This license will enable Qashier to offer merchant acquisition services, as well as domestic and cross-border money transfer services. Under the Payment Services Act (PS Act), a regulatory framework introduced in 2019 for payment systems and service providers in Singapore, companies like Qashier, which commenced operations before the Act's implementation, are required to apply for an official license. During the licensing process, they operate under an exempted framework.
Qashier had been exempted under the PS Act from 2019 to 2024, allowing it to provide services such as domestic money transfers, inward cross-border money transfers, and merchant acquisitions.
Representatives of Qashier expressed gratitude for the approval, highlighting the company's commitment to providing safer and faster domestic and cross-border payments for businesses in Singapore and the wider region. Qashier aims to introduce a range of omnichannel product and service offerings to facilitate the growth of restaurants and retailers in Singapore and Southeast Asia.
Since its establishment in 2019, Qashier has processed over USD 1 billion worth of transactions and served over 6,000 businesses across Southeast Asia. The company's integrated hardware and cloud-based software solutions streamline business operations for its clients.
Qashier's expansion includes four offices across Southeast Asia, namely in Malaysia, the Philippines, Singapore, and Thailand. The company plans to continue investing in research and development to deliver innovative solutions to businesses in the region and beyond.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now