KPay Group, a fintech company serving more than 100,000 merchants across APAC, has secured a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. The licence was granted to its Singapore subsidiary, KPay Merchant Service (Singapore) Pte. Ltd. It authorises the company to provide merchant acquisition, domestic money transfer, and cross-border money transfer services in Singapore. KPay has operated in the country since 2022 and now serves more than 10,000 local merchants there.
MPI licence sets the regulatory base for Singapore growth
Since setting up local operations, KPay has invested in the governance, risk management, compliance, technology, and operational capabilities needed to run a regulated payments business. Singapore is one of the group’s two headquarters and serves as a hub for its expansion across APAC. The company said the standards developed for its Singapore operations will be adapted to the legal requirements, regulatory expectations, and market conditions of each jurisdiction it enters.
Davis Chan, Co-founder and CEO of KPay Group, said the licence reflects years of investment in the company’s regulatory, operational, and technology capabilities and forms the foundation for its further growth. Chan added that Singapore will remain a key market for building a connected ecosystem for merchants, both online and in-store. Keith Chen, General Manager of Singapore at KPay Group, said the licence reflects the trust that MAS and merchants have placed in the company.
Online payments and POS extend the merchant offering
Alongside the licence, KPay is expanding its merchant offering across online and in-store commerce. It is introducing Online Payments capabilities to support ecommerce transactions, digital invoicing, and remote payment collection, adding to its existing in-store payment acceptance. The company is also launching KPay POS, a point-of-sale (POS) system for Singapore’s food and beverage (F&B) sector that combines payment acceptance, inventory management, and real-time business insights in one platform.
KPay’s merchant base in Singapore is concentrated in F&B and retail. Its existing offering includes in-store payments, POS systems, and merchant tools such as a unified dashboard, real-time transaction analytics, and consolidated business data. These are supported by 24/7 customer service, dedicated account managers, and on-site technical support. According to Chen, the new capabilities let merchants handle online orders and walk-in sales, as well as payments and business data, in one place. The company expects the expanded offering to bring its services to new merchant segments.
