Based on the details provided in the announcement, the licence is set to enable the company to provide payment solutions, with approval covering the following five payment services:
account issuance;
merchant acquisition;
cross-border money transfer;
domestic money transfer;
and e-money issuance.
As Singapore is known as a trade hub for the rest of Asia and the world, the receipt of the MPI licence in the region is set to enable Tazapay to service exporters, importers, and cross-border ecommerce platforms in the region in an effective manner.
The company provides a full-stack API for cards and local payment methods globally, having both buyer and seller protection in place, and has built global card coverage and 85 markets for local payments collection, all with embedded protection for buyers and sellers.
By having received the in-principle approval for becoming an MPI in Singapore from the MAS, Tazapay will have the possibility to provide its full suite of services to Singapore- and regional-based customers, as well as collaborate directly with banks and card schemes to provide cross-border payment solutions that are ‘innovative and mission-critical’, as stated in the press release.
MPIs are licenced and regulated under the Payment Services (PS) Act 2019, a forward-looking and flexible framework for systems and payment service providers regulation in Singapore, to provide payment services without being subject to the specified thresholds of the PS Act, which are:
USD 3 million monthly transactions for any payment service (apart from e-money account issuance and money-changing services).
USD 6 million monthly transaction for two or more payment services (apart from e-money account issuance and money-changing services).
And USD 5 million of daily outstanding e-money.
A secure digital payment platform for businesses engaging in cross-border transactions, Tazapay provides a full-stack payment solution that includes cards and local payment methods globally, with buyer and seller protection. The company has a global network of more than 170 markets for its card coverage, and 85 markets for its local payments collection coverage.
Earlier in February 2023, the company announced that it had secured USD 16.9 million in a Series A funding round to scale its business across Asia and expand in markets of the likes of Europe and the Middle East. Furthermore, Tazapay confirmed that it is set to utilise its core capabilities and integrate more local payment methods into its solution to better serve a growing list of verticals such as cross-border commerce, education technology, travel, and Software-as-a-Service (SaaS).
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