Following this announcement, the new license is set to extend Nuvei’s global reach and give customers in the region of Singapore the possibility to benefit from additional services and solutions.
The Major Payment Institution (MPI) license was granted by the Monetary Authority of Singapore. In addition, Nuvei will be given the capability to operate three types of payment services in Singapore, including cross-border money transfers, merchant acquisition tools, as well as domestic money transfers.
Nuvei represents a Canada-based fintech company that focuses on accelerating the business of clients around the world. The firm’s modular, scalable, and flexible technology was designed in order to allow companies to accept payments, offer several payout options, as well as benefit from card issuing, banking, risk, and fraud management solutions.
The MPI license is expected to enable businesses in the region of Singapore to benefit from Nuvei’s optimised, secure, and fast technology that was developed to accelerate their growth process. In addition, companies will be allowed to access Nuvei’s global reach and expertise in several local markets across the area of Asia-Pacific (APAC).
Nuvei’s payments platform was designed in order to provide businesses the possibility to improve operating costs and boost conversion rates by consolidating their overall suite of payment tools. This process is expected to maximise payment acceptance, minimise risks, as well as to improve the customer payment experience. Nuvei will prioritise the process of remaining compliant with the regulatory requirements and laws of the industry at the same time.
Furthermore, the MPI license will complement the company’s expansion across the APAC region, which includes its initiative to launch direct card-acquiring capabilities in Australia, as well as the continued focus on the firm’s development in China.
Nuvei will continue to invest in developing its presence across APAC in order to optimise the manner in which businesses and partners scale both locally and cross-border. The firm’s modular payments platform will enable companies to securely connect with customers in multiple markets around the world, through the use of a single integration. At the same time, firms will continue to be allowed to accept several alternative payment methods and offer acquiring possibilities in over 50 markets. For more information about Nuvei, please check out their detailed profile in our dedicated, industry-specific Company Database.
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