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Tazapay secures MPI licence from MAS

Thursday 3 August 2023 12:21 CET | News

Singapore-based fintech Tazapay has secured a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).

 

As outlined in the official statement, as a hub for international trade and commerce, Singapore provides an ideal vantage point for Tazapay to broaden its position and extend its presence throughout Asia and other regions. 

The new MPI licence is expected to serve as a driving force for the company’s upcoming endeavours that reportedly focus on enhancing the security and user experience of its services.

Also, following the receipt of an MPI licence from the MAS, the fintech can now provide its broadening client base with its complete range of account issuance, merchant acquisition, cross-border and domestic money transfers, and e-money issuance.

When commenting on the announcement, a representative from Tazapay emphasised that receiving the MPI licence  marked a significant milestone in their journey. They noted that it not only represented their dedication to maintaining regulatory compliance but also paved the way for the expansion of their cross-border payment solutions.

Singapore-based fintech Tazapay has secured a Major Payment Institution (MPI) licence  from the Monetary Authority of Singapore (MAS).

 

The wider context

The news comes following the announcement, in early 2023, that Tazapay had received in-principle approval for becoming an MPI. 

Also in 2023, the fintech’s position as a player in the cross-border ecommerce market was further strengthened by the news that it raised USD 16.9 million in a Series A funding round led by Sequoia Capital Southeast Asia. 

At the time of the release regarding the funding, officials pointed out that the fintech planned on using the funds to expand its operations throughout Asia and enter additional regions like Europe and the Middle East.

Tazapay officials added that strategy-wise, they further intended to leverage the fintech’s capabilities and incorporate additional regional payment options into its system. This approach strived to enhance its ability to cater to an expanding range of industries, such as international trade, edtech, travel, and SaaS.

With this newest milestone, attaining an MPI licence, Tazapay reportedly continues its mission to extend global payments to its customers.

Currently, Tazapay’s platform enables businesses to make transactions in over 173 countries. The company also extends card and local payment options. Its interface facilitates the onboarding of new clients, making it possible for businesses to cater their payment processes to the needs of their customers.

Earlier in 2023, the fintech secured a series of strategic partnerships. For instance, the company joined forces with Cashfree Payments in a bid to enable cross-border payments for Indian exporters.

Similarly, it was revealed that Tazapay partnered with Volt, a collaboration that was anticipated to enable Tazapay's clients to extend and increase their cross-border sales, particularly for APAC and MENA merchants through Open Banking payments. 

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Keywords: MPI licence, regulation, cross-border payments, payments , compliance, fintech, paytech
Categories: Payments & Commerce
Companies: Monetary Authority of Singapore, Tazapay
Countries: Singapore
This article is part of category

Payments & Commerce

Monetary Authority of Singapore

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Tazapay

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