Skyee receives MPI licence to cater to its Singapore-based customers

The Monetary Authority of Singapore (MAS) has granted Skyee an In-Principle Approval (IPA) for the Major Payment Institution (MPI) licence.

The company aims to introduce and develop a one-stop payment ecosystem for its Singapore-based customers, and to increase its global reach and efficiency for current customers in other territories.

Skyee receives MPI licence for market growth

Skyee is a wholly owned subsidiary of Skyee Group, a Chinese cross-border payment solution provider in China, Europe, North America, and North Asia. The firm provides personalised solutions for more than 20 global payment scenarios to enhance payment efficiency and user experience, meeting diverse payment needs.

Skyee’s vision is to link the global financial network, build a new payment system, and provide all-around convenience for cross-border fund transfers.

The MPI licence will allow the company to service its Singapore market, further improving the payment experience for cross-border sellers, optimising payment processing, increasing efficiency, and reducing operational costs through account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, and e-money services.

This announcement follows Skyee Group’s work towards the internet-based global financial system. By continuously optimising its products and services, the company has secured an investment from Lakala Payment Group, China's A-share listed third-party payment company, and has become a member of its group in 2021.

More about MPI licences

The IPA process involves a thorough evaluation by MAS to ensure that applicants meet the regulatory requirements set out in the Payment Services Act 2019. This includes assessments of the applicant's financial stability, operational capabilities, and compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) standards.

Companies that are applying for MPI must meet criteria such as being a Singapore-incorporated company or a Singapore branch of a foreign corporation, owning a permanent place of business or office where records can be securely held, having a minimum base capital of USD 185,000, and having at least one executive director who is a legal citizen or permanent resident of the country.