Currencycloud secures pre-approval for MPI license in Singapore

Rick Steves

“The payments opportunity in Asia-Pacific is significant, and Singapore’s excellent infrastructure, world-class regulatory system, and strategic geographical location serve as an ideal base for accelerating future payments innovation across the region.”

Currencycloud has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) to become a Major Payment Institution (MPI) license holder.

An MPI license would allow Currencycloud to offer comprehensive intra-regional and international financial services to businesses in Singapore. Asia Pacific customers would have the capability to manage multiple currencies for collection, conversion, holding, sending, and spending across 180 countries and territories.

The eventual acquisition of the Singapore MPI license will further empower Currencycloud to provide expanded services for faster and more efficient payments between Asia and the rest of the world. Currencycloud is set to gradually introduce these new services in the upcoming months, aiming to reduce the complexities traditionally associated with cross-border financial transactions.

“The payments opportunity in Asia-Pacific is significant”

Rohit Narang, Managing Director of APAC at Currencycloud, commented: “The IPA for a Major Payment Institution Licence is testament to the strength of the Currencycloud brand. Having the license would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players. The payments opportunity in Asia-Pacific is significant, and Singapore’s excellent infrastructure, world-class regulatory system, and strategic geographical location serve as an ideal base for accelerating future payments innovation across the region.”

Zvi Appel, Co-founder of OPAL, a Currencycloud client in Singapore, added: “They provided us with the ease of use, speed and transparency demanded by our customers today. With new services to be offered, Currencycloud can help us stay competitive while we grow our lines of business within the region and beyond.”

This achievement follows Currencycloud’s recent procurement of an Australia Financial Services Licence, facilitating its service offerings in the Australian market.

Currencycloud provides FX and payment solutions

As a leading provider of B2B foreign exchange and payment solutions, Currencycloud has been instrumental in enabling banks, fintechs, and payment providers worldwide to facilitate cross-border transactions smoothly and efficiently. This capability is particularly beneficial in today’s globalized economy, where the ability to transact across borders swiftly and cost-effectively is crucial.

Currencycloud’s technology platform offers a suite of APIs that allow businesses to integrate various financial services, including currency exchange, international collections, and global payments, seamlessly into their operations.

This plug-and-play functionality means that clients can easily access wholesale exchange rates, manage multiple currencies, and execute international transfers without navigating the complexities typically associated with cross-border payments​​.

Currencycloud was acquired by Visa in December 2021 in a deal valued at £700 million. The strategic move was intended to enhance Visa’s cross-border payment capabilities by integrating Currencycloud’s innovative technology.

ACY Securities leverages Currencycloud’s plug-and-play FX platform

ACY Securities recently partnered with Currencycloud to leverage the latter’s plug-and-play platform in order to help traders seamlessly deposit funds via local payment rails across 180 different countries and more than 35 currencies.

The Sydney-based multi-asset broker is now better equipped to accelerate its clients’ access to trade in the global market as the partnership empowers traders with instant access to a robust global payments network. With access to Currencycloud’s global network, including numerous real-time local rails, ACY Securities can optimize its payments infrastructure, utilizing multi-currency accounts and live, API-driven, competitive FX rates.

Read this next

blockdag

BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

Retail FX

Financial Commission warns of Eplanet Brokers

The Financial Commission, a self-regulatory compliance specialist for the financial services industry, is ramping up its scrutiny of unregulated brokerage firms. Today, the independent association warned against a company called Eplanet Brokers.

Retail FX

Dubai crypto exchange steps into prop trading

Dubai-based cryptocurrency trading platform, CoinW Exchange, marked its sixth anniversary by announcing a rebranding initiative and launching a proprietary trading product.

Fintech

Bitcoin payments app Strike launches in Europe

Bitcoin blockchain-based payments app Strike launched in Europe on Wednesday, allowing users in the region to buy, sell, and withdraw bitcoin (BTC).

Chainwire

Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”

“Yoki Origins,” supported by Bandit Network and Brave Ads, introduces a gamified and rewarding experience for Astar zkEVM users, marking a significant milestone in Web3 adoption.

Digital Assets

Crypto ETFs to debut in Hong Kong next week

Hong Kong has authorized six cryptocurrency-based spot ETFs set to launch on April 30, according to Bloomberg.

blockdag

BlockDAG Among The Best New Crypto To Invest In Post 8 Billion Coins Sales; More On Bitcoin Cash Futures’ Launch & Solana Positive Predictions

Explore Solana’s ATH predictions to see whether it can rise after a $17B dip? BlockDAG sells 8 billion coins in presale as Bitcoin Cash Futures launch.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary:USD, FED, German IFO ,Gold April 24 ,2024

Mixed US economic data and Fed rate hike uncertainty are causing volatility in the EUR/USD pair, while the Eurozone and gold prices add another layer of complexity.

Market News, Tech and Fundamental, Technical Analysis

EURCHF Technical Analysis Report 24 April, 2024

EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.

<