers.

EBANX’s growth into the Asia-Pacific region and beyond

Currently, EBANX provides its services to several verticals from different countries in Asia-Pacific, while also working on adding more industries to its portfolio. Most recently, the company partnered with Canva, an Australian multinational software company, to invest in local payments and promote financial inclusion in Latin America. The initiative aimed to enable Canva to expand its operations by providing local payment options for customers. Also, the move focused on scaling digital inclusion in the region, including local cards and alternative payment methods like Pix.

EBANX also works with Korean Gravity Game Vision, a gaming company, as well as Chinese firms like XTransfer and Alibaba. The company started collaborating with XTransfer in July 2024 to simplify B2B trade payments in Latin America, allowing the latter’s clients, especially SMEs engaged in international trade, to navigate the region’s digital economy.