Banking Circle has announced that its wholly owned subsidiary BC Payments has received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
Coming as a key milestone in Banking Circle’s development strategy across the world, the move positions BC Payments Singapore as fully licensed to facilitate scalable and compliant cross-border payment flows for banks, fintech companies, and global payment providers in the region.
How does this play into BC Payments’ expansion?
Until this point, BC Payments Singapore has been working to scale its local presence and capabilities, utilising Banking Circle’s global clearing infrastructure to connect international financial institutions to local clearing rails via a single API.
Obtaining this MPI licence underlines Banking Circle’s commitment to improving the reach and reliability of real-time global payments. Speaking about this achievement, Mishal Ruparel, Chief Commercial Officer of Banking Circle, noted that Singapore’s progressive regulatory framework and status as a global financial hub make it a suitable base for the company’s regional expansion and a strategic location for its Asia-Pacific operations. By securing this licence, Banking Circle can support its clients’ global payment needs and accelerate cost-efficient and instant payments in the region.
Furthermore, Marc Chua, CEO of BC Payments Singapore, added that Singapore’s proximity to fast-evolving digital economies allows the company to keep meeting clients’ needs. The MPI licence received from MAS further assists BC Payments Singapore in solidifying cross-border payment connectivity and scaling its operations to serve the demands of its users.
The news comes a few months after Banking Circle initially announced that BC Payments Singapore secured IPA for the MPI licence from MAS. At that time, the IPA came as part of MAS’s decision that a licence might be issued to the applicant after completing specific conditions and provided that no material adverse developments affect the company.
2025: a year of growth for fintech in Singapore
Even if the fintech landscape in Singapore has been evolving for quite a while now, the sector has witnessed significant growth in 2025, moving from pilot to production due to extended policy work and infrastructure development. According to the Singapore Fintech Report 2025, this expansion has been driven by digital rails, data frameworks, and regulatory guardrails carrying volumes, providing optimal services to users, and supporting activities that go beyond the country’s borders.
